10. Duties to the SRA and Compliance Flashcards
A basic requirement is set out in Paragraph 7.1 which provides that a solicitor must keep up to date with and follow the law and regulation ….. the way the solicitor …….
Solicitors are therefore required to keep abreast of the relevant provisions of legislation affecting practice, such as the Solicitors Act 1974 and the Legal Services Act 2007. Solicitors must also have and maintain knowledge and understanding of the SRA Standards and Regulations (in particular the ……., …… of …… and the …….. …….) and the Guidance issued by the SRA designed to help solicitors understand the obligations placed upon them.
Governing
Works
Principles - Codes of Conduct - Account rules
A solicitor must be ‘….. and ……’ with clients if things go wrong and, if a client suffers loss
or harm as a result, put matters right (if possible) and explain fully and promptly to the client
what has happened and the likely impact.
Honest and open
Every firm must have a ….. …… ……. …… (COLP) and a ….. ….. …. …… (COFA). For sole practitioners and small firms these roles may
be fulfilled by the same person. Otherwise, the compliance officers will be senior individuals
within the firm approved by the SRA for carrying out this role.
Paragraph governing both?
compliance officer for legal practice
compliance officer for finance and administration
Under Paragraph 9.1 and 9.2 of the Code of Conduct for Firms a COLP
