Abstract
Since the advent of detailed regulatory regimes that impose standards of behaviour on the firms they regulate, the courts have had to consider how to accommodate those standards into the common law. This has been a particular issue in the financial services sphere where the regulatory regimes have been superimposed on relationships that were already primarily governed by obligations law: contractual, tortious and fiduciary. The first wave of detailed regulation under the Financial Services Act (FSA) 1986 prompted a Law Commission consideration of the interplay between fiduciary duties and regulatory rules, centred on the management of the multifarious conflicts of interest that the sector gave rise to after ‘Big Bang’. Its conclusion was that as the case law recognised that contractual terms generally could define the extent of fiduciary duties owed, there was no need to recommend any wholesale reform. The issue again forms one aspect of the Law Commission’s present consultation on the fiduciary duties of investment intermediaries, with particular focus on the pensions sector.
| Original language | English |
|---|---|
| Title of host publication | English and European Perspectives on Contract and Commercial Law |
| Subtitle of host publication | Essays in Honour of Hugh Beale |
| Editors | Louise Gullifer, Stefan Vogenauer |
| Place of Publication | Oxford |
| Publisher | Hart Publishing |
| Chapter | 4 |
| Pages | 51-66 |
| Number of pages | 16 |
| ISBN (Electronic) | 9781782255192 |
| ISBN (Print) | 9781509912971, 9781849465496 |
| DOIs | |
| Publication status | Published - 23 Oct 2014 |
