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Are you complying with theSRA Regulations on COFA?
Risk management and compliance can be time-consuming and can distractyou from your day-to-day activities. Financial Eye can take the pressure offyou and provide peace of mind that you are meeting all of your COFA/HOFA
Regulatory obligations and more…
www.financialeye.net | [email protected] | Optimising best practice and performance...
2 Financial Eye | Information Brochure Copyright © Financial Eye
SECTION INFORMATION:
About Financial Eye
Why outsource compliance?
Questions for the COFA
Services we offer
Services we offer (continued)
Catering for every budget
The Financial Eye team
The Financial Eye team (continued)
Customer case studies
Customer case studies (continued)
Existing customer testimonials
Existing customer testimonials (continued)
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BROCHURE CONTENTS...
www.financialeye.net | [email protected] | Optimising best practice and performance...
ABOUT FINANCIAL EYE...
3 Financial Eye | Information Brochure Copyright © Financial Eye
Financial Eye was formed in 2013 to meet the challenges faced by COFAs in relation to the SRA
Regulations.
It is an official compliance Partner of Legal Eye.
Financial Eye works with firm’s all over the country to provide support to Compliance Officers
ensuring adherence to Outcome Focussed Regulation, Code of Conduct and specifically the SRA
Accounts Rules 2011 and protecting Client Money.
Our services include COFA plus which incorporates all of the recording and reporting elements of
the SRA Accounts Rules, but will also assist you to ensure the effective financial management of
your firm. COFA plus is designed to compliment the existing suite of services currently provided
by Legal Eye.
Trust the experience of Financial Eye for better financial and risk management:
Like Legal Eye, we pride ourselves in our personal approach to compliance and risk
management.
the role of a COFA explained
recording and reporting requirements
the COFA’s contribution to Principle 8
COFA plus-Compliance and improvement through knowledge
www.financialeye.net | [email protected] | Optimising best practice and performance...
WHY OUTSOURCE COMPLIANCE?
4 Financial Eye | Information Brochure Copyright © Financial Eye
Compliance can be time consuming and can distract you from your day to day activities. Financial
Eye can take the pressure off you and provide peace of mind that you are fulfilling all of your
regulatory obligations including those relating to the SRA Accounts Rules 2011.
Many Firms believe that by keeping compliance in-house they will benefit from greater control
and reduced costs. However for many Firms this is a mistaken perception as experience has
shown that where the COFA is also a fee earner, they are reducing their fee earning capacity by
having to concentrate on their regulatory obligations.
By committing to outsourcing compliance, they take more of an overseeing role (whilst not
abdicating responsibility), thus increasing the percentage of time that they can commit to earning
fees.
Most importantly, we are completely hands-on and will set-up, document and regularly update
all of the elements of your Compliance plan, including Risk Index, rather than leaving you with a
set of forms to complete.
Can you afford not to outsource compliance?
www.financialeye.net | [email protected] | Optimising best practice and performance...
QUESTIONS FOR THE COFA...
5 Financial Eye | Information Brochure Copyright © Financial Eye
Does your COFA have access to the integrated financial model which you use to
measure and stress-test your business for financial viability??
Does your COFA Compliance Plan incorporate a Risk Index and control checklist
incorporating all the latest risk concerns of the SRA??
Has your COFA implemented a programme to combat the threat of cyber-crime and
considered all of the insurance options to protect the firm in the event of cyber-attack??
Do you have enough cash available to pay for the excesses under your PI policy and
do you know the current rating of your PI Insurer??
When did you last review the appropriateness of your structure? For example have you
considered forming an ABS or an MDP as part of your succession or exit planning??
When did you last review your Interest Policy and your Mixed Payments Policy??
Will you or your COFA struggle to answer some of these questions? If so, contact Financial Eye
TODAY…
Thank you for taking the time to download our brochure. Below you will find several questions to
ask your COFA:
www.financialeye.net | [email protected] | Optimising best practice and performance...
SERVICES WE OFFER...
6 Financial Eye | Information Brochure Copyright © Financial Eye
Please find below a list of the services that we offer. If you cannot see a service that you require,
then please click here to contact us to see if we can help.
Our COFA Plus Service
COFA plus provides support and guidance to COFAs in the following areas:
Defining the role of the COFA in the face of ever changing SRA regulation3
Development of a COFA specific compliance plan and an SRA compliant COFA Risk Index3
Implementation of SRA compliant COFA matter file review program3
Recording and Reporting requirements of the COFA3
In addition to all the above, Financial Eye is able to:
Advise on the personal liability for an approved role3
Provide telephone and email support and guidance on all COFA related SRA matters3
Our COFA Sure Service
Designed specifically for the Sole Practitioner, this package covers support and guidance in the
same way as COFA Plus, but at a reduced cost and with fewer Office visits.
www.financialeye.net | [email protected] | Optimising best practice and performance...
