UK:
Recommendations On The Fiduciary Duties Of Investment Intermediaries
24 July 2014
Shearman & Sterling LLP
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On 1 July 2014, the UK Law Commission published its reports and
recommendations on the fiduciary duties of investment
intermediaries. Key recommendations include (i) incorporation of
the guidelines to investment intermediaries on the extent to which
non-financial factors can be taken into account in investment
decisions; (ii) amendments to certain relevant secondary
legislation; (iii) that independent governance committees of
providers of contract-based pensions should owe a statutory duty of
care to scheme members (such committees will be mandatory from
April 2015); and (iv) that the Government should review the current
operation of intermediated shareholding.
The report is available at: http://lawcommission.justice.gov.uk/areas/fiduciary_duties.htm.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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