The SRA announced today that just under 97% of firms now have COLPs and COFAs in place.
Those firms that have still not nominated individuals for these positions, despite repeated reminders, will now be subject to enforcement action from the SRA.
SRA Executive Director, Samantha Barrass, said: "The importance of having the right people in place in these key compliance roles cannot be overestimated and we are pleased at the high levels of co-operation we have received from the great majority of firms.
“The process was not as straightforward as we had hoped, and to have officers in place at such a high proportion of firms is welcome news.”
Ms Barrass said that the SRA had been engaging with firms to actively seek alternative nominations, encourage completion of nominations and investigate any issues that have been identified.
Whilst this strategy has been working well she said it was now the time to switch to proportionate enforcement action against those firms that have refused to nominate or otherwise failed to engage with the process.
She added: "Action will be taken against both firms and individuals, and will range from letters of advice, fines, rebukes, through to revocation of authorisation, and referral to the Solicitors Disciplinary Tribunal, where appropriate."
Whilst many firms failed to nominate individuals a number of firms nominated individuals who did not pass the SRA Suitability Test.
Around 170 practices have had to re-nominate officers as the original nominee was not suitable and was likely to be refused.
Reasons for this included the original nominee leaving or going on long-term leave; the original nominee withdrawing their consent to fulfil the role, or reorganisation within a firm’s management structure.
