{"id":177260,"date":"2022-10-17T21:22:28","date_gmt":"2022-10-17T20:22:28","guid":{"rendered":"https:\/\/legalvision.co.uk\/?p=177260"},"modified":"2022-10-27T05:13:36","modified_gmt":"2022-10-27T04:13:36","slug":"conflict-of-interest-policy","status":"publish","type":"post","link":"https:\/\/legalvision.co.uk\/commercial-contracts\/conflict-of-interest-policy\/","title":{"rendered":"Does My Business Need a Conflict of Interest Policy in England?"},"content":{"rendered":"\n<p>During business, conflicts of interest can arise. They can be wide-ranging, and serious potential conflicts of interest could be considered \u2018bribery\u2019 under UK law. Therefore, it is essential to clarify to your staff what a conflict of interest can look like in your business. A way to do this is through a conflict of interest policy. This can ensure that your staff conduct their work honestly and with integrity. It can also ensure that your business protects its reputation and complies with the law. This article will explain a conflict of interest policy and whether it is in your business needs one.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span style=\"font-weight: 400\">What is a Conflict of Interest?<\/span><\/h2>\n\n\n\n<p><span style=\"font-weight: 400\">UK law defines conflicts of interest as unethical behaviour leading to decisions made for the wrong reasons. You want your staff to make decisions based on your company&#8217;s best interests, not their own personal interests.&nbsp;&nbsp;<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400\">The most well-known conflicts of interest are those that include bribery and corruption.\u00a0However, there are other lesser-known forms, which include:<\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><b>conflicting roles &#8211; <\/b><span style=\"font-weight: 400\">an environmental group will feel that their Chairman is in conflict if&nbsp; they take a paid position at an oil company;<\/span><\/li><li><b>political views &#8211; <\/b><span style=\"font-weight: 400\">a female rights charity will not expect an employee to publicly run for office for a political party that only includes males; and<\/span><\/li><li><b>property interests &#8211; <\/b><span style=\"font-weight: 400\">a minister for Indigenous affairs who owns shares in a deforestation company logging sacred Indigenous land.&nbsp;<\/span><\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span style=\"font-weight: 400\">Why Have a Conflict of Interest Policy?<\/span><\/h2>\n\n\n\n<p><span style=\"font-weight: 400\">Implementing a conflict of interest policy for your business will clarify to staff any behaviour or action that is not acceptable. Your policy should focus on employees, workers and directors, and agencies. Your conflict of interest policy should broadly apply to these external roles. This helps your business demonstrate that it takes a zero-tolerance approach to conducting affairs in an unethical or illegal manner. It shows that this standard applies to individuals that work alongside your business.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400\">A well-drafted policy demonstrates that your business takes conflict of interest seriously. It also provides you with a legal avenue for ending contractual relationships with other parties due to a breach of the policy. If you do not have a suitable policy, it can make it difficult to argue that your business has a genuine \u2018zero-tolerance\u2019 attitude toward unethical behaviour.<\/span><\/p>\n\n\n\n    <div class=\"my-7 lg:my-10 border-y-2 border-gray-100 py-7 lg:py-10 flex flex-col sm:flex-row items-start gap-10\">\n                    <img decoding=\"async\" class=\"w-52 mx-auto my-0! rounded\" src=\"https:\/\/img.legalvision.com.au\/wp-content\/uploads\/sites\/4\/2022\/09\/06164254\/uk-startup-manual-290x410-1.jpg\" alt=\"Front page of publication\"\n                 loading=\"lazy\" width=\"208\" height=\"298\">\n                <section>\n            <div class=\"text-2xl font-bold\">UK Startup Manual<\/div>\n            <div class=\"body-text\">\n                <p>LegalVision&#8217;s Startup Manual is essential reading material for any startup founder looking to launch and grow a successful startup.<\/p>\n            <\/div>\n            \n\n<a 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Therefore, it is vital that you have a list of actions or behaviours your business will not tolerate. These should be detailed in your conflict of interest policy.