regulation of firms Flashcards
what is a limited situation when organisations can provide reserved legal activities to the public without needing to be authorised?
certain charities are permitted to carry on reserved legal activities
what are the 3 categories that the SRA categorises the different types of organisations which can be authorised?
- sole practice
- legal services body
- licensable body
what are the 5 reserved legal activities?
- rights of audience
- conduct of litigation
- reserved instrument activities which include preparing instruments relating to land
- certain probate activities
- administration of oaths
what are the 8 priority risks that the SRA have outlined for the legal profession?
- artificial intelligence
- anti money laundering
- client money
- diversity in the profession
- information and cuber security
- integrity and ethics
- meeting legal needs
- standards of service
how should firms protect themselves in relation to risks?
should take out professional indemnity insurance
what is a sole practice?
solicitor practicing on their own account, providing services in their own name
can a sole practice employ qualified solicitors?
yes it can provided they are not principals (eg, partners or co-owners)
what is a licensable body?
Includes lawyers and non-lawyers.
must have at least 1 non-lawyer manager/interest holder
who has the responsibility for any breaches?
rests with the partners of the firm not the individual COLP or COFA
what is a COLP?
a compliance officer for legal practice
what is a COFA?
a compliance officer for finance and administration
what are the requirements of a COLP?
responsible:
- to ensure firm couples with SRA
- ensure firm complies with statutory obligations
- record failures to comply with firm’s authoritisation or statutory obligations and records to SRA
- report any material failure to SRA ASAP
What are the requirements of a COFA?
required to:
- ensure that the firm complies with SRA accounts rules 2019
- report any serious breaches of SRA accounts rules 2019 promptly
who is eligible to become a COLP or COFA?
must satisfy ALL of the criteria:
- be manger or employee of an authorised body
- consent to being one
- not be disqualified from acting as head of legal practice or head of finance and administration
- for a COLP: individual who is authorised to carry on reserved legal activities by an approved regulator
