The ConceptFIDUCIARY DUTY

• It is a legal duty to act solely in another party’s interests.

• Parties owing this duty – ‘Fiduciaries’

• Individuals to whom they own the duty – ‘Principals’

DEFINITION

• NOTE: Fiduciaries may not profit from their

relationship with principals, unless they have

informed consent.

SO WHAT DOES IT INCLUDE?

• A fiduciary duty requires the fiduciary to act with all of the following:

The highest standard of care

The highest order of good faith and fair dealing

Show loyalty

Serve the principal's best interests

Avoid conflicts of interest

• Patients are vulnerable, and depend on the physician for making the right decision

• Physician has professional authority, which especially in India hinders shared decision making.

• Physician’s understanding of his fiduciary duty is essential for a healthy doctor-patient relationship.

WHY A FIDUCIARY DUTY?

…and thus is a skill to be mastered.

• Physicians should remember that their primary duty is towards the patient standing before them.

• But cannot leave his practice, the health care system or the community out of the picture while making his decisions.

• Any conflicts of interest should be dealt with caution.

IT’S COMPLICATED