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ABS countdown | Avoiding an avalanche

Four months into the SRAs new regime, Stuart Bushell reports on the latest developments on COLPs and COFAs

3 May 2013

The last SRA Board meeting contained both good and bad news for those beleaguered defenders of all things compliance, the COLP and COFA 'volunteers'. On the one hand, it looks as though they may no longer have to report non-material rule breaches to the regulator every year. On the other hand, 928 individuals or firms are being investigated over compliance officer nominations, with 21 of those serious enough to warrant a "forensic" investigation. Four months into the SRA's compliance officer regime it looks as though further adjustments may be needed.

The attempt to reduce the burden on COLP and COFA is an unsurprising outcome of the SRA's initiative to reduce red tape. It was plain from an early stage that compelling firms to report both material and non-material breaches to the regulator was likely to result in an avalanche of pointless information. Material breaches must be reported "as soon as reasonably practicable", a requirement whi...

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