Pensions Pieces: the future of fiduciary duties
22 January 2014 saw the close of the Law Commission’s consultation on the fiduciary duties of investment intermediaries. In this article, Taylor Wessing takes a look back at what prompted the consultation, what it is focused on and what might come next.
The whole project started with a year-long review of the UK’s equity markets, culminating in Prof Kay’s review being published in 2012. The review was incredibly damning of the market, criticising its ‘short-termism’. He believed that investment managers ‘traded’ on the basis of short-term movements rather than ‘investing’ on the basis of the fundamental value of the company. As well as setting out a principle that everyone in the equity investment chain should observe fiduciary standards, he also recommended that the Law Commission should review the legal concept of fiduciary duty as applied to investment.
Following on from the Kay review, the Department for Work & Pensions and the Department for Business, Innovation & Skills asked the Law Commission to do five things…
Click on the link below to read the rest of the Taylor Wessing briefing.
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