In a recent speech, Charles Plant, chairman of the Solicitors Regulation Authority, highlighted ‘upwards of 500 firms’ that have failed to nominate compliance officers, describing it as a ‘breath-taking disregard of regulatory obligations’, which shows why a compliance officer for legal practice (COLP) regime is so badly needed, reports the Legal Futures web site.
Enforcement action
Mr Plant added that any firms in default on 31 December – five months after the nomination deadline – will be the subject of enforcement action to revoke their practising licences.
Mr Plant commented generally on solicitors: ‘Some are dishonest; some are incompetent. Some simply do not understand their regulatory obligations.’
But he then added: ‘The vast majority of solicitors in this country are honest, utterly professional and ethical, and they are also our eyes and ears, and help us to police the bad. It is part of the SRA’s job to ensure that those decent and professional solicitors do not have their reputation tarnished by the small but significant minority.’
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