SRA highlights issues for compliance officers

The SRA held a COLPs and COFAs conference last week where they identified key areas of risk for compliance officers to focus on.

SRA Executive Director Samantha Barrass highlighted financial instability as a key risk, saying that whilst some firms were taking a responsible and diligent approach to managing their finances, others were recklessly putting their firm at risk of financial collapse.

The importance of early engagement with the SRA was stressed as well as the need for full co-operation in on-going interactions.

Ms Barrass outlined the support framework that the SRA was putting in place for the COLPs and COFAs community, which included a dedicated area of the website, a regular e-newsletter and an annual COLPs and COFAs conference.

She said: "An important part of our approach is ensuring that COLPs and COFAs have maximum flexibility to carry out their duties in a way that best fits their business.

“Our approach is not to set unnecessarily prescriptive and burdensome tasks that don’t work in the public interest, and it is for this reason we recently announced our decision not to require recognised bodies to report non-material breaches, although they will still need to be recorded."

The full speech is available here.

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