Sample below with index.
COFA Handbook Update – August 2026
Following the recent announcement from the LSB regarding changes to the separation of COLP/COFA roles from management roles as well as the accountants’ report, there will be updates being made to the COFA handbook to reflect this – due to be released early 2027 once we have received further guidance and clarity.
- From April 2027, firms will be required to submit annual accountants’ reports to the SRA whether qualified or not or face fixed financial penalties.
- With a phased implementation from January 2027 starting with the largest firms, higher risk firms with more than one owner or manager with turnover of more than £600,000 and client money balances above £2 million, will need to separate the COLP/COFA roles from those individuals who can make significant decisions about how the firm is run. There will be exemptions for smaller firms.
This handbook reflects the regulatory requirements in force at the time of publication and should continue to be used alongside the current SRA Standards and Regulations and SRA Accounts Rules until formal updates are made. The ILFM will continue to review the approved changes and any upcoming guidance issued, with an updated handbook due for release early 2027* (*subject to no further material amendments being issued that would necessitate an additional review prior to republication).
Available in hard copy for iCOFA Members - included with iCOFA Membership.
Available as E-book for ILFM Members - included with ILFM Membership.
Available to purchase Hard Copy £60 - Free Postage