Abstract
Given the relatively unrestricted nature of trustee exoneration clauses, it can be strongly argued that one of the prime concerns of trust law, namely the protection of the beneficiaries, has weakened over the course of time. The dissenting judgments in Spread Trustees have given some food for thought as to whether the general rule governing clauses exonerating trustees with advertised business experience from gross negligence should be revisited. Looking back at the Law Commission’s proposal, this article will analyse whether considerations promoting legislative change concede to those that point at its potential distorting effect on the trusts industry by engaging in their close analysis, together with a comparison with other Anglophone jurisdictions (notably Jersey, Guernsey and New Zealand) and by making a few sectoral comparisons.
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