Regulation of Firms

Question 1

what are the 6 reserved legal activities?

Answer 1

right of audience.
conduct of litigation.
reserved instrument e.g wills, power of attorney, stock transfer, property transfers.
probate activities.
administration of oaths.
notarial activites.

Question 2

what is a COLP?

Answer 2

Compliance officer for legal practice….
- ensures the firm complies with all terms and conditions of authorisation by the SRA.
- ensure the firm complies with its statutory obligations.

Question 3

what is a COFA?

Answer 3

COMPLIANCE officer for Finance and Administration.
- ensure that the firm complies with the SRA Accounts Rules 2019;
- report any serious breaches of the SRA Accounts Rules 2019 to the SRA promptly.

Question 4

do COLPs and COFAs have sole responsibility for compliance?

Answer 4

no, ultimately the responsibility of the owners and managers of the firm.