Solicitors Professional and Regulatory Requirements

The 2011 Solicitors Regulatory Code contains ten ‘Principles’.

The Following Principles of the Code are particularly relevant to management of fraud and other financial crime risks:

Principle 2 – Act with Integrity (See our guide Senior Management Accountability and building a Zero-Compliance Anti-fraud Culture).

Principle 8 – Run your business or carry out your role in the business effectively and in accordance with proper governance and sound financial and risk management principles. (See our guide  Senior Management Accountability  and Risk Management.

Principle 10 – Protect client money and assets (See our guide  Risk Management and Fraud Proofing Policies and Procedures).

There are also Authorisation Rules, and the offices of Compliance Officer for Legal Practice (COLP) and Compliance Officer for Finance and Administration (COFA) require firms to manage, monitor and disclose risk to their regulator.