&nbsp;<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400\">The <\/span><a href=\"https:\/\/legalvision.co.uk\/employment\/anti-corruption-and-anti-bribery\/\"><span style=\"font-weight: 400\">legal definition of bribery<\/span><\/a><span style=\"font-weight: 400\"> includes your business making decisions due to being promised an \u2018advantage\u2019. The meaning of \u2018advantage\u2019 can be anything of value. This can potentially catch business owners like you and directors acting innocently and in good faith. Therefore, be aware of the potential consequences of your actions before entering agreements to advantage yourself to the detriment of your company.<\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span style=\"font-weight: 400\">Bribery Under a Conflict Of Interest Policy<\/span><\/h3>\n\n\n\n<p><span style=\"font-weight: 400\">Let us look at three examples of bribery as a conflict of interest which you may want to include in a policy.<\/span><\/p>\n\n\n\n<ol class=\"wp-block-list\"><li><span style=\"font-weight: 400\">You need to award a contract to one of three businesses. During an informal conversation with a director of one of those companies, they offer a spare ticket to a Liverpool FC game.\u00a0You go with them and, a week later, award their company the contract.<\/span><\/li><\/ol>\n\n\n\n<ol class=\"wp-block-list\"><li><span style=\"font-weight: 400\">You have the task of selecting the best candidate out of five remaining job applicants. One of the stronger candidates mentions that she helps at her sister\u2019s clothing store nearby. She says that if hired, she would give a \u201830% discount\u2019. <\/span><a href=\"https:\/\/legalvision.co.uk\/employment\/new-employee\/\"><span style=\"font-weight: 400\">You hire her<\/span><\/a><span style=\"font-weight: 400\"> and three weeks later, enter the store and accept a 30% discount.<\/span><\/li><\/ol>\n\n\n\n<ol class=\"wp-block-list\"><li><span style=\"font-weight: 400\">You are considering taking on an individual as a client. However, they lack the documents required to pass your business\u2019 money laundering rules. They mention that they have been friends with your partner since their school days and give you a pricey piece of jewellery as a \u2018gift\u2019 for her. You take them on as a client in breach of your money laundering policy.<\/span><\/li><\/ol>\n\n\n\n<p><span style=\"font-weight: 400\">All three scenarios could be bribery under a standard conflict of Interest policy. Ultimately, if a competing interest impacts your ability to make a fair decision, this will be considered a conflict of interest.&nbsp;<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span style=\"font-weight: 400\">Examples of Non-Financial Conflicts of Interest<\/span><\/h2>\n\n\n\n<p><span style=\"font-weight: 400\">There are also non-financial conflicts of interest which you should include in your policy.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400\">For example, if you run a group of private schools, your conflict of interest policy is likely to include a requirement for academic staff to report any conflicts arising from their household. Staff must inform the school of any individual previously convinced of a sex or child-related offence. even if they only visit the household for two days.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400\">Similarly, if you run a\u00a0law firm, you must guard against job applicants with criminal records for fraud or identity theft. This is because they would potentially have access to financial accounts and <\/span><a href=\"https:\/\/legalvision.co.uk\/employment\/workplace-confidentiality\/\"><span style=\"font-weight: 400\">confidential information<\/span><\/a><span style=\"font-weight: 400\"> within the workplace.<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span style=\"font-weight: 400\">Key Takeaways<\/span><\/h2>\n\n\n\n<p><span style=\"font-weight: 400\">A conflict of interest policy details the type of behaviour that is not allowed when making decisions for your business. Most companies must have one so that you and your staff know how to behave and protect your business interests. These will vary depending on the type of business you run. While some conflict of interest risks are relatively universal, others apply to organisations operating in specific sectors.\u00a0 <\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400\">If you need help with a conflict of interest policy, our experienced <\/span><a href=\"https:\/\/legalvision.co.uk\/contract-lawyers-lp\/\"><span style=\"font-weight: 400\">commercial contract lawyers<\/span><\/a><span style=\"font-weight: 400\"> can assist as part of our LegalVision membership.