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The new roles of Compliance Officer for Legal Practice (COLP) and Compliance Officer for Financial & Administration (COFA) carry a personal responsibility for the nominated individuals to deliver outcomes expected by the SRA, however no rules or minimum standards are set out to assist firms to achieve compliance. This presents an unknown exposure for those individuals who could suffer financial loss defending an allegation of wrongdoing or a regulatory action by the SRA.

In addition, the over-reaching responsibility for compliance remains with the firm itself, so principals and management staff can also find themselves faced with action by the regulator for failings of the COLP or COFA to manage compliance. The ‘authorised signatory’ who nominated the COLP/COFA has a direct responsibility to ensure those individuals can perform their roles and can be held personally responsible for failings.

To summarise these are some of the risks and financial costs facing Principals, Authorised Signatories, COLPs & COFAs:

SRA Investigation
Regulatory action including revocation of licence and reprimands
Fines & Penalties
Loss of practicing certificate
Defence costs
Loss of income
Insurance protection

We offer a competitive insurance product which protects individuals within a firm against the risks of COLP/COFA responsibility as well as a host of other management risks including Employment, Health & Safety and Tax.

The required cover and premium levels can be selected automatically on the application form for real flexibility.

COLP & COFA Insurance

If you need further assistance please do not hesitate to call us on 0845 4310 488 we will be happy to take your call.