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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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Drafting a building contract/schedule of amendments鈥攃hecklist Once the procurement route and form of building contract has been selected (see Practice Note: Choosing the right procurement method鈥攃onstruction projects) the employer should consider the following matters and incorporate the appropriate drafting in the building contract particulars and schedule of amendments. This Checklist assumes that the parties are using a standard form of building contract, such as a JCT form, and that the employer is proposing the first draft including the completed contract particulars and a schedule of amendments, which amends the standard terms. This list is not exhaustive, however, and there may be other project specific matters/risks that need to be taken into account: Contractual matters 鈥 Carry out due diligence on the contractor The employer needs to carry out due diligence on the contractor at the outset to determine whether its financial position is acceptable. Confirm the contractor鈥檚 company number and name at Companies House. 鈥 Obtain consultants鈥 details Confirm the full details of the consultants engaged by the employer; some...
UK Consumer credit鈥攖imeline This timeline shows key developments relating to the UK's consumer credit regime. For earlier developments, see: Consumer credit鈥攖imeline (2011鈥2023) [Archived]. 2025 Date Source Document Description 2 April 2025 FCA FCA written submissions [2024] EWCA Civ 1282 The Financial Conduct Authority (FCA) has published its written submissions to the Supreme Court in the appeal of the Court of Appeal decision in Johnson v FirstRand Bank Ltd (London Branch) (trading as Motonovo Finance) and other cases [2024] EWCA Civ 1282to which the FCA was granted permission to intervene. In its submissions, the FCA stated that the sweeping approach of the Court of Appeal in (effectively) treating motor dealer brokers as owing fiduciary duties to consumers in the generality of cases goes 鈥榯oo far鈥. The three-day hearing is set to conclude on Thursday 3 April.See News Analyses: Billions on the line as justices weigh motor finance appeal, Motor finance ruling was 鈥榚gregious error鈥, lenders say, and FCA pleads for quick motor finance decision from top court....
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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:鈥 trustee cannot make a contract with themselves (subject to statutory exception) so any attempt to do so is ineffective鈥攖his 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鈥 trustee's power of sale cannot validly be exercised in their own favour (subject to any contrary provision in the trust instrument)鈥攖his was described in Right Reverend Hollis (Bishop of Portsmouth) v Rolfe as the...
Managing conflicts of interest in pensions THIS PRACTICE NOTE APPLIES TO TRUST-BASED OCCUPATIONAL PENSION SCHEMES Legal requirements in relation to conflicts of interest Pension scheme trustees have a duty to act in the best interests of the scheme's beneficiaries. However, trustees may owe duties to other parties or have personal interests which conflict with that duty. It is a general principle of trust law that trustees should not put themselves in a position where their duty to act in the best interests of beneficiaries conflicts with duties that they owe to other parties or with their personal interests. If trustees make decisions while subject to a conflict of interest that has not been appropriately managed, there is a risk that those decisions may be challenged by scheme members or overturned by the courts. It is important that the members of a scheme should perceive a conflict or potential conflict as having been properly managed. The directors of a company that acts as a trustee of a...
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Distribution agreement鈥攏on-exclusive鈥攕hort form This Agreement is made on [date] Parties 1 [insert name of party] [of OR a company incorporated in England and Wales under number [insert registered number] whose registered office is at] [insert address] (Manufacturer); and 2 [insert name of party] [of OR a company incorporated in England and Wales under number [insert registered number] whose registered office is at] [insert address] (Distributor); each of the Manufacturer and the Distributor being a party and together they are the parties. Background (A) The Manufacturer manufactures [and supplies] the Products. (B) The Distributor has agreed to distribute the Products on a non-exclusive basis in the Territory in accordance with the provisions of this Agreement. The parties agree: 1 Definitions 1.1 In this Agreement: Active Sales 鈥 has the meaning given in Article 8(7) of VABEO; Affiliate 鈥 means any entity that directly or indirectly controls, is controlled by, or is in under common control with, another entity where 鈥渃ontrol鈥 means the beneficial ownership of...
Unapproved share option agreement鈥攕tandalone deed for employee This AGREEMENT is made on [insert date of execution of the share option agreement] Parties 1 [insert name of company whose shares are being granted under option] (registered number [insert registered number of company]) whose registered office is at [insert registered address of company] (the Company);[and] 2 [insert name of option holder] of [insert address of option holder] (the Option Holder) [and] 3 [[insert name of grantor (if different from company)] of [insert address of grantor] (the Grantor)] Background (A) [The Company has agreed to grant to the Option Holder as at the date of this Agreement an Option to acquire Shares on the terms set out in this Agreement. OR The Company and the Grantor intend that, as at the date of this Agreement, the Option Holder be granted an Option to acquire Shares on the terms set out in this Agreement.] (B) [The Company will satisfy the exercise of the Option by transferring or procuring the...
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Can a company registered in Germany be a corporate trustee of a charitable incorporated organisation (CIO)? For information on charitable incorporated organisations (CIOs), see Practice Note: Charitable incorporated organisations. This includes links to all the relevant guidance issued by the Charity Commission (CC) on setting up and running a CIO. See, for example, the guidance in FAQs about charitable incorporated organisations (CIOs) and/or Trustees of a CIO and Can a CIO have a corporate trustee? which have information about who may and may not be a trustee of a CIO. Aside from a shortlist of prohibited persons, a notable point in the guidance is that there may also be additional conditions specified in the constitution of a CIO which, for instance, require trustees to have knowledge of the local area in which the charity works or of the issues relevant to the people that the CIO serves. If further clarity on the CC guidance is required, it is suggested that the CC is contacted directly. It...
Are the officers of a co-operative or community benefit society (registered society) subject to the same duties as the directors of a limited company? A co-operative society or community benefit society (previously known as industrial and provident societies) (a registered society, or alternatively, a society) is a body corporate with limited liability that can be used by organisations to conduct a business either as a co-operative or for the benefit of a community. As noted in Practice Note: Co-operative and community benefit societies, a registered society is managed by its officers. The Co-operative and Community Benefit Societies Act 2014 (CCBSA 2014) does not use the term 鈥榙irectors鈥 but 鈥榦fficers鈥, although many societies do still use the title of 鈥榙irector鈥 for their officers. There are a number of requirements relating to the society's officers, including the requirement to maintain a register of officers and the requirement for security to be given by officers who receive or are in charge of money. CCBSA 2014 does not include detailed...
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This week's edition of Dispute Resolution weekly highlights includes analysis of a number of key DR developments and key judicial decisions including the 11th edition of the King鈥檚 Bench Guide and the Court of Appeal decision in Freeman v Home Farm Ellingham Ltd (specific performance); dates for your diary; details of our most recently published content; and other information of general interest to dispute resolution practitioners.
This week's edition of Commercial weekly highlights includes: commentary on the Court of Appeal's decision in Expert Tooling and Automation Ltd v Engie Power Ltd which clarified when agents are required to fully disclose commissions to avoid breaching their fiduciary duties, analysis of the enhanced consumer enforcement powers introduced under the Digital Markets, Competition and Consumer Act 2024 which highlights key takeaways from the Competition and Markets Authority鈥檚 final guidance on the reformed consumer protection regime, and news that the Great British Energy Bill has been amended to include measures that tackle modern slavery and human trafficking in supply chains.
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