Firm fined after failing to notify the SRA about a material change to its COLP
A Leicestershire law firm has been fined by the Solicitors Regulation Authority (SRA) after failing to notify the regulator of a material change relating to its Compliance Officer for Legal Practice (COLP). Headleys, a recognised body based at 39a Station Road, Lutterworth, was ordered to pay a fixed financial penalty of £750 together with costs of £150 following an SRA decision published on 10 June 2026.
According to the regulator, all authorised law firms are required to have both a Compliance Officer for Legal Practice (COLP) and a Compliance Officer for Finance and Administration (COFA) in place at all times. The SRA must approve individuals before they can take up either role.
COLPs and COFAs have responsibility for helping ensure firms, managers and employees comply with regulatory obligations. They are also responsible for recording compliance breaches and reporting them to the regulator where necessary.
Under the SRA’s Code of Conduct for Firms, law firms are required to promptly notify the regulator of any material changes to information previously provided, including information relating to compliance officers. The SRA found that Headleys failed to promptly notify the regulator of a material change concerning its COLP.
According to the decision notice, the firm’s conduct breached paragraph 3.8(a) of the SRA Code of Conduct for Firms. The regulator further stated that the firm failed to remedy the breach after being given notice and a reasonable opportunity to do so.
As a result, the SRA imposed a fixed financial penalty and ordered the firm to pay investigation costs. The published decision does not provide further details about the nature of the change relating to the firm’s compliance officer. The published decision records the fixed financial penalty and costs imposed on the firm after it failed to notify the SRA of the material change within the required timeframe.