Outcomes Focused Regulation - the New Legal Landscape

The introduction of the SRA Code of Conduct in October 2011 ushered in an entirely new and potentially disturbing approach to the regulation of legal services by the SRA. With the creation of the roles of COLP and COFA, a far greater emphasis on the identification and management of risk, and an associated and enhanced requirement for law firms and their staff to self-disclose non-compliances to their regulator, law firms and their employees will need to know what their compliance obligations are, and how to meet them.

Contents

This practical 3 hour course covers:
  • The SRA's Mission and Objectives
  • What is Outcomes Focused Regulation?
  • What Changes does OFR Bring?
    • Cultural implications - has the regulatory leopard changed its spots?
    • Disclosure implications - greater openness between regulator and regulated
    • An emphasis on protection of the clientbase
    • The focus on risk
  • Comparative Structures
  • The Principles
  • Outcomes and Indicative Behaviours
  • COLP's and COFA's
  • Authorisation and the Suitability Test
  • Practical Considerations
    • Meeting the outcomes
    • Equality and diversity
    • Client care
    • Conflict and confidentiality
    • Managing your business

For more information, please contact Mike Chard or Simon Bray.