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The Conflicts of Interest Code provides that CLC-regulated practices can act for more than one party to a transaction with informed written consent. It specifies that each party must be represented by different authorised person(s)/parties.

We have seen examples in the last year of unauthorised individuals with inadequate supervision handling such transactions. This is not acceptable. Firms need to ensure there is adequate separation between the fee-earners and authorised persons acting for the different parties.

We have updated and substantially expanded our guidance on conflicts of interest. We strongly recommend that practitioners read and implement this guidance.