The recent update to the Core Practice Management Standards (CPMS) requires CQS firms to have a policy in place in relation to conflict handling (s5.7).
Policy documents can be time-consuming and difficult to prepare.
The Conflict Handling Policy includes reference to:
Assessment of circumstances
Acting for lender and borrower
Referrals giving rise to potential conflicts of interest
Action to be taken where there is a conflict
...as well as other formalities and general obligations as required under 5.7 of the CPMS.
Exclusions to note
Sample template bundles do not include a template to show the structure of the residential conveyancing department at a firm. The data protection policy template covers the requirements of CQS, however it is the responsibility of the firm to ensure it is compliant with the requirements of the General Data Protection Regulation.