UK: England and Wales: Law Commission to examine fiduciary duty in the investment context

One of the recommendations made by Professor John Kay, in his Review of UK Equity Markets and Long-Term Decision Making (here, pdf), was that the Law Commission should be asked to review the legal concept of fiduciary duty as applied to investment in order to address uncertainties and misunderstandings on the part of trustees and their advisors. This recommendation was accepted by the Government and a request made to the Law Commission (see here, pdf). The Law Commission has started the preparation needed to undertake this new project: it has advertised for a lawyer to lead this project (see here).