FAQs

Last updated 13 May 2013

As a COLP or COFA, you may have questions relating to your role. We hope these frequently asked questions, which we will update as required, help.

Also see our Ethics Q&A for COLPs and COFAs.

COLP and COFA nomination and approval process

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We will keep the applicant informed of the progress of their application. The rules do provide for a decision period of six months. We expect that decisions would only take this length of time in the most exceptional circumstances and as a result of extensive investigations.

You should therefore seek approval of a new COLP/COFA prior to the individual taking up their role and before your current COLP/COFA leaves your firm. 

www.sra.org.uk/fbacolpcofa.

If you are having difficulties, email our Authorisation Team , using the subject title "Change of Compliance Officer" and provide the following information:

  • the name & SRA number of your firm;
  • the names & SRA number (or mySRA number if have not previously registered with us) of the candidate you wish to nominate;
  • the reason for the change of the COLP/COFA

This email will contain a nomination form. 

Issues following nomination

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  • notify the SRA;
  • designate another suitable individual to undertake the role;
  • apply for temporary approval. You should notify us by emailing authorisation, using the subject title 'Temporary approval application'.

You must state why the application for temporary emergency approval is necessary. 

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