\u00a0For a low monthly fee, you will have unlimited access to lawyers to answer your questions and draft and review your documents.\u00a0Call us today on <a href=\"tel:+448081968584\" class=\"AVANSERnumber dynamic-number\">0808 196 8584<\/a> or visit our <\/span><a href=\"https:\/\/legalvision.co.uk\/membership\"><span style=\"font-weight: 400\">membership page<\/span><\/a><span style=\"font-weight: 400\">.<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span style=\"font-weight: 400\">Frequently Asked Questions<\/span><\/h2>\n\n\n\n<div class=\"schema-faq wp-block-yoast-faq-block\"><div class=\"schema-faq-section\" id=\"faq-question-1666036916778\"><strong class=\"schema-faq-question\"><strong>Could my business be harmed by not having a conflict of interest policy?<\/strong><\/strong> <p class=\"schema-faq-answer\">If your business does not have a conflict of interest policy, conflicts of interest may likely occur as those associated with your business are less clear on what is regarded as unethical or unacceptable behaviour.\u00a0<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1666036942659\"><strong class=\"schema-faq-question\"><strong>Why do conflict of interest policies apply to agency workers, contractors and third parties?<\/strong><\/strong> <p class=\"schema-faq-answer\">A well-drafted conflict of interest policy should apply to agency workers, contractors and third parties to demonstrate that your business has a\u00a0 zero-tolerance approach to conducting its affairs<\/p> <\/div> <\/div>\n<div class=\"not-prose m-feedback-prompt\">\n    <!-- Thumbs up\/down bar -->\n    <div class=\"m-feedback-prompt__main\">\n        <div class=\"m-feedback-prompt__title\">Was this article helpful?<\/div>\n        <div>\n            <!--span class=\"m-feedback-prompt__button--text\">Thanks!<\/span-->\n            <button type=\"button\" class=\"m-feedback-prompt__button m-feedback-prompt__button--yes\"\n                    data-analytics-link=\"feedback-prompt:yes\" aria-label=\"Agree\">\n                <i class=\"fa-regular fa-thumbs-up fa-3x\"><\/i>\n            <\/button>\n            <button type=\"button\" class=\"m-feedback-prompt__button m-feedback-prompt__button--no\"\n                    data-analytics-link=\"feedback-prompt:no\" aria-label=\"Disagree\">\n                <i class=\"fa-regular fa-thumbs-down fa-3x\"><\/i>\n            <\/button>\n        <\/div>\n    <\/div>\n\n    <!-- Feedback form -->\n    <div 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<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>During business, conflicts of interest can arise. They can be wide-ranging, and serious potential conflicts of interest could be considered \u2018bribery\u2019 under UK law. Therefore, it is essential to clarify to your staff what a conflict of interest can look like in your business. A way to do this is through a conflict of interest<a href=\"https:\/\/legalvision.co.uk\/commercial-contracts\/conflict-of-interest-policy\/\">Continue reading <span class=\"sr-only\">&#8220;Does My Business Need a Conflict of Interest Policy in England?&#8221;<\/span><\/a><\/p>\n","protected":false},"author":13349,"featured_media":3256,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"3779,175009,174025,175297,4054,2534","_relevanssi_noindex_reason":"","editor_notices":[],"footnotes":""},"categories":[37],"tags":[20,158,161,429],"class_list":["post-177260","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-commercial-contracts","tag-small-business","tag-conflict-of-interest","tag-conflicts-of-interest","tag-workplace-policy"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Do I Need a Conflict of Interest Policy? | LegalVision UK<\/title>\n<meta name=\"description\" content=\"As a business owner, you may wonder if you need a conflict of interest policy. 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In this article, we explain this.","breadcrumb":{"@id":"https:\/\/legalvision.co.uk\/commercial-contracts\/conflict-of-interest-policy\/#breadcrumb"},"mainEntity":[{"@id":"https:\/\/legalvision.co.uk\/commercial-contracts\/conflict-of-interest-policy\/#faq-question-1666036916778"},{"@id":"https:\/\/legalvision.co.uk\/commercial-contracts\/conflict-of-interest-policy\/#faq-question-1666036942659"}],"inLanguage":"en-GB","potentialAction":[{"@type":"ReadAction","target":["https:\/\/legalvision.co.uk\/commercial-contracts\/conflict-of-interest-policy\/"]}]},{"@type":"ImageObject","inLanguage":"en-GB","@id":"https:\/\/legalvision.co.uk\/commercial-contracts\/conflict-of-interest-policy\/#primaryimage","url":"https:\/\/img.legalvision.com.au\/wp-content\/uploads\/sites\/4\/2022\/05\/24122316\/business-image-0522197.jpg","contentUrl":"https:\/\/img.legalvision.com.au\/wp-content\/uploads\/sites\/4\/2022\/05\/24122316\/business-image-0522197.jpg","width":861,"height":565,"caption":"What