Equity polices fiduciaries by prophylaxis: liability can arise without dishonesty, unfair pricing or any loss to the trust at all. This chapter begins with the no-conflict and no-profit rules that underpin fiduciary law and the categories of person bound by them, before examining the self-dealing rule — why a breaching transaction is voidable rather than void, who may set it aside, and why proof of unfairness is unnecessary — and the forms of authorisation that can displace it. It then covers the fair-dealing rule and its reversed burden of proof, the no-profit rule's reach into commissions and other unauthorised gains, and the default position on trustee remuneration with its main exceptions, including statutory payment for professional trustees. It closes with remedies — rescission, the account of profits and how it differs from equitable compensation — and the bars that can prevent a transaction being unwound.
