COFAs Toolkit: The Law Society's Risk and Compliance Section

As instructed by the Legal Services Act 2007, from by January 2013 every firm will have to appoint a Compliance Officer for Financial Administration (COFA). The COFA has a more focused role than a COLP and has two key responsibilities: to ensure compliance with the SRA's accounts rules to record all failures to comply and to report any such failures to the SRA as soon as is reasonably practicable. This toolkit will include practical guidance to assist the COFA to implement and oversee systems for compliance in relation to the Accounts Rules and will include: payment authorisation forms draft undertakings reporting and monitoring forms development and training policy draft letters and reports.