What are the essential ingredients of a fiduciary relationship?

123 Later, at pp. 62-3, he went on to state: …what are the essential ingredients of a fiduciary relationship and are they present? While no ironclad formula supplies the answer to this question, certain common characteristics are so frequently present in relationships that have been held to be fiduciary that they serve as a rough and ready guide. I agree with the enumeration of these features made by Wilson J. in dissent in Frame v. Smith (1987), 1987 CanLII 74 (SCC), 42 D.L.R. (4th) 81, [1987] 2 S.C.R. 99, 9 R.F.L. (3d) 225. The majority, although disagreeing in the result, did not disapprove of the following statement, at pp. 98-9: …Relationships in which a fiduciary obligation have been imposed seem to possess three general characteristics: (1) The fiduciary has scope for the exercise of some discretion or power. (2) The fiduciary can unilaterally exercise that power or discretion so as to affect the beneficiary’s legal or practical interests. (3) The beneficiary is peculiarly vulnerable to or at the mercy of the fiduciary holding the discretion or power.