What is the purpose of the nominated individual?
Using OverSuite™, sending an engagement letter requires that you choose a nominated individual for the provision of instruction and information when sending your Letter of Engagement and requesting approval.
All other parties involved can also authorise the Letter of Engagement as additional signatories, but as part of this process they will be authorising the nominated individual as your main point of contact for advice and instruction.
We have put this in place with OverSuite™ as a protection for you, so that you have one go-to person with the right to give you a definitive answer.
This is important for example in the situation where you get conflicting advice or information or there is an internal dispute later down the line.
What if I want to take instruction from other directors?
You may still take instruction from other directors, and this is fine provided the main individual has been nominated by the other directors and is happy for you to talk to others for different reasons.
See the full video explanation from our resident compliance expert, Valerie Steward, below.