The essential characteristics of a fiduciary relationship was identified in Millett LK in Bristol and West Building Society v Mothew [1998] Ch. 1 at 18:

A fiduciary is someone who has undertaken to act for or on behalf of another in a particular matter in circumstances which give rise to a relationship of trust and confidence. The distinguishing obligation of a fiduciary is the obligation of loyalty. The principal is entitled to the single-minded loyalty of his fiduciary.

In carrying out his duties, a trustee, as a fiduciary, has to ensure that the trust is being administered properly on a day-today basis. Discuss the procedures that a trustee should carry out for the acceptance of trusteeship.

In the September 2019 edition of Finance & Development magazine, the writers of the article The Rise of Phantom Investments stated that tax havens offer investment vehicles which are like shells, (special purpose entities) and have no real business activities. Discuss the trustees duty to invest and some of the factors which add to the complexity of administering trusts offshore.