Thursday, August 11, 2011

Do Some UK Firms Have Their “Heads in the Sand” Regarding Compliance?

In the UK, movement continues toward implementing the new “outcomes focused” regulatory framework (OFR). As part of the new structure, firms must appoint a dedicated compliance officer, who must be a lawyer, and maintain detailed records of any known lapses in compliance.

Yet Legal Futures reports that many firm may be challenged to meet impending deadlines:
  • “Richard Turnor, a partner at London firm Maurice Turnor Gardner, said that while many firms have been thinking about OFR and the role of the COLP, others seem to ‘have their heads in the sand…Firms will have to submit their first annual reports to the SRA in October 2012, covering the period from October 2011 no doubt, and disclosing any lapses about which questions are asked. Therefore firms really need to get their houses in order by October 2011.’”
Turnor does not provide definite data regarding the number of firms he believes are sand-immersed, but the concern is worth noting.

No comments:

Post a Comment