Where we have a true Own Interest Conflict, then we will analyse the SRA Principles to see if any of them will prevent us from acting. The following may well be of relevance (Principle 1) the duty to act in a way that upholds the constitutional principle of the rule of law, and the proper administration of justice; (Principle 2) the duty to act in a way that upholds public trust and confidence in the solicitors' profession and legal services provided by authorised persons; (Principles 3 and 5) the duty to act with independence and integrity; and (Principle 7) the duty to act in the best interests of each client.
A true Own Interest Conflict can impact in two ways. First, if you seek to work on the new matter, then you personally may have conflicting duties. If so, you personally may not be able to act. Second, if others in the firm are to act on the new matter and you are the Client Owner, you will receive your Introducer Fee and so still be interested in the work, even though you are not undertaking the work yourself. This is much less likely to be a conflict and, even where it is considered to be a conflict, it can be remedied by your appointing Central Office as the Client Owner or your instructing Central Office to give your Introducer Fee arising from the work for the third party in question to charity.
The Clients Team will consider all true Own Interest Conflict that come up in our conflict check. In the event that you notice that you may have an Own Interest Conflict in relation to an interest you have not yet declared to us, then you must report it to the MLRO without delay. You should note that Own Interest Conflicts can arise when the new matter is for the party with whom we have a connection as well as when it is against such a party.
You should also note that in the event of a very strong connection, for example where you, entities you control, or groups of which you are a member are to be the client, then this causes issues with whether the firm is acting as agent or principal and it may fall outside our professional indemnity insurance. No Pod Member (including Pod Principals) may act for any client who is or who is materially linked to any Pod Member (including any Pod Principal) without the express written consent of the Director of Operations and Compliance in advance.
In the event that you can act, then you must also remember your other duties (e.g. where you are a governor of the connected party) might require you make a personal disclosure and you must ensure that the firm is free to take independent instruction from its client, without what could be seen as undue influence from you.