SRA Code of Conduct for Firms Flashcards
Why must solicitor’s firms be regulated by the SRA?
Namely because they provide reserved legal activities
What are reserved legal activities?
- rights of audience before a court (including calling a witness)
- conduct of litigation
- reserved instrument activities eg transfer of land
- notarial activities
- probate activities
- administration of oaths
What obligations are firms under?
They are obliged to have systems in place to ensure compliance with SRA rules and manage risks
What systems are firms required to have in place?
There are not prescribed systems.
Systems must have effective governance structures, systems and controls to ensure they comply with SRA’s requirements and demonstrate compliance
Who are responsible for firms complying with CCF?
The managers. They are
- sole principal of sole practice
- member of LLP
- director of a company
- partner in partnership
- in relation to any other body, member of governing body
What two mandatory offices must a firm have?
- Compliance officer for legal practice (COLP)
- Compliance officer for finance and administration (COFA)
What is the role of the compliance officer for legal practice (COLP)?
They are responsible for:
- ensure firm complies with all terms and conditions of authorisation with SRA
- ensure firm complies with statutory obligations
- record any failures to comply and make records available to SRA
- report any material failure to SRA as soon as possible
What is the role of the compliance officer for finance administration?
Responsible for:
- ensuring firm complies with SRA accounting rules
- reporting any serious breaches of accounting rules
Who is eligible to be COLP or COFA?
They must
- be manager or employee of authorised body
- consent to role
- not be disqualified as head of legal practice or head of finance and administration
- COLP - must be authorised to carry on reserved legal activities
Must those who supply reserved legal activities be lawyers?
Requirement for firm to at least have one manager or employee who is:
- lawyer of England and Wales and practised for minimum of three years and
- supervises work undertaken by authorised body
