The following Practice Compliance guidance note provides comprehensive and up to date legal information covering:
No firm can afford to be complacent when it comes to compliance. The SRA has made it clear that firms adopting a less than comprehensive approach to compliance will face greater scrutiny. By contrast, firms that make a serious attempt to comply but fall short in some way are more likely to find the SRA supportive. Having a plan in place is an important first step on the road to compliance.
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 suggest that the SRA assumes firms will have a compliance plan.
Outcomes-focused regulation gives you greater freedom to decide how you achieve compliance with the regulatory requirements, meaning you can adopt a methodology that suits you and your firm. However it is unlikely that your firm will be able to comply fully with the regulatory requirements and be able to demonstrate this to the SRA’s satisfaction, without having a formal compliance plan in place. For a precedent compliance plan, see precedent: Compliance plan.
You must appoint two compliance officers as soon as possible and should explain their roles in your compliance plan. The roles are:
**excludes LexisPSL Practice Compliance, Practice Management and Risk and Compliance. To discuss trialling these LexisPSL services please email customer service via our online form. Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
To view the latest version of this document and thousands of others like it, sign-in to LexisPSL or register for a free trial.
Existing user? Sign-in
Take a free trial
Take a free trial
0330 161 1234