Chapter 8 Flashcards
1
Q
Who agrees how commission is to be treated?
A
Should be agree with the client and should be included in engagement letter
2
Q
What do we mean by ‘retainer arrangement’
A
It means that a member may charge or accept fees from a client simply for the retention by that client of a member’s services, whether or not additional fees will be charged
Should be set out in writing
3
Q
A member should be in mind which act if they offer clients a payment by instalment facility?
A
Consumer credit Act 1974
4
Q
What is a lien?
A
The legal right to retain possession of property until a financial claim that the holder of the property has against its owner has been met
5
Q
Contingent fees affect which of the 5 principles?
A
Integrity and objectivity
