ABSTRACT
There are four sources for the trustees’ duties when investing a trust fund. First, the terms of the trust instrument itself. Second, the terms of the Trustee Act 2000 to the extent that it is not excluded by the trust instrument. Third, the case law, which may be used to interpret the first two sources. Fourth, Financial Conduct Authority regulation where the trustee is conducting a regulated form of business in the operation of the trust’s investments.
