Professional Ethics - Contingency Fee

SparklySparkly Well-KnownPosts: 139Registered
Hi,
Please could someone help me understand what is meant by a contingency fee, and what the purpose is of it?
Many thanks
Kelly

Comments

  • BeccaLouJ9BeccaLouJ9 Experienced Mentor DevonPosts: 1,024FMAAT
    Is this getting paid based on the outcome of the particular engagement.. For example if a certain level of profit is made, you will be paid a certain amount? Disadvantage being, that you may compromise your objectivity with a self-interest threat to gain the fee by making the profit more than it is.. <--- I don't think I worded this very well sorry! (Of course I could be wrong, don't take my word for it!)

    Good Luck

    x
  • SparklySparkly Well-Known Posts: 139Registered
    Thanks Becca,
    Makes perfect sense. Just did my assessment, it was horrible!
  • BeccaLouJ9BeccaLouJ9 Experienced Mentor DevonPosts: 1,024FMAAT
    Oh no! I'm sure you did fine! Did you get a result? or are you on old standards?
    x
  • SparklySparkly Well-Known Posts: 139Registered
    I'm on old standards so have to wait. The turn around time on my simulations has been fairly qucik so hopefully I might know sometime next week!
  • piratepirate Trusted Regular Posts: 469Registered
    Hey Sparkly
    who are you studying with just as a matter of interest.
    I'm with Premier and I sat my Professional Ethics on 27th April. Still not got the result back but they are saying 4 weeks. For my others its now been about 6 weeks and not got the results back so they must be up against it.

    Mine was also really horrible lots of stuff I just didnt have a clue on, and it was really long I think about 10 really comprehensive questions some with 5 parts to them. Didnt get the continguency question but some other stuff and it seemed to repeat itself..either that or I answered the questions with the same answer.

    I had heard the new one was a lot easier to be examined on. even so I do hope I pass.
  • SparklySparkly Well-Known Posts: 139Registered
    Hi Pirate,
    I'm with BPP. This is the 3rd skills test i've done in the last couple of months, I had the results back for the others in just over a week.
    I didn't get the contingency plannign in my assessment, it was inone of the practice ones I was doing.
    I found the actual one horrible, there were some questions that I just felt they were trying to catch us out with, but there we go. I think there is still an element of 'opinion' with this subject! Fingers crossed for a good result, if I scrape through and just have to answer additional questions i'll be relieved, though not sure when I'll be fitting them in as after tomorrow i'm away from work until June 6th!
    Good luck, hope you get a result soon!
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