CIPR 3.5.4 Conflicts of interest and material interests — "decline to act" or "disclose and notify"
(1) An authorised firm must decline to act for a customer if it has a conflict of interest or a material interest, and cannot manage it in a way mentioned in rule 3.5.3 (1).
(2) Before an authorised firm provides or offers to provide a customer with a product or service the provision of which constitutes a regulated activity, the firm:
(a) must disclose any conflict of interest or material interest that it knows about;
(b) must notify the customer of the steps it has taken to manage the conflict of interest or material interest; and
(c) must take reasonable steps to ensure that the customer does not object to the firm's management of the conflict of interest or material interest.
(3) For subrule (2), a disclosure and notification may be made either in the firm's initial disclosure document or in a separate document.
|Derived from QFCRA RM/2019-2 (as from 1st January 2020).|