Conflict of Interest

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When private interests compete with professional responsibilities. For instance, when a board is deciding whether to award a contract to a company owned by one of its members. While this is typically legal, the board member with competing interests must not influence the decision. Conflict of interests also applies to professionals such as lawyers, management consultants and accountants advising their clients in a fiduciary capacity.

See also: Legal conflict of interests (link below)

Links

Understanding Conflict of Interest (University of Central Florida)
Conflicts of interest (UK Financial Ombudsman Service)
Guidance Conflicts of interest (UK Solicitors Regulatory Authority)