Law Society ‘will discuss SRA’s COLP and COFA proposals at AGM’
Summary
The Law Society of England and Wales will discuss SRA proposals to separate COLP and COFA roles from individuals with decision-making power at its October AGM. The proposals, linked to client money consultation reforms and intended to strengthen checks and balances after high-profile law firm failures, have been criticised by the profession as complex, costly and insufficiently evidenced.
Why it matters
While this is a legal-sector issue, it may affect conveyancing firms and other property transaction stakeholders through changes to compliance structures, costs and service delivery. Surveyors should be aware of potential knock-on effects for transaction timelines, professional risk management and client-facing processes.
Key points
- Law Society will debate SRA compliance proposals at its AGM on 14 October.
- Proposals would separate COLP and COFA roles from owner-managers and senior decision-makers in certain firms.
- Critics say the £600,000 turnover and £2 million client-money thresholds are arbitrary and impractical.
- The Law Society is calling for a pause and a targeted risk model based on existing SRA data.
- Implementation is currently expected from January 2027.
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