Fiduciary Definition

GLOSSARY

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What does Fiduciary mean?

A person, or entity, who acts for the benefit and on behalf of another person or group of persons. A fiduciary holds a legally enforceable position of trust.

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Sustainable finance and ESG—timeline 2016–2021 [Archived]

Sustainable finance and ESG—timeline 2016–2021 [Archived] This timeline outlines the key developments relating to sustainable finance and environmental, social and governance (ESG) integration from a UK, EU and international perspective. Sustainable finance and ESG (including climate change) means broadly integrating ESG factors, risks and preferences in financial products and services, as well as in investment, financing and business decisions, operations and risk management. For more information, see Overview: Sustainable finance and ESG—overview. Date Source Document Description 23 December 2021 United Nations Environment Programme Finance Initiative Awareness-raising and training activities on sustainable finance by UNEP FI training department and its partners in 2021 The United Nations Environment Programme Finance Initiative (UNEP FI) has published a list of awareness-raising and training activities on sustainable finance run by its training department and partners in 2021. Webinar recordings and presentation slides of many of the events are available to view. 21 December 2021 Financial Conduct Authority Primary Market Technical Note 801.2: Disclosures in relation to ESG matters, including climate change...

Ramsay case law—chronology and cheat sheet

Ramsay case law—chronology and cheat sheet The following table lists, in reverse chronological order, cases that have been important in the development of the Ramsay anti-avoidance principle. It is not a list of every case that has discussed the principle. It is weighted towards the present in the sense that decisions of lower courts are more likely to feature in the list if they are relatively recent, and so demonstrate the latest judicial thinking. For a general introduction to the Ramsay principle, see Practice Note: Ramsay as a guide to statutory construction. For comprehensive tax case tracking across current (and recently completed) tax cases, see the: Tax—cases tracker. Case name and citation Who won in the highest court? Facts in a nutshell Quote(s) from the judgment Comment Michael Brown, Bridget Brown [2024] EWCA Civ 92 The government (in the Court of Appeal) Scheme for avoiding SDLT ‘...no statute is immune from a purposive interpretation, and the very mistake that this court made in Rossendale was to...

Trustees—self-dealing, unauthorised profits and conflicts of interest

The self-dealing ruleThe self-dealing rule is connected to, but distinct from, the fair dealing rule as well as the genuine transaction rule. There is authority that the rules are not, on a correct analysis, part of the duties or discretions of a trustee; rather they are restrictions which inhibit a trustee from acting in certain ways. This has important consequences in terms of limitation of any action against trustees by beneficiaries.The rule against self-dealing encompasses several slightly different rules which were considered in Right Reverend Hollis (Bishop of Portsmouth) v Rolfe:•a trustee cannot make a contract with themselves (subject to statutory exception) so any attempt to do so is ineffective—this was described in Right Reverend Hollis (Bishop of Portsmouth) v Rolfe as the primitive self-dealing rule, although it has also been described as the two-party rule•a trustee's power of sale cannot validly be exercised in their own favour (subject to any contrary provision in the trust instrument)—this was described in Right Reverend Hollis (Bishop of Portsmouth) v Rolfe as the...

Charity litigation key case—HM Attorney General v Zedra Fiduciary Services [Archived]

Charity litigation key case—HM Attorney General v Zedra Fiduciary Services [Archived] ARCHIVED: This Charity litigation key case has been archived and is not maintained. The case of HM Attorney General v Zedra Fiduciary Services provides a practical illustration of: • the court’s approach to construing the meaning of a charitable trust • the court’s initial consideration of different types of schemes • procedural points relevant to charity litigation of this nature See News Analysis, which includes a case summary: National debt fund worth £500m is held on charitable trusts (Attorney General v Zedra Fiduciary Services). Key facts In 1928 a donor settled an initial sum of £500,000 plus income and profits to be held on trust until the date when—either alone or together with other funds available for the purpose—the fund was sufficient to discharge the national debt of the UK. The belief in 1928 was that the cost of the First World War should be borne by the current generation rather than being passed on...

