Compliance Officer for Financial Administration: COFAs Toolkit

From October 2012, a requirement of the Legal Services Act 2007 means that every law firm is required to have an authorised Compliance Officer for Financial Administration (COFA).The COFA has a more focused role than a COLP and has two key responsibilities:

to ensure compliance with the SRA's accounts rules to record all failures to comply and to report any such failures to the SRA as soon as is reasonably practicable.

This toolkit will include practical assistance to assist the COFA to implement and oversee systems for compliance in relation to the Accounts Rules and will include:

payment authorisation forms draft undertakings reporting and monitoring forms development and training policy draft letters and reports.