Ethics

Question 1

What are key considerations when taking on a new client?

Answer 1

1. Conflict of interest / separate teams
2. Reputational risk to the firm
3. Obtain permission from client to contact past advisers
4. Ensure client is not involved in money laundering
5. Letter of engagement

Question 2

What should be done if there is an unknown tax refund?

Answer 2

Investigate if it’s a valid reason; if not, send it back to HMRC and notify them.

Failing to return the money is a civil and criminal offense.

Question 3

What action should be taken if the client is unwilling to return the money?

Answer 3

Cease to act as their adviser.

Question 4

What ethical principles should be upheld when dealing with clients?

Answer 4

Integrity, professional competence and due care, confidentiality.