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No partnership or agency clause

1 No partnership or agency—short form Nothing in this agreement constitutes, or will be deemed to constitute, a partnership between the parties n

Franchise business sale agreement

Franchise business sale agreement This Agreement is made on [insert date] Parties 1 [insert name] [of OR incorporated in [insert jurisdiction, eg England and Wales] under number [insert company number] whose registered office is at] [insert address] (the Seller); 2 [insert name] [of OR incorporated in [insert jurisdiction, eg England and Wales] under number [insert company number] whose registered office is at] [insert address] (the Buyer); and 3 [insert name] [of OR incorporated in [insert jurisdiction, eg England and Wales] under number [insert company number] whose registered office is at] [insert address] (the Franchisor), (each a party and together the parties). Background (A) The Franchisor has licensed the Seller to operate the Franchise Business. (B) The Seller has agreed to sell and the Buyer has agreed to purchase the Franchise Business as a going concern on the terms and conditions of this Agreement. The parties agree: 1 Definitions and interpretation 1.1 In this Agreement: Applicable Data Protection Law • means...

Dive into our 186 Precedents related to Fiduciary

Can a part-time, fixed-term or term-time only employee be prevented from working elsewhere during the times they are not working for the employer?

Can a part-time, fixed-term or term-time only employee be prevented from working elsewhere during the times they are not working for the employer? An employee will be under certain implied duties during employment. These will vary depending on the seniority of the employee and whether they are subject to a duty of fidelity or a more onerous fiduciary duty. For further details, see Practice Note: The duty of fidelity and fiduciary duties. An employer may wish to confirm or supplement these implied duties by seeking to restrain an employee from undertaking any business activities other than those of the employer during employment, whether within or outside working hours. For further guidance on these provisions generally, see the section of Practice Note: Restrictions and other express terms during employment entitled ‘Restrictions on other business activities’. Consideration should be given to whether any ban on spare time business activity should be total or partial: • a total ban seeks to prevent any business activity—this would typically be more appropriate for a senior,...

Does a de jure director of a company have a general right to see legal advice obtained by the company? What if the legal advice concerns the director and may have been prepared in contemplation of bringing or defending proceedings against them?

Does a de jure director of a company have a general right to see legal advice obtained by the company? What if the legal advice concerns the director and may have been prepared in contemplation of bringing or defending proceedings against them? There is no general right for a director to see legal advice obtained by a company. Whether it is appropriate for the director to do so in any particular situation depends on careful consideration of the directors’ statutory and fiduciary duties and the company’s constitution. The legal powers available to any directors are powers to act on behalf of their company. A director of a limited company is effectively an agent of the company, appointed by the shareholders to manage the company’s affairs. Generally, directors will act together as a board, but the board may also delegate certain of its powers to individual directors or to a committee of the board. As a consequence, any powers directors may have are not independent of the company...

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PLSA seeks pension experts for Policy Board vacancies

The Pensions and Lifetime Savings Association (PLSA) is recruiting up to five new members for its Policy Board, which shapes the organisation's public policy positions on pensions and lifetime savings. The PLSA is specifically seeking candidates from local authority funds, large master trusts, contract-based defined contribution (DC) schemes, and large defined benefit (DB) or hybrid schemes within its membership. This recruitment follows the completion of terms by some existing members and aims to maintain the Board's diverse expertise. In 2024, the Policy Board tasked the PLSA with making recommendations to the government on encouraging UK investment without compromising pension schemes' fiduciary duties. The Board has also set an agenda for the PLSA to lobby for reforms to enhance the retirement savings system, underscoring the importance of recruiting skilled professionals to represent members' interests in key retirement income issues. The deadline for applications is Friday, 7 February 2025. To find out the criteria for selection and how to apply, visit the PLSA website.

The interaction between the Civil Liability (Contribution) Act 1978 and the Third Parties (Rights Against Insurers) Act 2010 (Riedweg v (1) HCC International Insurance Plc, (2) Sheridan v (1) Forsters LLP, (2) Johns)

Dispute Resolution analysis: In a recent decision, Master Brightwell considered a question which appears not to have been previously decided, as to the construction of section 1 of the Civil Liability (Contribution) Act 1978 (CL(C)A 1978) and its interaction with the Third Parties (Rights Against Insurers) Act 2010 (TP(RAI)A 2010). That question was whether the professional indemnity insurer of an insolvent insured is to be treated in law as being liable in respect of the same damage as that for which its insured is liable, for the purpose of enabling the insurer to pursue a claim to recover a contribution pursuant to CL(C)A 1978. Written by Sarah Prager KC, barrister at Deka Chambers.

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