Does Labour\u2019s New Workers\u2019 Rights Bill Mean for Employers? | LegalVision UK"},{"@type":"BreadcrumbList","@id":"https:\/\/legalvision.co.uk\/commercial-contracts\/conflict-of-interest-policy\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/legalvision.co.uk\/"},{"@type":"ListItem","position":2,"name":"Commercial Contract Articles","item":"https:\/\/legalvision.co.uk\/category\/commercial-contracts\/"},{"@type":"ListItem","position":3,"name":"Does My Business Need a Conflict of Interest Policy in England?"}]},{"@type":"WebSite","@id":"https:\/\/legalvision.co.uk\/#website","url":"https:\/\/legalvision.co.uk\/","name":"LegalVision UK","description":"LegalVision is a commercial law firm in the UK with a commitment to innovation","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/legalvision.co.uk\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-GB"},{"@type":"Person","@id":"https:\/\/legalvision.co.uk\/#\/schema\/person\/46d22f7d1b4ba321fe5b1cdc648cc5d2","name":"Thomas Sutherland","image":{"@type":"ImageObject","inLanguage":"en-GB","@id":"https:\/\/legalvision.co.uk\/#\/schema\/person\/image\/","url":"https:\/\/legalvision.co.uk\/wp-content\/uploads\/sites\/4\/2022\/05\/cropped-Thomas-Sutherland-96x96.jpg","contentUrl":"https:\/\/legalvision.co.uk\/wp-content\/uploads\/sites\/4\/2022\/05\/cropped-Thomas-Sutherland-96x96.jpg","caption":"Thomas Sutherland"},"description":"Tom is an Expert Legal Contributor for LegalVision. He has particular expertise in Commercial and Employment litigation, as well as data protection and privacy regulations. He is a qualified Solicitor in England and Wales and has a decade of legal experience, including advocacy within civil courts and Tribunals. Tom specialises in civil and employment litigation. He has extensive experience in advising employers and companies as to the requirements of employment law and data protection rules, as well as day-to-day advice on smooth running from a commercial perspective. Qualifications: Professional Skills Course - Law, University of Law; Legal Practice Course - Law, College of Law; Bachelor of Laws, University of Southampton.","sameAs":["https:\/\/www.linkedin.com\/in\/tom-sutherland-72b4509b\/"],"url":"https:\/\/legalvision.co.uk\/author\/thomassutherland\/"},{"@type":"Question","@id":"https:\/\/legalvision.co.uk\/commercial-contracts\/conflict-of-interest-policy\/#faq-question-1666036916778","name":"Could my business be harmed by not having a conflict of interest policy?","acceptedAnswer":{"@type":"Answer","text":"If your business does not have a conflict of interest policy, conflicts of interest may likely occur as those associated with your business are less clear on what is regarded as unethical or unacceptable behaviour.\u00a0","inLanguage":"en-GB"},"inLanguage":"en-GB"},{"@type":"Question","@id":"https:\/\/legalvision.co.uk\/commercial-contracts\/conflict-of-interest-policy\/#faq-question-1666036942659","name":"Why do conflict of interest policies apply to agency workers, contractors and third parties?","acceptedAnswer":{"@type":"Answer","text":"A well-drafted conflict of interest policy should apply to agency workers, contractors and third parties to demonstrate that your business has a\u00a0 zero-tolerance approach to conducting its affairs","inLanguage":"en-GB"},"inLanguage":"en-GB"}]}},"_links":{"self":[{"href":"https:\/\/legalvision.co.uk\/api\/wp\/v2\/posts\/177260","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/legalvision.co.uk\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/legalvision.co.uk\/api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/legalvision.co.uk\/api\/wp\/v2\/users\/13349"}],"replies":[{"embeddable":true,"href":"https:\/\/legalvision.co.uk\/api\/wp\/v2\/comments?post=177260"}],"version-history":[{"count":7,"href":"https:\/\/legalvision.co.uk\/api\/wp\/v2\/posts\/177260\/revisions"}],"predecessor-version":[{"id":177797,"href":"https:\/\/legalvision.co.uk\/api\/wp\/v2\/posts\/177260\/revisions\/177797"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/legalvision.co.uk\/api\/wp\/v2\/media\/3256"}],"wp:attachment":[{"href":"https:\/\/legalvision.co.uk\/api\/wp\/v2\/media?parent=177260"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/legalvision.co.uk\/api\/wp\/v2\/categories?post=177260"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/legalvision.co.uk\/api\/wp\/v2\/tags?post=177260"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}