Jurisdiction(s):
United Kingdom

Key definition

ACT definition

What does ACT mean? In corporate and banking practice, ACT usually refers to the Association of Corporate Treasurers, the UK-based professional body for corporate treasury professionals, rather than a statutory “Act”. It is not defined in legislation or case law; the acronym is market terminology used in transaction documents and governance materials. The Association of Corporate Treasurers promotes professional standards in liquidity management, funding, cash and risk management, foreign exchange and derivatives. It publishes guidance and a code of ethics and awards recognised qualifications (including AMCT and FCT). In legal contexts, references to “ACT-qualified” personnel or to ACT good practice may appear in treasury policies,...

Firm Policy on Personal and Connected Matters: Acting for Partners/Employees, Yourself, Friends and Family; Arm’s-Length Controls, SRA Duties and AML/CTF/CPF Compliance (England and Wales)

Published by a LexisNexis Practice Compliance expert

Precedents

1 Introduction

This policy applies in three distinct circumstances:
1. the firm representing a partner or employee, either solely or alongside an outside client—refer to section 2;
2. a partner or employee conducting their own matter—see section 3;
3. offering personal advice to others, irrespective of friendship or family ties—see section 4.
This policy safeguards all clients by ensuring every piece of legal work carried out by the firm follows our standard procedures, reducing risks to the firm and to individuals.
Adherence to this policy is mandatory.
Direct any questions about the policy, its scope, meaning, or application to [ insert, eg the COLP ].

2 [ Insert name of firm ] acting for partners or employees alone or jointly with an external client

As a rule, [ insert name of firm ] will decline instructions from a partner or employee in a personal matter concerning that individual or any of their family members (spouse, civil partner, children, parents, siblings included) or close friends (meaning close personal friends where impartiality could reasonably be questioned)...

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Sarah Mumford

Sarah Mumford has, consecutively, been Best Practice Partner at two commercial law firms (TLT LLP and Bevan Brittan LLP). In those roles, she was responsible for guidance, quality standards (ISO 9001 and 27001), compliance, risk, complaints, claims, practice governance and Stuff (from ‘mundane to merger’). She is a regular speaker at risk management events. Prior to moving into management, she was a commercial litigation solicitor. She has dealt with professional negligence (defendant and claimant) throughout her career but has also specialised at different times in insolvency, contentious construction law and professional conduct. Since September 2013 she has been running her own risk management consultancy for lawyers offering confidential advice, training, audit and guidance, working with firms from sole practitioner, to niche to Top 30 firms. As a consultant, she has been interim Director of Risk for varying periods, at Taylor Wessing,...

Web page updated on 22/05/2026

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