Compliance & Risk (COLP / COFA)

A structured monthly checklist helps COFAs at UK law firms stay on top of SRA Accounts Rules, client money reconciliations, and regulatory filings. This guide outlines the key tasks to complete each month, from bank reconciliations to COFA duties.

A deep, practical guide to the duties of the Compliance Officer for Finance and Administration (COFA) in an SRA-regulated law firm. Covers the SRA Accounts Rules, client money safeguarding, the five-weekly reconciliation, the accountant's report and its exemption, breach reporting, records, and the COFA's personal accountability.

Every SRA-regulated law firm must appoint a COLP (Compliance Officer for Legal Practice) and a COFA (Compliance Officer for Finance and Administration). This guide explains what each role covers, how the responsibilities split between them, who can be appointed, and the personal accountability each officer carries. It is the overview of both roles and the distinction between them.

A COLP decision log is the backbone of SRA compliance evidence. This guide explains what to record, how often, and what the SRA expects to see during a firm visit. Practical templates and worked examples for UK law firms.

SRA investigations often start with client money breaches, inadequate COFA oversight, or failure to report reportable matters. This guide explains the top triggers and how to avoid them.

An SRA investigation is a formal regulatory process. This guide explains how a law firm should respond to an SRA notice, what a client matter review involves, and how to prepare an effective investigation response.

A law firm merger is only the start. The real work begins with integrating SRA accounts, merging client ledgers, aligning COLP and COFA responsibilities, and ensuring the combined practice meets regulatory obligations from day one. This guide covers the financial and compliance steps every solicitor and law firm partner needs.

A solicitor must complete a firm-wide AML risk assessment under the Money Laundering Regulations. This guide explains how to structure it, covering client risk, geographic risk, and service-specific vulnerabilities. It includes practical examples for a typical high-street firm.

GDPR compliance costs are generally tax-deductible for law firms as a trade expense, but the treatment depends on whether the cost is revenue or capital in nature. We explain the distinction for solicitors and what records a COFA should keep.

SRA breach notification is a mandatory compliance duty for solicitors and law firms. This guide explains when a breach must be reported, what counts as material, and how the COLP or COFA should manage the process.

SRA AML supervision requires every solicitor firm handling client money to comply with the Money Laundering Regulations 2017. This article explains the registration, risk assessment, and reporting obligations that apply to law firms under SRA oversight.