SRA pauses Rule 8.4 – a welcome reprieve, but the work is not over
Summary
The Solicitors Regulation Authority has paused its planned Rule 8.4 changes requiring separation of COLP and COFA roles, following significant pushback from the profession. The article argues that while this gives firms breathing space, the underlying regulatory concerns remain and further engagement is needed to reach a proportionate and workable outcome.
Why it matters
Although the article focuses on legal sector governance, it is relevant to surveyors because it highlights how regulators may reshape compliance and oversight expectations for professional firms. Any changes affecting client money controls, governance structures and risk management can influence property-related legal processes and the firms surveyors work alongside.
Key points
- The SRA has paused planned COLP/COFA separation changes under Rule 8.4.
- The pause follows opposition from firms, compliance specialists and representative bodies.
- Concerns remain about turnover and client-money thresholds used to trigger the rule.
- The article questions whether separating compliance roles from management authority would improve governance in smaller firms.
- Further engagement with the SRA, Legal Services Board and Law Society is planned.
This is an RPSA summary of a publicly available article. The full content remains with the original publisher.
