Duties to the SRA and Compliance Flashcards
What duty do solicitors have in relation to keeping up to date with the law?
Solicitor must keep up to date and follow the law and regulation governing the way the solicitor works
Solicitors must know about relevant legislative provisions affecting practice and maintain knowledge of SRA Standards and Regulations
What duties do solicitors have in relation to cooperating with the SRA?
A solicitor must cooperate with the SRA as well as other regulators, ombudsmen, and those bodies with a role overseeing and supervising the delivery of, or investigating concerns in relation to, legal services
A solicitor must also respond promptly to the SRA and provide full and accurate explanations, information and documents in response to any request or requirement and ensure that relevant information is available for inspection by the SRA
Any remedial action requested by the SRA must be acted upon promptly
What duty does a solicitor have in relation to ensuring third parties are able to cooperate with regulatory investigations? When might this duty be engaged?
A solicitor must not attempt to prevent anyone from providing information to the SRA or any other body exercising regulatory, supervisory or investigatory or prosecutory functions in the public interest
May be relevant when drafting an NDA for a client
What events/incidents does a solicitor need to notify the SRA of?
(a) the solicitor is subject to a criminal charge, conviction or caution;
(b) the solicitor is made bankrupt, enters an individual voluntary arrangement with their creditors or is subject to a debt relief order;
(c) the solicitor becomes aware of material change in information about them or their practice previously provided to the SRA;
(d) the solicitor becomes aware that information previously provided to the SRA about them or their practice is false, misleading, incomplete or inaccurate
Solicitors need to promptly report serious breaches of SRA regulations (by themselves or others). Who else can they inform to discharge this duty if it arises?
The firm’s compliance officer
If they won’t make a report, solicitor must do so personally
What two kinds of compliance officer must a firm have and what are their roles?
Compliance officer for legal practice (COLP)
- They ensure firm and employees comply with SRA regulations
- They ensure that a prompt report is made to the SRA if they reasonably believe there is a serious breach of SRA standards or regulations by someone in the firm
Compliance officer for finance and administration (COFA)
- Fulfill the same role as COLP, but in relation to the SRA’s Accounts Rules
Who has ultimate responsibility for the firm’s compliance with SRA Standards and Regulations?
Managers (partners of a LLP for example)
Finding of misconduct on the firm is not a finding against an individual manager though; only if they are personally responsible or should have known about/intervened to prevent the wrongdoing
