Terms of Engagement

Question 1

What are the three steps you should follow before accepting an instruction?

Answer 1

1. Am I knowledgeable / competent enough?
2. Conflict of Interest
3. Confirm Terms of Engagement

Question 2

When would you decline an instruction?

Answer 2

1. I am not competent
2. I do not have sufficient facts
3. The client will not sign Terms of Engagement letter or AML checks
4. There is a Conflict of Interest
5. PII liability cap cannot be agreed
6. The advice is for a friend and would not be covered by PII
7. The client is on the UK Gov’s sanction list
8. I would not want my actions to be made public

Question 3

What must be on a Terms of Engagement letter?

Answer 3

The proposed fee basis

Payment of expenses

Complaint’s Handling Procedure