Download - Fiduciary Duty - the concept
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