Compliance plan

Regulatory requirements

There is no direct requirement in the SRA Standards and Regulations for law firms to have a compliance plan.

This contrasts with the previous SRA regime, where the SRA clearly expected firms to have a compliance plan—the guidance notes to the Authorisation Rules 2011, stated: ‘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’. This has not been carried across to the SRA Authorisation of Firms Rules.

It is therefore a matter for firms whether they choose to have a compliance plan, but doing so will help demonstrate the firm takes its regulatory obligations seriously and, indirectly, will assist with other compliance obligations, particularly in relation to:

•governance—see Practice Note: Governance structures—law firms•compliance officer duties—see Practice Note: ...