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A company director has a fiduciary duty. This is an obligation to act with ‘enlightened shareholder value’; meaning that everything a director does must enhance the value of stakeholders, shareholders, etc. Generally, a director must always consider the company, its creditors and members first and act in their best interests.
Directors also have an objective duty to act as a reasonably prudent and diligent director would, with a subjective duty to act in accordance with any additional qualifications, skills and experience they have.
Breach of this fiduciary duty can lead to an action against them for misfeasance (section 212 Insolvency Act 1986), which can lead to them being required to restore and repay the company for any loss, or account for any gain they have made, or loss the company has made as a result of their actions.
They can also be required to make a personal contribution towards the assets of the company.
[See ‘Director’ and ‘Misfeasance’.]
When there is a reference to a document being ‘filed’ in court this means that there has been delivery of a document to the court and the acceptance of the document by it for placement into the official record.
Set up on 1 April 2013, the Financial Conduct Authority (FCA) regulates the financial services industry across the UK, with offices in London, Edinburgh, Belfast and Cardiff. Its role includes protecting consumers, keeping the industry stable and promoting healthy competition between financial service providers.
Consistent and robust regulation of the financial services industry is essential in maintaining standards that consumers and businesses can rely upon. Financial markets must be honest, fair and effective so consumers get a fair deal. The FCA works to ensure that these markets work well for individuals, for businesses and for the economy as a whole.
