Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Fiduciary definition

What does Fiduciary mean? In legal practice, a fiduciary is a person or entity who undertakes to act for, and in the interests of, another, creating a relationship of trust and confidence that requires loyalty and selflessness. The scope and incidents of fiduciary duty are principally defined by case law in England & Wales and Northern Ireland and are closely aligned in Ireland; Scots law recognises equivalent fiduciary obligations notwithstanding its different doctrinal foundations. Some duties are partly codified for company directors (Companies Act 2006 (UK) and Companies Act 2014 (Ireland)), but fiduciary is otherwise a descriptive expression used across contexts. Core fiduciary duties...

Fiduciary duties in England and Wales: identifying fiduciaries; no-conflict, no-profit and confidentiality; secret commissions; joint ventures and credit brokers; charities; waivers and remedies

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Practice notes

This Practice Note addresses identifying a Fiduciary, Fiduciary duties and obligations, the no conflict rule, the no profit rule, a fiduciary's duty of confidence, and the remedies available for breach of fiduciary duty.

Who is a fiduciary?

There is no definitive catalogue of relationships that give rise to fiduciary obligations at Common law in every situation universally.

Certain relationships are inherently fiduciary, eg trustee and Beneficiary, solicitor and client, principal and agent, business partner and co-partners, together with mortgagor and mortgagee.

The obligations of some fiduciaries have been set out in statute; for instance, trustees owe a statutory duty of skill and care under section 1 of the Trustee Act 2000 (TrA 2000), and directors' relationships with their companies are addressed in the Companies Act 2006 too.

For guidance on directors' fiduciary duties, see Practice Note: of directors for further detailed discussion.

In Bristol and West Building Society v Mothew, Millet LJ explained that a fiduciary is a person who agrees to act for, and in the interests of, another in a specific affair, in circumstances creating a relationship of trust and confidence. The core obligation marking out a fiduciary is the duty of loyalty, owed to that beneficiary alone...

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Web page updated on 21/05/2026

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