Following the implementation of outcome focused regulation in October 2011 it is inevitable that the SRA’s Practice Standards Unit will be making contact with firms and arranging visits to ensure compliance with the new regulations.
It’s essential to be compliant with all aspects of the new SRA handbook. You cannot simply rely on the fact the you were compliant with the old rules !
You must have in place:
- Compliant risk management provisions (Appointment of COLP/COFA)
- Adequate anti money-laundering provisions
- Up to date and compliant client care documentation
- Evidence that you meet the equality and diversity requirements of the SRA Code of Conduct 2011
- Referral and/or profit share agreements documented in accordance with Chapter 9
- Adequate provisions in relation to outsourcing
- Accounting procedures compliant with the SRA Accounts Rules 2011
But don’t worry. Quality Rating can help ensure your practice is compliant.