Law Society urges SRA to pause COLP/COFA separation rules pending evidence review
The Law Society on September 17, 2026 called for an immediate pause of SRA rules, approved by the Legal Services Board, that would bar managers with unilateral decision-making power from serving as COLP or COFA at firms with turnover above £600,000 or holding more than £2m in client money. The Society said it met the SRA, wants an independently tested evidence base, and will take member concerns to its October 14 AGM ahead of phased implementation from January.
Key points
- LSB-approved SRA rules would bar unilateral decision-makers from serving as COLP/COFA at firms over £600,000 turnover or £2m client money, with limited exceptions.Law Gazette
- The Law Society demanded the SRA pause implementation until it has a clear, independently tested evidence base for the thresholds.Law Gazette
- The Law Society argues the thresholds track authorisation cut-offs rather than demonstrated risk and would impose heavy costs on small firms and sole practices.Law Gazette
- Phased implementation from January leaves owners racing to find suitably qualified replacement compliance officers.Law Gazette
- Member concerns go to the Law Society AGM on October 14, 2026; the SRA remains open to discussing amendments.Law Gazette
Sources1 article across 1 outlet
Filed under
RegulationUKSRA Authorisation of Firms Rules — COLP/COFA separationComplianceProfessional responsibilityRegulatoryFor practitionersFor governance