COFA + COLP support
COFA and COLP compliance support
If you've just stepped into the COFA or COLP role, or you've inherited one from someone who left in a hurry, the SRA Accounts Rules and the COLP responsibilities can feel suddenly substantial. We help you bed in the controls so the role doesn't dominate the day job.
What the COFA actually does
Every SRA-regulated firm must nominate a Compliance Officer for Finance and Administration. The COFA is accountable to the SRA for compliance with the Accounts Rules. The role is real, not nominal — the SRA can take action against the named individual for failures.
- Five-weekly client account reconciliation oversight (Rule 8.3)
- Client money interest policy and its application in practice
- Annual Accountant's Report co-ordination and SRA filing
- Breach identification, response, and reporting (with the COLP for the regulatory side)
- Client account interest reconciliation
- Office account and matter-level ledger oversight
What the COLP actually does
The Compliance Officer for Legal Practice is accountable to the SRA for the firm's broader regulatory compliance: AML, conflicts, client care, professional conduct.
- AML supervision, risk assessment, and policy maintenance
- Conflict checking and conflicts log
- Complaint handling and SRA-reportable matters
- Professional indemnity insurance compliance
- Continuing competence framework for all fee-earners
- SRA notifications for material changes
How we support new-COFA onboarding
Most new COFAs inherit a function that has been quietly running for years. The challenge is understanding what 'good' looks like in your specific firm and where the risks actually sit.
- Half-day onboarding session: the Accounts Rules in plain English, your firm's specific risk profile, the SRA's current focus areas
- Reconciliation rhythm setup: weekly templates, evidence file structure, monthly review
- Breach decision log template: when to record, when to escalate, when to notify the SRA
- Quarterly check-in for the first 12 months while you bed in
- Direct line for the inevitable 'is this a breach?' question that arises in month 4
When to use this engagement vs full accountancy
Some firms want COFA compliance support but already have a perfectly competent accountant for the rest of the work. We deliver this engagement on a standalone basis — quarterly review meetings, breach log review, year-end SRA report co-ordination — without disturbing the existing accountancy relationship.
Frequently asked
- Can a non-solicitor be the COFA?
- Yes. The COFA does not have to be a solicitor. The SRA requires the COFA to be 'fit and proper' and to have the authority to perform the role. The Practice Manager, Finance Director, or experienced bookkeeper can be the COFA in many firms. The COLP must be a solicitor.
- What's the difference between a breach and a 'material breach'?
- All breaches of the Accounts Rules should be recorded in the firm's breach log. Material breaches must be notified to the SRA. The materiality test depends on context: amount, duration, whether client money was put at risk, whether the breach indicates a systemic control failure. We help calibrate the call — over-reporting wastes SRA attention and creates a long compliance file; under-reporting risks regulatory action.
- How often should the COFA report to the management team?
- Monthly is good practice for firms above a few partners. A short written update covering: reconciliations completed, breaches identified and recorded, any matters notified to the SRA, any control improvements implemented. We provide a template that takes 15 minutes to complete each month.
- We've just had an SRA Forensic Investigation visit. Help?
- Yes — a Forensic Investigation requires careful handling and we can co-ordinate the accountancy-side response. The investigation typically requests the working file, breach log, reconciliation evidence, and matter-level samples. We help you compile the response, identify any historic issues that need disclosure, and remediate any control gaps. The faster and cleaner the response, the better the regulatory outcome.
Free scoping call
Get your COFA / COLP role onto solid ground
30-minute scoping call. We confirm where you are, what you need, and a fixed engagement fee.
Book your free call
We will be in touch within 24 hours.