On the 25th November 2019, after over seven years of the SRA Handbook, we saw the introduction of the new SRA Standards and Regulations (another SAR). When it was first introduced the Handbook gave us a different way of working by introducing outcomes-focused regulation (OFR), together with a risk based approach and introduced us to the COLP and COFA. The risk based approach and the compliance officers are staying with us but the outcomes and indicative behaviours will disappear and we will be introduced to the new standards of conduct.
The implementation date of 25th November 2019 has now gone and we should now be following the new regime. There will be no grace period. So, what have you done to prepare your firm for a seamless transition from old to new?
This course is a must for compliance officers, compliance team members, fee earners and managers and will cover the following:
- The Principles – from ten to seven – what stays, what goes and what has been moved elsewhere
- Not one but two! The new Codes of Conduct – one for the solicitors, registered European lawyers and foreign lawyers and one for the firm
- The SRA Accounts Rules – after twenty one years the accounts rules have been given a major update and are less restrictive
- An overview of the rest of the new standards and regulations
- The role of the COLP and COFA in the future
- Getting ready – what are we doing to prepare for this new way of working including:
- Reviewing of your policies, procedures and documentation
- Reviewing and implementing changes in regards to the accounts rules
- Training of your staff on all areas of the new regime
- Making the transition from old to new