Law firms’ compliance officers for legal practice (COLPs) and compliance officers for finance and administration (COFAs) began their duties on 1 January 2013. However, the Solicitors Regulation Authority (SRA) has revealed that, as of 29 January 2013, 145 law firms are now facing enforcement action for failing to complete their COLP and COFA nominations and… Learn more
Reshma is an experienced commercial litigator with a particular focus on the banking sector acting for retail banks and other financial institutions. Her clients included Barclays Bank Plc, Woolwich and Capstone.
Since 2007, Reshma has concentrated on regulatory and compliance for the firm and plays a key role within the firm's Professional Standards Team dealing with Quality and Risk Management.
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The Legal Ombudsman (LeO) has announced changes to its rules, bringing them more in line with the Financial Ombudsman Service and changing the way in which clients (and prospective clients) can make complaints about their solicitors. From 1 February 2013, the following changes now apply: 1. The time limits for accepting a complaint has increased… Learn more
The Solicitors Regulation Authority (SRA) is in the process of issuing its first set of approvals for the posts of Compliance Officer for Legal Practice (COLP) and Compliance Officer for Finance and Administration (COFA) at hundreds of law firms across England and Wales. The SRA requires all law firms, including alternative business structures, to appoint… Learn more
The Solicitors Regulation Authority (SRA) is to keep alternative business structures (ABSs) within the coverage of the Compensation Fund for the foreseeable future after the Law Society failed to persuade Parliament to create a separate fund for ABSs. The SRA has approved new rules for the Compensation Fund, which is paid for by fees from… Learn more
The Ministry of Justice (MoJ) has rejected the Solicitors Regulation Authority’s (SRA) request for tougher fining powers against ‘traditional’ law firms. Back in May 2012, the SRA had asked the MoJ to raise the maximum fine it can impose on law firms from £2,000 to £250m – the threshold that applies to alternative business structures… Learn more
The Solicitors Regulation Authority (SRA) is to launch its own version of the Government’s on-going ‘Red Tape Challenge’. The ‘Red Tape Challenge’ is a website-based project aimed at identifying – and scrapping – unnecessary regulations. Since April 2011, the Government has been asking interested parties in specific sector areas to suggest which regulations should be… Learn more
Legal regulators from around the world have agreed to create an information-sharing network – the first step towards the formation of a global regulators’ organisation. The decision was made at the first international conference of legal regulators, which was recently hosted in London by the Solicitors Regulation Authority and was attended by representatives of a number… Learn more
The Legal Ombudsman has published on its website a list of complaints made against law firms across England and Wales. The list collates the names of law firms involved in complaints that have led to a formal decision by the Legal Ombudsman. It will be published on a quarterly basis, with the next list due to… Learn more