Friday 27 April 2012
Michael Garson, Honorary Professor of Law at the University's Ealing Law School, recently guest lectured as part of the University's newly accredited Continuing Professional Development courses.
The lecture entitled 'The appointment of Compliance Officers' took place on 31 March 2012 and Michael used his extensive experience as a solicitor and partner at Kagan Moss & Co to provide an illuminating lecture on the new regime for compliance for legal practices.
As the chair of the Law Society’s Regulatory Affairs Board dealing with education and training, professional indemnity insurance, rules and ethics, and disciplinary matters, Michael was uniquely placed to explain to solicitors, legal professionals, law school staff and students, an insight into the new compliance regime.
Michael outlined the timetable for appointments by all authorised firms of a compliance officer for legal practice responsible for ensuring their firms' compliance with all its regulatory obligations, and a compliance officer for finance and administration who will be responsible for ensuring their firms' compliance with the SRA Accounts Rules.
Delegates were informed of the necessity to systematise the role of compliance and compliance officers within firms with the creation of a compliance plan, covering matters such as reporting lines and governance structure, and the protection of clients’ money and assets.
Under Michael’s detailed analysis, what appeared to be a relatively minor, rule bound requirement, looked a far more daunting task with innumerable grey areas for legal professionals. It left students who might be keen to start their own firm as soon as possible upon qualification, with much to ponder.