SRA code of conduct for firms

Question 1

Who can provide Reserved Legal Authorities?

Answer 1

Someone authorised by an approved regulator

Question 2

What must firms ensure regarding their governance structures?

Answer 2

That they have effective governance structures, systems and controls to ensure compliance

Question 3

Who is responsible for ensuring compliance in a firm?

Answer 3

Managers

Question 4

What roles can be considered managers in terms of compliance responsibility?

Answer 4

• Sole principal/member of an LLP
• Director of a company
• Partner in a partnership
• Member of the governing body

Question 5

What is the role of the Compliance Officer for Legal Practice?

Answer 5

• To ensure firm complies with terms and conditions of authorisation
• To record failures to comply with the firm’s authorisation or statutory obligations and make records available
• To report any material failure to the SRA – promptly

Question 6

What is a requirement for the Compliance Officer for Finance and Administration?

Answer 6

To ensure the firm complies with accounts rules and to report any serious breaches

Question 7

What are the requirements for a Compliance Officer?

Answer 7

• Be a manager or employee of the authorised body
• Consent to the designation
• Not be disqualified
• In the case of a COLP, be someone authorised to carry on reserved legal activities

Question 8

What must firms ensure regarding managers or owners?

Answer 8

That the SRA has approved any manager or owner of a firm unless they fall into exceptions

Question 9

What must each firm have at least one of?

Answer 9

One manager or employee who is a lawyer of England and Wales who has practiced as such for a minimum of three years and supervises the work undertaken by the authorised body