On 1 July 2014, the UK Law Commission published its reports and recommendations on the fiduciary duties of investment intermediaries. Key recommendations include (i) incorporation of the guidelines to investment intermediaries on the extent to which non-financial factors can be taken into account in investment decisions; (ii) amendments to certain relevant secondary legislation; (iii) that independent governance committees of providers of contract-based pensions should owe a statutory duty of care to scheme members (such committees will be mandatory from April 2015); and (iv) that the Government should review the current operation of intermediated shareholding.

The report is available at: http://lawcommission.justice.gov.uk/areas/fiduciary_duties.htm.