Membership of the Institute will give COFAs independent advice, support and resources to help in their day-to-day role. COFAs play a vital role in the move to regulation focused on outcomes and they are key to fulfilling the SRA’s aim for law firms to take responsibility for managing any risks to their delivery of legal services.
COFAs champion compliance and risk management within law firms and are responsible for firms’ systems and controls. They are responsible for establishing processes to enable the firms, their managers and employees - and anyone who has any interest in the firms - to comply with requirements the Handbook places on them.
COFAs are not solely responsible for complying with the requirements of the SRA Standards & Regulations: everyone in the firm has a role to play in compliance, which is ultimately the responsibility of the firm and its managers. However, COFAs do have a key role in ensuring that suitable systems and controls are in place to comply with the SRA Accounts Rules, in recording breaches and in reporting serious breaches to the SRA.
Click here for SRA Guidance - Responsibilities of a COFA
The designated COFA must:
- Be an individual.
- Be a manager or an employee of the authorised body
- Consent to his or her designation as the COFA.
- Be of sufficient seniority and responsibility to fulfil the role.
- Not be disqualified from being a head of finance and administration (HOFA), if appropriate.
- Individuals must also be “fit and proper” to undertake the role of COFA.
This suitability is assessed by taking into account the criteria set out in the SRA Standards & Regulations and any other relevant information. The assessment as to whether you are fit and proper is undertaken upon initial approval and should also be considered by the firm throughout the currency of the approval.
How can the ILFM help COFAs?
Useful Links...
New SRA Accounts Rules - ILFM Support & Resources Page
Includes:
- COFA Corner Library
- Access to several ILFM Guides and Practice Notes
- Useful Documents Library