Work related legal help

[Beautifulpeople]

Hello everyone. One of my close friends has breach the confilcts of interests policy at work and her employer has found out about it (she was trying to do an online business, she had a conoany and social meda pages - but hadnt earned any money yet) . According to the policy, it counts as gross misconduct and can be dissmissed for it. Her employer is in finance sector. They are still doing the disciplinary investigation. She knows shes in the wrong and knowingly did it but wasnt aware of the seriousness of the consequences and importance to disclose these things. What options does she have? What can she do to atleast get gross miscondict off of her reference if it comes to dismissal?

Speak to ACAS

She might need to resign to stop the investigation.

Most employers give a factual reference. Would she need another job if she continues her company? Was she intending to target her contacts from her job as this might also be against her contract.

When I was suspended for GM many years ago I resigned on the informal advice of a senior manager. I had done what I was accused of and would have been sacked for sure.
It meant that I didn't have to spend ages in limbo while a process was followed and I got a bland generic reference that meant I could work for a competitor. It didn't affect my career in the slightes.
Your friend may work in a regulated industry though so it may not be as simple