Fiduciary Duties and the House of Lords

Paper Summary:

The common law assembly including tort, contract and unjust enrichment provide several remedies for a breach of an obligation or duty. This paper examines how the laws relating to fiduciary duties demand specific attention and discusses why they should be placed under a separate sub-category of the law. It attempts to show how the Courts desperately need to consider whether the concept should be a strictly unified one thereby making the categories highly limited, or if fiduciary duties are capable of arising in so many circumstances that a limited concept would not be utilitarian, if indeed socially acceptable.

Outline
Introduction
Equity's Approach to the Concept of a Fiduciary Relationship
Fiduciary Duties, the House of Lords and the Maxims of Equitable Doctrines
Conclusion

From the Paper:

"In 1992 the Law Commission conducted a report to examine whether English Law adequately protects the individuals to whom a fiduciary duty is owed and if privately enforceable fiduciary duties as opposed to mere regulations are stipulated sufficiently clear to practitioners as well as natural legal persons. Its findings were not surprising. It highlighted the vagueness of what constitutes a fiduciary relationship, and despite the categorisation of particular instances where a bona fide obligation arises, 'there has been no clear, universal test accepted in cases for classifying these particular relationships as fiduciary'. The common acceptance and nature of the five categories of fiduciary relationships, however, are not entirely defined nor closed; but is instead described as a 'flexible category' which extends the scope of obligations arising from fiduciary relationships."

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