All Employees must be alert to any possible conflicts of interest that may arise between PSC and any Insured or where there is a conflict of interest between two or more Insureds and/or with PSC.
PSC can’t act for two Insureds that require insurance for claims that arise out of the same risk or occurrence unless correct and detailed arrangements have been established and have been approved by the Head of Compliance.
There is no definition of Conflict in this Compliance & Procedure Manual but a Conflict means ‘to be at odds’ or ‘to clash’ or ‘to be inconsistent’. Conflicts can arise at any time and from unexpected situations and can damage the interests of our Clients. The use of Binders can cause a conflict, see Section 3.20.
It is the policy of PSC that the interests of its Clients must always come first and not how much remuneration PSC will earn. All actual or potential conflicts must be immediately advised to the Head of Compliance, if anybody has any doubts they must immediately approach Very Senior Personnel (as applicable to your business) or the Head of Compliance.
All Employees are reminded that strict adherence to this procedure must be enforced and failure will lead to disciplinarily procedure being taken against Employees involved.
The Head of Compliance will be pleased to give advice on such situations.
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