Access or Expectation: The Test for Fiduciary Accountability

Abstract

The argument persists that fiduciary regulation applies where there is a reasonable expectation that one will act in the interest of another. While the notion of reasonable expectation may have the appearance of substance, it is indeterminate and has the potential to radically reconfigure the conventional discipline. The proper (justified) test for fiduciary accountability is limited access.

Keywords: Fiduciary Duty, Fiduciary Accountability, Duty of Loyalty, Nature, Function, Scope, Limited Access, Opportunism, Profit Rule, Conflict of Interest, Reasonable Expectation, Legitimate Expectation, Justifiable Expectation