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Approved / Compliance Manager

What is an Approved Manager?

They are a person approved by Newcastle Regulation to be a manager or owner in an Authorised Entity. If qualified as an Authorised Person, they may be approved to provide legal services in reserved or regulated legal practice areas.

A Newcastle Regulation Fellow may be an approved manager in an Authorised Entity without being authorised to conduct a reserved or regulated legal activity.

Each applicant entity must have at least one Approved Manager authorised to conduct the reserved or regulated legal activity the body is applying to be authorised to carry out.

We would expect all Approved Managers to demonstrate a general knowledge in practice management and accounts principles.

Each year they need to submit a simple statement as part of the annual return.

 

What is a Compliance Manager?

They are a manager who has attained a more in-depth knowledge in practice management and accounts management. It is possible for the Compliance Manager role to be carried out by one person or split between different people. They could also be a person approved to provide legal services in reserved or regulated legal practice areas.

The Compliance Manager’s role includes:

  • acting as the nominated contact with Newcastle Regulation
  • lead responsibility for compliance
  • ensuring compliance with any statutory obligations of the body, its managers, employees or interest holders in relation to the entity’s carrying on of authorised activities
  • recording any compliance failures; and
  • making such records available to Newcastle Regulation upon request

Practice management and accounts competencies comprise knowledge, skills and experience elements.

Managers can meet most of the competencies by either:

  • undertaking courses in these areas
  • demonstrating their experience by collating evidence and outlining how it demonstrates competence in a log book
  • demonstrating evidence through supporting information as part of the entity application, such as policies, business plan, budgets etc

Each year they need to submit a simple statement as part of the annual return.