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The requirement for compliance officers in law firms to consent to their appointment will be a “powerful tool” to ensure they are listened to, it was predicted last week. Firms were also told that they are likely to need a “compliance plan” as evidence of their approach to outcomes-focused regulation.

The new compliance officers required under outcomes-focused regulation – which begins today – “will not be sacrificial lambs for the sins of the organisations they work in”, the chief executive of the Solicitors Regulation Authority has stressed.

Frank Maher, a partner at Liverpool law firm Legal Risk LLP, outlines the new requirements on law firms to appoint compliance officers and the difficult issues they raise for practices in choosing who to appoint and the extent of the role.

Alarm bells are ringing in the financial services sector after a finding by the Financial Services Authority against an individual with compliance oversight responsibilities in a brokerage firm. If the Solicitors Regulation Authority, under its new enforcement powers, takes a similar approach, compliance officers for legal practice (COLPs) and for finance and administration (COFAs) had better beware.