SRA Compliance Essentials
for Sole Practitioners
Practical compliance support, policies, training and risk management for SRA regulated sole practitioners.
Designed specifically for sole practitioners, our SRA Compliance Essentials Service provides the policies, controls, procedures, risk assessments and ongoing support required to meet SRA regulatory expectations and Anti-Money Laundering obligations where applicable.
Maintained by our specialist compliance team, the service helps sole practitioners evidence a compliant environment, demonstrate effective risk management and ensure regulatory requirements remain up to date as legislation, guidance and best practice evolve.
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Compliance Support for Sole Practitioners
As a sole practitioner, responsibility for compliance sits entirely with you.
Alongside managing clients, running the practice and overseeing day-to-day operations, you must also ensure your firm maintains appropriate policies, controls, procedures, risk assessments, training and governance arrangements.
Our SRA Compliance Essentials Service provides a practical and cost-effective solution, giving sole practitioners access to specialist compliance support without the need to manage regulatory requirements alone.
The service combines ongoing policy management, annual risk assessments, staff training, regulatory updates and compliance support into a single annual subscription designed specifically for SRA-regulated sole practitioners.
Why SRA Compliance Essentials Matters
The SRA expects firms to be able to demonstrate that appropriate systems and controls are in place to identify, manage and mitigate regulatory risk.
Maintaining compliance is not simply about having documentation. Policies, procedures and risk assessments must remain current, reflect how the practice operates and evolve alongside regulatory change.
Our service helps sole practitioners:
- Maintain compliant policies, controls and procedures
- Meet SRA Standards and Regulations requirements
- Comply with Anti-Money Laundering obligations where applicable
- Maintain an up-to-date firm-wide risk assessment
- Provide documented evidence of compliance to regulators and insurers
- Ensure training and guidance remain current
- Reduce the administrative burden associated with ongoing compliance management
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For more information and costings
What is included?
Policies, Controls & Procedures
We will review and update your existing policies or replace those that are outdated or missing.
Policies and procedures are maintained on an ongoing basis to ensure they remain aligned to regulatory requirements, legislation, best practice and the way your practice operates.
Areas covered include:
- Anti-Money Laundering and Counter Terrorist Financing
- Anti-Bribery and Corruption
- Complaints Management
- Client Care
- Conflicts
- Confidentiality and Disclosure
- GDPR, DUAA and Data Protection
- Business Continuity
- IT and Cybersecurity
- Sanctions
- Source of Funds and Source of Wealth
- Risk Management
- Equality and Diversity
- Whistleblowing
- Vulnerable Clients
Alongside a wide range of additional policies, templates, guidance notes and compliance documentation.
Notification Forms & Registers
The service includes notification forms and registers designed to support compliance management and record decision-making where issues arise.
These include registers covering:
- COLP
- COFA
- Complaints
- Conflicts
- High Risk Matters
- Suspicious Activity Reports (SARs)
- Data Breaches
- IT and Cybersecurity Breaches
- Gifts, Hospitality, Sponsorships and Donations
- Undertakings and Retentions
- Continued Competence and Training
- Own Interest Matters
- Overseas Entity Management
Additional register management support is available where required.
Regulation 18 Firm-Wide Risk Assessment
We will prepare and maintain your annual Regulation 18 Firm-Wide Risk Assessment, including the required Anti-Money Laundering, sanctions and proliferation financing risk considerations.
For firms undertaking out-of-scope work only, a sanctions risk assessment will be completed instead.
The assessment is reviewed and updated as regulatory requirements change.
Compliance Training
The service includes access to a suite of compliance training covering:
- SRA Standards and Regulations
- Policies, Controls and Procedures
- Anti-Money Laundering
- Sanctions
- Risk Management
- Source of Funds and Source of Wealth
- GDPR, DUAA and Data Protection
- Insurance Distribution requirements (where applicable)
Training can be delivered remotely or in person where required
Annual Audit (Optional)
An optional annual audit is available to assess the effectiveness of the firm’s policies and procedures and evidence their implementation in practice.
Audits may be completed remotely or on-site and include file reviews and interviews where appropriate.
Annual Reporting
You will receive an annual compliance report detailing:
- Compliance activities undertaken
- Audit outcomes (where applicable)
- Risk assessment findings
- Evidence of the firm’s consideration and categorisation of risk
Helpline Support
Service members benefit from access to a dedicated compliance helpline, providing guidance and support on regulatory and compliance matters as they arise.
Regulatory Updates
Regular briefings and newsletters keep you informed of regulatory developments, legislative changes and emerging compliance issues affecting law firms.
Optional Add-on Services
CQS / CPMS documentation support
Lexcel or SQM aligned documentation and risk reporting
Insurance Distribution compliance (FCA requirements)
Regulation 21 independent AML audit
Website GDPR documentation (privacy, cookies, terms)
Cyber Essentials policy drafting and maintenance
SRA Transparency Code audit and wording support
HMRC Tax Adviser Registration
Download the Full Service Brochure
For more information and costings
Why Sole Practitioners Choose RACO
Specialist SRA Compliance Expertise
Ongoing Policy Management
Practical and Proportionate Approach
Clear evidence of AML and risk management compliance
Direct access to experienced regulatory advisors
Looking for Complete, Outsourced Support?
Discover our Risk & Compliance Management Service.
For sole practitioners who require ongoing day-to-day compliance assistance, our Risk & Compliance Management Service provides access to a dedicated Compliance Manager and Compliance Assistant.
The service includes ongoing guidance, register management, monthly compliance reporting and practical support across all areas of risk and compliance, including AML.
This outsourced solution provides additional protection for regulatory officers by ensuring compliance activities are actively monitored, managed and evidenced on an ongoing basis.
Find out more
View the brochure
What this includes
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Ongoing maintenance of all regulatory registers
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Collation and review of staff notifications
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Investigation support and monitoring of live matters
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Direct guidance to staff on case-level compliance issues
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Monthly partner reporting with trend analysis and recommendations
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Active support for COLP, COFA, MLRO and Data Protection roles
Compliance officers retain accountability, but the operational workload is managed by an experienced compliance team.
This model is particularly suited to sole practitioners. This service provides a dedicated compliance team to manage the day-to-day administration, monitoring and oversight that would otherwise fall solely on the practice owner.
Latest Insights
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Complaints as a Risk Signal: What Your Complaints Data Tells the SRA, and Your Firm
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The ICO Becomes the Information Commission on 30 September
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High Court Rules SRA Cannot Compel Privileged Material: What Firms Need to Know
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Contact Our Team
To ask any questions about the Regulation and Compliance Office and how we can support your firm, please call us on 0203 985 8550, complete the online enquiry form below, or email us info@regulationandcomplianceoffice.co.uk