SRA in new compliance deadline setback
The Solicitors Regulation Authority is set to push back the date for approving compliance officers by two months.
The SRA Board will vote tomorrow on extending the grace period for approving the new appointments to 31 December. As recently as last weekend, SRA chief executive Antony Townsend told the Sole Practitioners’ Group that the original October deadline would be met.
The move follows an earlier decision to grant firms more time to nominate compliance officers for legal practice and for finance and administration (COLPs and COFAs). The SRA has allowed firms until 31 July to put forward nominations after the delays to the online practising certificate system created a backlog of regulation.
All firms must appoint compliance officers who are responsible for recording and reporting any failure to comply with SRA regulations.
They are a key element of the new authorisation rules set out last year as part of the SRA Handbook.
Comments
Now there's a suprise!!
I wonder if anyone will be accountable this time???
Suprise Surprise
Accountability needs to be seen this time. This has been going on for too long.
How can the SRA regulate the
How can the SRA regulate the profession when it cannot manage itself?
They don’t have the resources
They don’t have the resources to scrutinise 20,000 nominations and they never did even if the IT system works. I doubt they even have the resources to sample 10% based on risk because the people with the knowledge and experience to do the vetting are busy on other things (or scattered to the 4 winds in cost cutting).
They should just record these nominations on a data collection basis (except for ABS) and then interact with the 1000 firms per year they have the resources to supervise/investigate.