Who is the first responsibility of a broker to?

The primary responsibility of a broker is to act in the best interests of the client. This fiduciary duty means that brokers must prioritize their clients' needs and objectives when providing services, including advice on insurance products and coverage. The relationship between a broker and a client is foundational, as the broker serves as an intermediary who represents the client's interests in dealings with insurers.

Brokers are obligated to ensure that clients receive appropriate coverage and are informed about the products available to them. This duty includes understanding the client's unique situation, recommending suitable insurance options, and being transparent about any commissions or fees that may apply. By placing the client's needs first, brokers not only fulfill their ethical duties but also help build trust and long-term relationships.

The roles of other entities, such as the FCA (Financial Conduct Authority), underwriters, or agents, are important within the insurance process but do not supersede the broker's responsibility to the client. While regulators like the FCA are focused on maintaining market integrity and protecting consumers, and underwriters assess risk and manage policies, they do not have the same direct relationship with the client that brokers do. This distinction emphasizes the broker's central role in advocating for and serving their clients throughout the insurance process.