Accountability
A fiduciary will be liable to account if proven to have acquired a profit, benefit or gain from the relationship by one of three means:
- In circumstances of conflict of duty and interest
- In circumstances of conflict of duty to one person and duty to another person
- By taking advantage of the fiduciary position.
Therefore, it is said the fiduciary has a duty not to be in a situation where personal interests and fiduciary duty conflict, a duty not to be in a situation where his fiduciary duty conflicts with another fiduciary duty, and not to profit from his fiduciary position without express knowledge and consent. A fiduciary cannot have a conflict of interest.
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