Supreme Court of Canada Clarifies Duty of Honesty
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An article on CBC’s website reports that complaints are up significantly this year with respect to banking and investment. As Business Lawyers, Ottawa based, we at Connolly Nichols Allan & Snelling LLP view this article as confirming what we have experienced in the past year: Many people are suffering financial injuries owing to the conduct of Financial Advisors, Mutual Fund Dealers and Insurance Advisors. As Ottawa Business Lawyers we have experience representing people who have suffered losses owing to misconduct on the part of advisors such as these. All such advisors are licensed, and are subject to statutory regulation. When an advisor’s conduct falls short of the lawfully required standards, the client’s in question can seek an appropriate remedy including financial compensation. If you have suffered a significant financial loss owing to the purchase of financial products or securities which were not appropriate, it is advisable to seek the advice of an experienced business Lawyer. Ottawa residents, as well as people living in the greater Ottawa Valley and Eastern Ontario are welcome to contact Connolly Nichols Allan & Snelling LLP for a free consultation to help them determine how best to assert their rights.
Nichols Allan & Snelling LLP is a law firm in Ottawa located in the West End suburb of Kanata. Business Lawyers in our firm are prepared to meet with you, in or out of the office, and without obligation. Our Ottawa Business Lawyers have the experience, dedication and understanding needed to help you assert your rights. If you have suffered a loss owing to the conduct of an advisor, call us today.
Frequently Asked Questions
What is fiduciary breach anyway?
You may have heard the term "Fiduciary" or "Fiduciary Duty" used with respect to legal claims. A fiduciary is an individual who acts on behalf of another, whom we may refer to as a beneficiary. The relationship is characterized by the beneficiary being vulnerable to the fiduciary and reposing in her or him trust. As a result a fiduciary is charged with obligations of utmost good faith, prudence, and trust.
These obligations manifest requirements which include the fiduciary's duty to place the interest of beneficiaries ahead of their own, avoid conflicts of interest, disclose profits made arising from their fiduciary position, and to exercise prudence in carrying out the responsibilities of their office. Common examples of fiduciaries are Parents, Trustees, Directors of corporations, and in certain cases Financial Advisors.
When a fiduciary breaches one or more of these obligations there may be an action for breach of a fiduciary duty. A good example of facts giving rise to such a circumstance are discussed in the following article:
In this case an accountant was held to account for a breach of fiduciary duty. Part of the compensation he was ordered to pay arose from an order for disgorgement of profits (a commission) which he did the work to earn, but failed to advise the beneficiary of in advance of collecting.
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