Which of the following insurance intermediaries must be capable of offering advice on the basis of a fair and personal analysis of the market?

The correct answer is that an independent intermediary must be capable of offering advice on the basis of a fair and personal analysis of the market. This is because independent intermediaries operate without ties to any one insurer, allowing them to review products from multiple companies objectively. Their role involves assessing the various options available in the market to effectively meet the specific needs of their clients. This impartiality is vital in providing tailored insurance solutions and ensures that clients receive comprehensive and unbiased advice regarding their insurance needs.

In contrast, appointed representatives of a single insurer can only assess and offer products from that particular insurer, which limits their ability to conduct a fair analysis of the market. Similarly, an appointed representative of more than one insurer, while able to consider more than one product, often does not match the breadth of analysis that independent intermediaries can offer. Lloyd's managing agents primarily manage syndicates and do not function as intermediaries providing retail advice to clients, which further highlights the distinctive advisory capacity of independent intermediaries in the insurance market.