Investment Firms are required to establish and maintain conflicts of interest policies under the MiFID, AIFMD and UCITs Regulations. The inspection has found that: (i) awareness in relation to conflicts of interest was high among firms which are client focused and have a strong culture of regulatory compliance; (ii) "best in class" firms take a holistic approach to conflicts of interest and are aware of the potential for such conflicts to occur; and (iii) firms and clients alike are exposed to unnecessary risk where conflicts of interest are not recognised.  The Director of Market Supervision, Gareth Murphy, said that "The identification of conflicts of interest is a key step to ensuring that client detriment does not occur". The CBI has sent a letter to all investment firms detailing its findings.