The means of preventing, managing or mitigating conflicts of interest that are suggested in the Statement of Good Practice include periodic reviews within each business area to identify scenarios or situations that could potentially create a conflict, as well as ensuring the appropriate identification and escalation procedures for actual conflicts.
There are eight specific Good Practice Statements that firms should look to when considering their own working practice, including:
• having the necessary policies, procedures and training in place across a firm;
• having senior management provide oversight and governance around how conflicts of interest are identified and managed; and
• having controls in place to either prevent conflicts of interest from arising, as well as managing or mitigating those that do arise.