The Council of the Institute has for some time thought it would be advisable that members should have the opportunity of discussing the difficult problems of professional conduct and practice at a sessional meeting, particularly since the report on the subject by the Monopolies Commission (A report on the general effect on the public interest of certain restrictive practices so far as they prevail in relation to the supply of professional services. Cmnd. 4463). Hence this present paper.

Although the paper has been written by the present Chairman of the Institute's Professional Guidance Committee, and the main arguments are in general line with the views of that committee and of Council, the emphasis given to various points and the views on the detailed contents must be regarded as personal to the author.

There have been many sales of insurance companies in recent years, but there is nothing in the literature of the Institute which deals with valuation for this purpose. It is hoped that this paper and the discussion on it will fill this gap.