Conflict of Interest Flashcards
What is a Conflict of Interest
Anything that impedes an individial or firms ability to act impartially and in the best interest of the client
What are the three types of conflict of interest
Party Conflict - Where duty to act for one party conflicts with a duty owed to another party in same professional assignment
Owned Interest Conflict - Where duty to act for one party conflicts with your own personal interest
Confidential Information Conflict - Where duty to provide info to one party and the duty to another client to keep that same info confidential
What is informed consent
All parties notified and all parties give consent to proceed
What should a QS do if conflcit of interest arises
Notify the client
Can one part of a chartered surveying practice work for a client, whilst another part of the practice is working for a different client who has conflicting interests to the first
Yes if correct mechanisms are in place
What is a ‘Chinese wall’
Internal measure to ensure info gained whilst acting for a client doesnt leak to people in another part of the same firm who are acting for a client where that info may be useful
If 2 separate teams in RLB were working for 2 rival companies how would you ensure sensitive client data was managed
- Chinese Wall
- Make client aware
- Letter of instruction to continue
- Exclusivity of staff
- NDAs
- Seperate working locations
- Limit access to information stored online
Has RICS published any info on conflict of interest
Conflicts of Interest [PS]
Examples of conflict or potential conflict of interest
- Acting for both developer and contractor on same project
- Having other obligations or pressures that detract you or affect your relationship with the client (e.g. acting as an expert witness where you/firm has an interest in outcome of proceedings
