Compliance plan—regulatory requirements
Compliance plan—regulatory requirements

The following Practice Compliance guidance note provides comprehensive and up to date legal information covering:

  • Compliance plan—regulatory requirements
  • Is a compliance plan compulsory?
  • Form and content

No firm can afford to be complacent when it comes to compliance. The SRA has made it clear that firms that cannot or will not put their house in order will face greater scrutiny. By contrast, firms that make a serious attempt to comply but fall short in some material respect are more likely to find the SRA supportive.

Is a compliance plan compulsory?

The SRA Handbook does not specifically require firms to have a compliance plan, nor is the term defined. However, the guidance notes to the Authorisation Rules 2011, state: ‘what needs to be covered by a firm’s compliance plan will depend on factors such as the size and nature of the firm, its work and its areas of risk’.Authorisation Rules 2011 Rule 8.2SRA Authorisation Rules Guidance Note iii to rule 8.2

This suggests the SRA assumes firms will have a compliance plan.

The SRA also imposes specific obligations to:

  1. have effective systems and controls in place to achieve and comply with all requirements of the SRA Hand

Related documents: