Compliance officers everywhere are feeling the pressure. In addition to their fee earning and other day-to-day duties, they have to spend a significant amount of time planning and implementing compliance, managing risks and devising ways of being able to demonstrate this to the regulator. The roles of COLP and COFA carry significant personal liability. Firms and individuals failing to comply can face significant fines and potentially be struck off.
It makes sense to outsource compliance duties to our team of experts who provide an ongoing compliance service, ensuring you keep pace with the demands of the continuously changing regulatory environment (such as the new Standards and Regulations due to come into force in mid-2019).
Our flexible on and off-site support can be tailored to meet your specific needs with a view to keeping your compliance systems under review and adapting them to meet regulatory requirements as they develop and to monitor compliance in practice, in particular by undertaking file reviews as well as having expert guidance available by phone and email as and when required to address ad-hoc queries.
You will from time to time need immediate guidance on difficult compliance issues such as reporting obligations. “Material” breaches have to be reported to the SRA “as soon as reasonably practicable” (referred to as “serious” breaches under the SRA’s new Standards and Regulations). Our team of ex-SRA compliance experts is on hand to give advice.
Our practical guidance and assistance will help you fulfil your role with confidence. Our aim is to give you peace of mind and the reassurance that you are meeting the SRA’s demands on an ongoing basis. In addition, the service gives you access to our expert compliance advice at any time.
We provide comfort and peace of mind through:
- e-mail and telephone support for your compliance queries
- regular on-site attendance and support
- file and ledger reviews
- updating your risk register and risk management action plan
- CPD training for COLP, COFA, fee earners and staff
- completion of the annual information return to the SRA
- advice on and assistance with SRA inspections
- advice on and assistance with SRA desk-based monitoring
- regulatory updates
- advice on best practice
There are many benefits to outsourcing compliance duties:
- saving time and money
- improving efficiency
- possible reduction in PII premium
- consistency and objectivity
- demonstrating compliance with Lexcel, CQS, WIQS or SQM
- demonstrating compliance with service level agreements and protocols
Legal Compliance Services came highly recommended to us and have never failed to impress us with their knowledge and expertise. Richard and his team are our ‘go-to’ people for any regulatory compliance matters and an invaluable source of advice. We find that it makes a big difference to work someone who as a qualified solicitor not only has a sound commercial understanding but with his SRA background also knows exactly what the regulator is looking for.
Richard’s advice is always practical, thorough and constructive. His personable manner and common sense approach make him a pleasure to work with and I look forward to an enduring working relationship with him and his colleagues.
Lloyd Hemmings, Director, Active Legal