In this paper, we propose a new diffuse interface model for the study of three immiscible component incompressible viscous flows. The model is based on the Cahn-Hilliard free energy approach. The originality of our study lies in particular in the choice of the bulk free energy. We show that one must take care of this choice in order for the model to give physically relevant results. More precisely, we give conditions for the model to be well-posed and to satisfy algebraically and dynamically consistency...