SERVICES WE OFFER (continued)...
7 Financial Eye | Information Brochure Copyright © Financial Eye
Our COFA Review Service
COFA day review incorporating entity summary, entity evaluation3
Discussion re financial performance – Principle 83
COFA risk register3
Our Other Services
Advice on a specific Compliance or SRA Accounts Rules issue3
Reports on Interventions3
Additional site visits for COFA Matter File Reviews3
Sole Practitioner applications3
Delivery of bespoke Integrated Financial Models3
ABS applications3
CLC conversions3
www.financialeye.net | [email protected] | Optimising best practice and performance...
CATERING FOR EVERY BUDGET...
8 Financial Eye | Information Brochure Copyright © Financial Eye
Professional, highly skilled and reliable:
Financial Eye provides practical and straightforward advice in easy to understand terms giving
firms simplicity in a complicated regulatory arena.
We pride ourselves in our personal approach to compliance and risk management. Our friendly,
experienced team will help you understand the regulations and adapt your processes and
procedures.
Initial Consultation:
We would like to offer you a free no obligationinitial consultation in complete confidence so we
can ascertain your particular requirements. This will allow us to tailor a suitable solution which will
be of assistance to the Firm’s COFA.Simply contact one of the Financial Eye Team for further details.
Catering for every budget:
We have listened to the needs of firms who are a similar sized practice to yourselves and we can
operate to a range of budgets depending on your compliance requirements
Monthly, quarterly and yearly payment plans are all available and we can discuss with you which
suits you best.
As part of all packages we offer a helpline, free of charge, operating from 9am to 5.30pm Monday
to Friday.
www.financialeye.net | [email protected] | Optimising best practice and performance...
THE FINANCIAL EYE TEAM...
9 Financial Eye | Information Brochure Copyright © Financial Eye
Nigel is an experienced Finance Director who qualified in 1994 and has
held senior Finance positions for the last 20 years in a range of
businesses and sectors. At Ovivo (part of a TSX listed company) he was
Global Finance Director and carried responsibility for Bill 198 (SOX)
compliance for 14 world-wide entities. He has also worked with AIM
listed companies and start-ups. He has an in-depth knowledge of SRA
compliance matters and the SRA Accounts Rules.
Nigel Wilson FCCA | T: 020 3126 6886 / 07730 500272 | E: [email protected]
David is an advisor to a number of companies and prior to joining
Financial Eye, David was CEO of FCA regulated insurer, First Title
Insurance plc. David set up the UK operation and grew it into an
international business turning over £70M providing a mixture of services
to Law firms, Conveyancers and Mortgage Lenders. David remains as a
Non-Executive Director of First Title Limited.
David Thorpe | T: 020 3126 6885 / 07879 640123 | E: [email protected]
John is a registered Chartered Banker with over 30 years experience in
the Retail Banking & Insurance Sectors and joins Financial Eye after 14
years with Legal & General. He has extensive knowledge of Project
Management and is a current PRINCE2 Practitioner. He has a great deal
of experience in the areas of Financial Risk, Business Management, Anti
Money Laundering and Conveyancing.
John Graham MCIOBS | T: 07595 377748 | E: [email protected]
www.financialeye.net | [email protected] | Optimising best practice and performance...
THE FINANCIAL EYE TEAM (continued)...
Financial Eye | Information Brochure Copyright © Financial Eye
an is an experienced Finance Director having qualified with KPMG in
1990. He has worked in senior Finance positions in industry and
commerce for over 20 years for businesses across a range of sectors,
from owner manged to publicly quoted.
As Finance Director in charge of the EMEA and Asia Pacific regions of a
Canadian owned Publicly Listed Company he was responsible for
Ian Richards FCA | T: 07767 472550 | E: [email protected]
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introducing, rolling out and subsequent monitoring of the processes and procedures for Bill 198
(SOX) compliance across 10 entities worldwide.
Ian is approachable, adaptable, pragmatic and down to earth
Steve joins Financial Eye after fifteen years’ experience in law firm
management and is a former COFA approved by the SRA. He has
worked in both the public and private sectors and has a broad
experience of business and financial management.
