Skip to main content

COLP Seminars – Demystifying OFR

By

The lack of clarity of the new SRA regime presents a great opportunity for consultancies to run seminars to try an demystify OFR.

COLPs are to be appointed in the next few months and should be attending seminars to determine what their obligations are and what exposure they face.

It will be the COLP who will be responsible for ensuring that the firm has systems and controls in place to enable the firm, as well as its managers and employees, to comply with the requirements on them.

To be authorised, firms have to have suitable arrangements for compliance and some guidance is given as to what a “compliance plan”/risk register should cover although it will very much depend on the nature and size of firm, its work and its areas of risk. The COLP will need to be involved in the creation (if it doesn’t exist already) and monitoring/review of this on an on-going basis.

When choosing a COLP seminar you should be looking for a course  which will provide practical support as you set up the Compliance Officer for Legal Practice role in your firm, covering:

  • What the COLP will need to do and when.
  • What breaches should the COLP report?
  • Getting buy-in from partners/staff.
  • Indemnifying and protecting the COLP.
  • The implications of getting it wrong.


A list of COLP courses are listed to right of this page.
Labels:

Comments

Post a Comment

Popular posts from this blog

FCA AML Audit: Financial Regulator Takes Over Legal Oversight!

By
The UK government has dropped a regulatory bombshell that will fundamentally reshape your life, and yes, we are talking about the dreaded FCA AML audit. For years, you’ve been supervised by your legal peers, the SRA, but those days of relative comfort are drawing to a close. The big news? Responsibility for Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) supervision for the legal and accountancy sectors is being handed over to the Financial Conduct Authority (FCA. That's right, the same folks who put the fear of God into the big banks are now coming for your conveyancing files. Cue the dramatic music. What does the FCA take-over actually mean? Forget the gentle nudge; prepare for the financial services full-body search. An FCA AML audit is likely to look a lot more like a detailed financial inspection and a lot less like a polite chat with the SRA. Think maximum emphasison: Ironclad AML documentation (no more "it's in my head" polici...
Post a Comment
Read more

December 2025: The SRA’s AML Audit Crackdown Has Arrived

By
The Solicitors Regulation Authority (SRA) isn't sending Christmas cards this year. They're sending in the AML auditors. Despite the upcoming shift where the FCA will assume wider AML regulatory oversight, the Solicitors Regulation Authority (SRA) is turning up the heat one last time. Forget a gentle warning—welcome to the AML Blitz of December 2025 . Let’s cut to the chase. SRA Chief Executive Paul Philip is clearly done with excuses. His public message is unambiguous: "We are still finding fairly basic deficiencies in AML arrangements within firms." Translation for the Partners: You might effortlessly navigate a complex, multi-million-pound merger, but somehow, you still haven't nailed your fundamental firm-wide risk assessment. The era of the gentle wrist-slap is officially over. The SRA has made it clear that fines are "continually going up." AML Compliance is no longer a 'nice-to-have'—it’s an expensive, enforced reality...
Post a Comment
Read more

FCA AML Audit: Why Solicitors Time to Rethink AML Compliance

By
If you’re a partner or a compliance officer at a law firm, I want you to take a quick second and think about your last AML review. Was it a check the box exercise to keep the SRA happy? If the answer is yes, we need to have a serious chat. The regulatory landscape for solicitors is shifting fast . The Financial Conduct Authority (FCA) is stepping onto the field with a much more active role, and they play a much tougher game than we've seen in the past. Today, we’re breaking down why the FCA AML Audit is the new essential safeguard—and why "good enough" policies just won't cut it anymore. Why the "Old Way" of AML is Riskier Than Ever Historically, many of us approached AML compliance through a traditional SRA lens. But let’s be real: that approach is becoming a major liability. The FCA’s style is risk-based, evidence-focused, and—most importantly outcome-driven. They don’t just want to see your manual; they want to see your proof. ...
Post a Comment
Read more