The Same For The Legal Sector?

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While the UK benefits from its status as a global hub for financial services, issues that pose a significant threat to the UK‘s competitiveness in global financial services included: uncertainty in regulatory outlook; an aggressive regulatory attitude; uncertainty around taxation; a relative deterioration in access to talent and skills; capacity constraints in physical infrastructure; and increased competition from other financial centres.

How Much COLP and COFA Time?

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In an SRA survey of 1000 firms published in February 2013 to determine their current feelings and experience around compliance, the respondents estimated that just under a fifth of a COLP and COFA time will be spent on matters relating to ‘compliance with the SRA’s regulation’ as opposed to other fee earning or business activities.

Head In The Sand?

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Head in sandIn an SRA survey of 1000 firms published in February 2013 to determine their current feelings and experience around compliance, 40% of firms stated that they are continuing to approach compliance in exactly the same way, with the exception of nominating their COLP or COFA