14ADuties of trustee in relation to powers of investment

14A Duties of trustee in relation to powers of investment (1) This section has effect subject to the trust instrument. (2) A trustee shall, in exercising a power of investment— (a) if the trustee’s profession, business or employment is or includes acting as a trustee or investing money on behalf of other persons—exercise the care, diligence and skill that a prudent person engaged in that profession, business or employment would exercise in managing the affairs of other persons; or (b) if the trustee is not engaged in such a profession, business or employment—exercise the care, diligence and skill that a prudent person would exercise in managing the affairs of other persons. (3) A trustee shall exercise a power of investment in accordance with any provision of the trust instrument that is binding on the trustee and requires the trustee to obtain a consent or approval in relation to trust investments. (4) A trustee shall, at least once a year, review the performance (individually and as a whole) of trust investments.