“A fiduciary owes a duty of exclusive loyalty to his principal. This duty of loyalty applies to prevent the fiduciary abusing his position. It operates to deter fiduciaries from acting in breach and to provide restitution for the principal if the breach is committed. Where the fiduciary is a trustee the potential for abuse of position arises because the trustee may use his powers of management over the trust property for his own benefit rather in the best interest of the beneficiaries.” Millet LJ, Bristol and West Building Society v Mothew [1998] Ch 1 Discuss this statement with reference to relevant case law and secondary sources. How have the courts applied the exclusive loyalty rule to the position of trustees? Do you think it is too strict?