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The Solicitors Regulation Authority (SRA) is to review whether the requirement for small law firms to have compliance officers is “overkill”, it emerged today.

Let’s not underestimate the pace of change in the legal regulatory landscape over the past couple of years. Developments have been unprecedented, relentless and, at times, frustrating. 2014 is set to be another busy year for compliance officers with yet more regulatory upheaval. And it all kicks off in January with a review of the compliance officer for finance and administration (COFA) role.

More than a year on from the deadline for law firms to nominate their compliance officers for legal practice and for finance and administration, and 40 practices still remain without anyone in place, the Solicitors Regulation Authority has revealed.

The Solicitors Regulation Authority (SRA) is working its way through the hundreds of firms and individuals facing enforcement action over compliance officer failures – but has now found another 205 firms that require investigation.

Law firms will be held responsible for breaching the personal injury referral fee ban if they sign up to ventures that appear to be genuine joint marketing schemes but prove illegal, the Solicitors Regulation Authority has warned. It will also target senior individuals within firms that “recklessly trade into insolvency”.