Every solicitor practises inside a firm, and the firm itself carries regulatory obligations distinct from those of the individuals working within it. The SRA Code of Conduct for Firms sets out what an organisation must do — the governance, systems, supervision and controls that turn good intentions into good conduct. As a solicitor you need to know these obligations cold: who in the firm is responsible, what must be reported, how conflicts and client money are managed, and where the line falls between compliant and non-compliant practice.
This lesson takes you through the Code section by section:
- Purpose, Scope and Responsibility for Compliance — what the Code is for, how it sits alongside the Solicitors' Code, and who carries responsibility.
- Compliance Officers (COLP and COFA) — the two key roles and the standard they must meet.
- Governance, Risk and Supervision — the systems, records and supervision firms must maintain.
- Client Information, Complaints and Transparency — what clients must be told about costs, complaints and the firm.
- Referrals, Introducers and Fee Sharing — what's permitted, what's prohibited, and what must be disclosed.
- Conflicts and Confidentiality — own-interest and client conflicts, the limited exceptions, and former clients.
- Client Money, Insurance and Financial Crime — handling client money and preventing misuse of the firm's services.
- Reporting and Cooperation — what must be reported to the SRA and the duty to cooperate.
- Ceasing to Act, Files and Third Parties — ending a retainer, document ownership, and undertakings.
- Outsourcing and Separate Businesses — keeping responsibility and regulatory lines clear.