The rule change conveyancers need to watch
Summary
The SRA has secured approval for a rule change that will prevent the same individual from holding both the COLP and COFA roles at higher-risk firms, and will also exclude people with authority over significant management decisions from either role. The change is due to be phased in from early 2027, with affected firms needing to identify eligible compliance officers and obtain SRA approval in advance.
Why it matters
Residential property surveyors may encounter conveyancing firms adjusting governance and compliance arrangements, which could affect transaction handling and client money processes. The article also highlights the operational pressure on firms dealing with high volumes of client funds, a common feature in property transactions.
Key points
- COLP and COFA roles cannot be held by the same person at higher-risk firms.
- Individuals with authority over significant management decisions will be ineligible for either role.
- The split applies to firms above the turnover or client money thresholds set out in the article.
- The change is expected to take effect from early 2027, with guidance due in autumn.
- Firms are being advised to review role eligibility and governance structures now.
This is an RPSA summary of a publicly available article. The full content remains with the original publisher.
