The Law Commission’s Consultation Paper on Fiduciary Duties and Regulatory Rules 1 considers the relationship between the traditional rules of fiduciary obligation and the controls imposed on practitioners and businesses by statute and by the codes of conduct of self-regulating bodies (such as the SROs established under the Financial Services Act 1986). Although the Law Commission’s primary concern is the financial services industry, its terms of reference include all areas subject to statutory and other forms of public law regulation so that, for instance, the relation