Identifying breaches highlights weaknesses in compliance and is a good opportunity to implement stronger systems and controls, explains Max Masters
One of the key questions facing a law firm’s COFA is: when is it appropriate to self-report breaches to the Solicitors Regulation Authority? This question is particularly pertinent when considering the ongoing changes with the Solicitors Accounts Rules, where there is an increasing emphasis on the role of the COFA.
However, there are certain questions that can aid you when determining whether the breach encountered was ‘material’ and should subsequently be reported to the regulator. Some of the key questions to consider are:
Was client money at risk at any point?
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