Firms applying to be licensed as an ABS under the Legal Services Act 2007 ( “LSA”) are required to appoint a Head of Legal Practice ( “HoLP”) and a Head of Finance and Administration ( “HoFA”). These Compliance Officers must be approved by IPReg in advance of the practice trading.
The roles of the HoLP and HoFA are an important part of IPReg’s outcomes-focused regulation. The HoLP and HoFA should take the lead on risk management and compliance within a firm and have responsibility for the firm’s systems and controls. This means ensuring that the processes are in place to enable a firm, its employees and managers to comply with the IPReg Rules and the terms of their licence.
The HoLP and HoFA have distinct, but complementary, roles and these are set out in more detail in the Admission and Authorisation Standard Operating Procedure, paragraphs 54-60.