Tag archives: Fiduciary duty

UK chief executive fined £1.15 million over trust funds

By Patrick Bracher (ZA) on February 5, 2018 Posted in Insurance

The UK Financial Conduct Authority has fined One Call Insurance Services Ltd and its chief executive £1.15 million for failing to protect its clients’ money and to hold it in trust instead of using it to cover its own financial needs. The insurer allegedly ‘inadvertently’ used funds from its clients’ money account to finance its own … Continue reading

Directors who wear two hats, beware

By Norton Rose Fulbright LLP on February 20, 2014 Posted in Banking

A breach of fiduciary duty by a director should never be taken lightly. The consequences can be expensive when a director prefers their interests over those of their company. A stock brokerage successfully sued its former managing director for damages based on the MD’s breach of fiduciary duty and abuse of his position of trust. The … Continue reading