Expert help and advice to assist you deal with the burden of compliance and free up your time to run your business
For most COLPs balancing fee earning and compliance is an impossible task and in small to medium firms other there is little support for the COLP.
The SRA does not currently allow the COLP and COFA function to be outsourced, but just as many firms effectively outsource HR, IT and other support functions it makes perfect sense to outsource the compliance function, with the COLP retaining control and oversight.
Principle8 has extensive experience providing assistance to COLPs across the country on a wide range of compliance support, undertaking the majority of the compliance function, as well as providing in-house training on key topics.
Our support is provided in three phases:
- Review of existing compliance manual, compliance policies and procedures, risk register, business plan, business continuity plan
- Report on compliance risk and providing a detailed risk compliance gap analysis
- Update/redraft compliance manual and other documentation
- File review audit
- Review of employee handbook and contracts
- Review of continuing competence paperwork
The amount of time spent on site/ offsite each month will vary dependant on the size of the firm and level of activity required, however as a guide tends to be on a 6-12 hour basis.
- COLP (and COFA) Routines completed
- File Reviews undertaken and summarised
- Updating of policies and procedures
- Updating of risk register and implementing required actions
- Assistance with panel renewals
- Assistance with complaints and dealing with correspondence with Leo
- Assistance with PII Renewal
- Assistance with firm change of authorisation
- Reporting breaches
- Detailed compliance updates provided to COLP/ COFA
- Meetings with COLP to review compliance reports
- Full telephone support for compliance emergencies and queries
- Full cyberattack audit (specialist additional service)
We provide in-house training for all our COLP Assist clients on such topics as:
- AML and Financial Crime
- SRA Accounts Rules
- Equality & Diversity
- Data Protection and the GDPR