SRA Accounts Rules & The COFA - Role, Risks & Resolutions

Introduction

Holding and protecting client money remains a regulatory risk priority and the COFA and senior colleagues must ensure that they and the firm are demonstrating the right response.

This face-to-face session reflects on the style and substance of the Accounts Rules 2019 and the important decisions which must be made as to how to respond to them.

It will look at what the COFA needs to understand about their individual regulatory responsibilities and the common misunderstandings that your colleagues might have and how these can be resolved.

The ongoing restriction on providing banking facilities, which remains one of the major risks of operating a client account, will be explored together with a discussion of some risk management strategies.

What You Will Learn

This course will cover the following:

• The regulatory framework for client money requirements
• The significance of the COFA role both internally and in respect of the firm’s relationship with the SRA
• The main features of the Accounts Rules in the SRA Standards and Regulations relevant to the COFA
• How to identify common misunderstandings that must be remedied
• The risks of providing a banking service and how to avoid this
• How to evaluate whether the COFA and the firm are responding appropriately to regulatory changes with appropriate compliance solutions
• How to demonstrate compliance with the Accounts Rules?
• What’s on the horizon and how can you plan for possible further changes?
• With case studies and disciplinary decisions from the SRA