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Professional Conduct Standards. 5: Conflict of interest

Professional Conduct Standards, version 3.0

5.1 Clients are entitled to assume that advice given by a member is unaffected by interests other than those of the client, where the interests of the client include taking account of any identifiable professional or legal duty of care of the client in respect of a third party.
5.2 If there is or might appear to be a conflict of interest between two or more clients of a member or of the member's firm, or a conflict between a client and the member or the member's firm, the member must consider the nature and extent of the conflict and whether it is such as to make it improper for the member to give advice to one or more of the clients involved in the conflict.
5.3 In the event of any such conflict or probable conflict of interest, the client or clients involved must be notified at the earliest opportunity and if any advice given to a client is, or will be, influenced by interests other than those of that client or by any constraint other than that imposed by professional standards or external requirements, this must be disclosed in the advice.
5.4 If there might be a conflict between the interests of different clients or previous clients of the member or of the member's firm, the member must have proper regard to their respective interests and in particular must not communicate information within the member's firm which the member has reason to believe might harm the interest of any client or previous client.
5.5 Notwithstanding the provisions of paragraph 1.6, paragraph 5.3 shall not extend the obligations of a member to ensure compliance by the member's firm with the provisions of paragraph 5.3 unless:
  • the member is identified as an adviser to one or more of the clients concerned, or
  • the member's input to the formulation of advice provided by the member's firm is knowingly influenced or constrained by interests other than those of the client.


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Page updated: 2 December 2008
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