fiduciary

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fiduciary

(fĭdo͞o`shēĕ'rē), in law, a person who is obliged to discharge faithfully a responsibility of trust toward another. Among the common fiduciary relationships are guardian to ward, parent to child, lawyer to client, corporate director to corporation, trustee to trusttrust,
in law, arrangement whereby property legally owned by one person is administered for the benefit of another. Three parties are ordinarily needed for the relation to arise: the settlor, who bequeaths or deeds the property for another's benefit; the trustee, in whose hands
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, and business partner to business partner. In discharging a trust, the fiduciary must be absolutely open and fair. Certain business methods that would be acceptable between independent parties dealing with one another "at arm's length" may expose a fiduciary to liability for having abused a position of trust. Thus, in an ordinary business transaction the prospective purchaser of land need not inform the seller of an imminent rise in realty values, but one buying land from a partner must disclose such information. In many cases courts will treat an unexplained profit derived from a fiduciary relationship as an instance of constructive fraudfraud,
in law, willful misrepresentation intended to deprive another of some right. The offense, generally only a tort, may also constitute the crime of false pretenses. Frauds are either actual or constructive.
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fiduciary

Law
1. a person bound to act for another's benefit, as a trustee in relation to his beneficiary
2. 
a. having the nature of a trust
b. of or relating to a trust or trustee
Collins Discovery Encyclopedia, 1st edition © HarperCollins Publishers 2005
References in periodicals archive ?
"For a long time, it felt like the 3(38) service was oversold by certain institutions or independent advisers, under the guise of telling sponsors, ‘We're going to take allof your fiduciary responsibility away,'" he says.
Apparently, based on the Supreme Court's holding in this case, fiduciary responsibility for investment choices in employer sponsored retirement plans lasts as long as the investment choices are offered by the plan.
Bringing it closer to home, the IREM Ethics Boards see a number of complaints against its members for breach of fiduciary responsibility, including managers who have commingled, diverted and personally used funds belonging to a client.
1Fi360 offers training, tools and resources to promote a culture of fiduciary responsibility and improve the decision making processes of investment fiduciaries - individuals who manage money for others.
The executive chairman added that under American Law Google has fiduciary responsibility to its shareholders to properly account for things.
Advisors who partner with companies that offer these solutions have made fiduciary responsibility a major discussion item with employers.
A CFP is subject to the CFP Board of Standard's ethics and standards and must also maintain a fiduciary responsibility to their clients.
"In making the decision as the former board, our fiduciary responsibility still remains.
For plan sponsors, understanding the fees they are being charged helps fulfill their fiduciary responsibility to act in the best interest of plan participants.
Second, employers have had significant concerns about the fiduciary responsibility and liability for the investment of contributions made to the plan through automatic enrollment.
Another employer concern has been the fiduciary responsibility and liability for investment of contributions made to a plan through automatic enrollment.
"Then, there's the matter of the fiduciary responsibility institutions have to board members and the public to educate.