Steve is familiar with law firm compliance, the SRA Handbook and the
requirements of Outcome Focused Regulation and the required
Steve Wood | T: 07800 666 925 | E: [email protected]
Indicative Behaviours. He has managed solicitor’s accounts and has extensive financial planning
and compliance experience. He has been a first resource for advice on money laundering issues
and is conversant with conveyancing practices and other law firm accredited requirements.
With this background Steve hopes he will be able to assist in enhancing your firm’s financial
compliance to compliment other good practice procedures.
www.financialeye.net | [email protected] | Optimising best practice and performance...
CUSTOMER CASE STUDIES...
11 Financial Eye | Information Brochure Copyright © Financial Eye
Case Study One
Financial Eye was contacted by the Finance Director of a medium sized firm who was being
asked by the Managing Partner to take on the role of the COFA. The Finance Director was
concerned that she did not fully understand the role of the COFA and what responsibilities and
obligations it entailed. Financial Eye began work designing and implementing a COFA compliance
plan including a COFA matter file review programme.
Since then the SRA has been in touch with the firm to consider putting them into regulatory
management but were satisfied with the work undertaken by Financial Eye to deem this
unnecessary. Financial Eye continue to work with the firm and are constantly assisting the firm in
assessing risk and staying onside with the Regulator.
Case Study Two
Financial Eye had been recommended to a small firm by Legal Eye who were already working
with the firm’s COLP. The firm was in the process of changing its accountants and book keeper
and was concerned that it had never really implemented any type of COFA risk management plan
other than having a register of breaches. Financial Eye was immediately able to recommend a
firm of accountants and introduce them to a firm specialising in outsourced book-keeping
services for solicitors.
Financial Eye then set about developing a comprehensive COFA compliance plan tailor made for
a firm of this size. The plan included a COFA matter file review programme to be undertaken by
Financial Eye, a risk register and a fully integrated financial model that allowed them to prepare
budgets and cash-flow forecasts in accordance with SRA requirements. The firm is now in the
process of replacing its bankers and developing an exit strategy for the senior partner and
Financial Eye has been there to advise them all the way.
www.financialeye.net | [email protected] | Optimising best practice and performance...
CUSTOMER CASE STUDIES (continued)...
12 Financial Eye | Information Brochure Copyright © Financial Eye
Case Study Three
A firm contacted Financial Eye and Legal Eye as they were looking to set up an Alternative
Business Structure (ABS) with a firm of accountants. They recognised that they needed a fully
SRA compliant compliance plan as part of their ABS application. Financial Eye designed and
developed the COFA element of the plan including bespoke risk registers, COFA checklists and a
suitable COFA matter file review programme.
The application for the ABS was approved by the SRA and Financial Eye continues to provide
ongoing support including quarterly site visits to update all the work undertaken to date and to
carry out COFA matter file reviews.
www.financialeye.net | [email protected] | Optimising best practice and performance...
EXISTING CUSTOMER TESTIMONIALS...
13 Financial Eye | Information Brochure Copyright © Financial Eye
“We were introduced to Financial Eye by Legal Eye with whom we were exploring a change in
Compliance Partner. We were impressed with their breadth of knowledge and experience in
the sector. Since our agreement began, Financial Eye have quickly demonstrated that their
proactive hands-on approach leaves us free to fee-earn, look after our clients and deliver on
our business goals, secure in the knowledge that we have a compliance framework in place
and experts on hand to advise when needed.”
MPG Legal, Manchester
“We have always taken compliance seriously and it is refreshing to work with a company that
fully engages with us and is always available to seek practical solutions to our requirements.”
AMS Solicitors, Preston
“As a new COFA, I wanted the reassurance, guidance and support in my role. Financial Eye
have given me all of the above in an easy to understand manner with no jargon. Why use
anyone else?”
Kidd Rappinet, Maidenhead
www.financialeye.net | [email protected] | Optimising best practice and performance...
EXISTING CUSTOMER TESTIMONIALS (continued)...
14 Financial Eye | Information Brochure Copyright © Financial Eye
“As a new sole practitioner I have found the assistance provided by Financial Eye in my
application and set up to be perfectly suited to my compliance needs.”
Fairview Solicitors, London
“Introducing a COFA matter file program has been invaluable and has demonstrated how
simple it has been to become more efficient and profitable.”
Himsworths, Southend-on-Sea
“The Team from Financial Eye make an invaluable difference to our business. They deliver
solutions that are of real value and are highly cost effective. They understand our business and
keep us compliant without the need for getting buried in paperwork”
Bryan & Mercer Solicitors, St Albans
A: Financial Eye, Hilden Park House,79 Tonbridge Road, Hildenborough, TN11 9BH
T: 020 3126 6884
www.financialeye.net