The rules in force
COLP and COFA rules: who can hold the roles and what they must do
Updated
Two roles, both approved by the SRA before anyone takes them up, with duties written into the Code of Conduct for Firms.
Who can be a COLP or COFA
Both roles, at all times
An authorised body must at all times have an individual designated as its COLP and an individual designated as its COFA, both approved by the SRA (rule 8.1).
Source: SRA Authorisation of Firms Rules, rules 8 and 13
Who qualifies
Each must be a manager or employee of the firm, consent to the designation and not be disqualified under section 99 of the Legal Services Act; a COLP must be authorised to carry on reserved legal activities (rule 8.2).
Source: SRA Authorisation of Firms Rules, rules 8 and 13
Approval comes first
The SRA approves a designation if the person is fit and proper (rule 13.1). The nominated officer cannot take up the role until approved, and the application carries no fee.
Source: SRA: approval of a COLP or COFA
If you lose one suddenly
A firm may apply for temporary emergency approval of a compliance officer within seven days of ceasing to have an approved COLP or COFA (rule 15.2).
Source: SRA Authorisation of Firms Rules, rules 8 and 13
What each role must do
The COLP
Take all reasonable steps to ensure compliance with the firm's authorisation and the SRA's regulatory arrangements, and report serious breaches to the SRA promptly (paragraph 9.1).
Source: SRA Code of Conduct for Firms, paragraphs 9.1 and 9.2
The COFA
Take all reasonable steps to ensure the firm complies with the SRA Accounts Rules, and report serious breaches of them to the SRA promptly (paragraph 9.2).
Source: SRA Code of Conduct for Firms, paragraphs 9.1 and 9.2