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Fiduciary duty is a legally binding responsibility of a professional to act in the client’s best interests. If they have agreed to act as a fiduciary, they cannot act in the best interests of ...
“The suitability standard of care is lower than a fiduciary duty and requires only that the broker has a reasonable basis to recommend a course of action is suitable for the customer based upon ...
Fiduciary duties in a financial sense exist to ensure that those who manage other people's money act in their beneficiaries' interests, rather than serving their own interests. A fiduciary duty [5] is the highest standard of care in equity or law.
This part of fiduciary duty does the most good for plan participants, because it reduces the friction from high costs that can sap your long-term retirement returns. It encourages companies to ...
The duty of loyalty is often called the cardinal principle of fiduciary relationships, but is particularly strict in the law of trusts. [1] In that context, the term refers to a trustee's duty to administer the trust solely in the interest of the beneficiaries, and following the terms of the trust.
In this sense it is obvious that not every breach of duty by a fiduciary is a breach of fiduciary duty. I would endorse the observations of Southin J. in Girardet v. Crease & Co. (1987) 11 B.C.L.R. (2d) 361, 362: "The word 'fiduciary' is flung around now as if it applied to all breaches of duty by solicitors, directors of companies and so forth
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The other aspects of fiduciary duty are a director's duty of loyalty and (possibly) duty of good faith. Put simply, a director owes a duty to exercise good business judgment and to use ordinary care and prudence in the operation of the business. They must discharge their actions in good faith and in the best interest of the corporation ...