Date created: 07/04/2021
Our contact details
Name: Jordan Daniel Edwards & Lucy Charlotte Elizabeth Plumb
Address: Jubilee House, East Beach, Lytham St. Annes, England, FY8 5FT
Phone Number: 07485548638 / 07485548712
E-mail:
Jordan@edwardsandplumbproperty.com
Lucy@edwardsandplumbproperty.com
Website:
www.edwardsandplumbproperty.com
What is a conflict of interest?
A conflict of interest can happen when an individual’s personal circumstances compromise their judgement, decisions or actions at work.
When can conflict of interests arise?
Conflicts of interests can arise where two or more interests compete.
A conflict of interest is a relationship or activity that impairs an employee’s ability to act objectively and in the best interests of the company or their client, and may include;
- Direct or indirect financial interest
- Non-financial or personal interests
- A close relationship or friendship, or a personal / financial interest in, a supplier, client, partner, contractor, subcontractor, or competitor
- Accepting hospitality, gifts, favours or kickbacks or any other benefit
- Awarding contracts to suppliers or contractors in which the decision-maker has a personal or financial interest or gain
- Use of confidential client information for personal or 3rd party benefit or gain
Examples of conflicts of interest in the property sector
- Acting for the buyer and the seller of a property or asset in the same transaction. Example: Acting as a buyers agent and a selling agent in the same transaction.
- Acting for two or more parties competing for an opportunity. Example: A buyer’s agent who will inflate the sales price to achieve a higher commission.
- Valuing a property for your financial gain. Example: Over valuing a property to win the instruction
- Collecting a commission or benefit from both a purchasers and developer when acting for a client. Example: Collecting a commission from the developer of a new build property on completion and also collecting a fee from a buyer
- Forcefully advising a client to buy a new build property on behalf of a developer for additional fees or commission. Example: Developer X advises they will pay 2% commission to the buyers agent if they agree the sale at full market rate (no discounts) for their client.
- Benefiting either financially or non-financially from an agreement with a contractor. Example: Appointing a contractor who has used a bribe with either cash or a gift to win the business
What to do if you suspect a conflict of interest?
At Edwards & Plumb, our conflict-of-interest policy is designed to ensure Directors and employees consistently conduct themselves in the correct way when dealing with clients, suppliers and contractors.
If employees are ever in doubt about a course of conduct, think, is it ethical, will it reflect well on me and the Company and Is it legal? If the answer is “no” to any of these questions, do not act.
