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n Without Prejudice - Trustees in a litigious environment : pension law
The Fiduciary Duty Debate Insofar as fiduciary duties are concerned, it should be noted that although they are now statutorily entrenched, prior to the insertion of s7C(2)(f) into the Act (In terms of s9 of the Financial Services Laws General Amendment Act (45 of 2013), with effect from28 February 2014) there was debate among academics as to whether trustees in fact owed a fiduciary duty towards members and beneficiaries. Given that a Fund (unlike a Trust) is a legal person and that members of a Fund do not have rights to assets of the Fund, it was argued that the trustees only owed a fiduciary duty to the Fund and not to the members or beneficiaries.
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