Tim Kidd reminds practice managers of the key obligations and duties for COFA compliance
The demand for robust compliance programmes for firms is critical. Cybersecurity is more important than ever, and compliance standards can negatively impact law firms. Compliance in any business is about managing and avoiding risks while complying with applicable laws and regulations.
Common compliance problems
Common compliance problems include:
- Failure to meet deadlines
- Attempting to delay deadlines
- Banking client money
- Negative interest rates
The best way to deal with these issues is to do everything you reasonably can to comply with rules and regulations while keeping clients’ money safe and separate from the firm’s accounts.
The Institute of Legal Finance and Management