Edward Sawyer and Jia Wei Lee look at a recent Court of Appeal decision on the extent of a fiduciary’s obligation to disclose commission payments
In The Attorney General for Hong Kong v Reid [1994] 1 AC 324, Lord Templeman described bribery as ‘an evil practice which threatens the foundations of any civilised society’. And as every trusts lawyer knows, the best way to wage war against depravity is by the well-timed imposition of a constructive trust. What we do not know, however, is how much fiduciaries must tell principals about their commissions. Medsted Associates Ltd v Canaccord Genuity Wealth (International) Ltd [2019] EWCA Civ 83 gives us part of an answer.
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