A COFA Toolkit - Role & Responsibilities

Introduction

The COFA has significant responsibility, and the role comes with personal liability from a regulatory perspective.

COFAs must ensure that their firm meets their regulatory obligations, complies with the SRA Accounts Rules and that any breaches are documented and reported.

The requirement to report to the SRA when the practice is in serious financial difficulty or has mismanaged risk is also an onerous one.

This workshop will cover the regulatory obligations of the firm, individuals within the firm and the key role of the COFA.

Presented by compliance expert Paul Bennett, this practical session will consist of lectures, discussions, and case studies.

What You Will Learn

This course will cover the following:

• Brief background and role of the COFA
• Who should (and should not) be a COFA
• The SRA Principles 2019
• The Standards and Regulations 2019 - Individual and Firm Codes
• SRA Authorisation Rules
• COFA responsibilities, record keeping and reporting concerns
• Business Management - Compliance and business systems
• Assessing risk practically - What should you be recording and why
• The key risks under the SRA Accounts Rules 2019
• Client money
• Provision of a banking facility
• AML and sanctions
• Dormant client ledgers and money
• Cooperation and accountability with the SRA
• Duties of the COFA:
• Client account reconciliation
• Compliance plans
• Interaction of COLP and COFA
• Wider risks?
• The COFA role and how it impacts on the liability of the partners of the firm
• Influencing upwards - How can you get the partners to comply?
• Are habits your secret superpower?
• What should your next 12 months look like?
• What will you do differently?