The ICOB requirement that during the sales process an intermediary must disclose whether he advised, or provided information, on an insurance contract on the basis of: a fair analysis of the market; a selection from a limited number of insurers; or products from a single insurer. A ‘fair market analysis’ requires the intermediary to analyse a sufficiently large number of insurance contracts in the relevant market sector to allow it to give advice or information that is ‘adequate’ to meet the customer’s needs. Third party intermediaries must comply whether selling to retail or commercial customers (large risks excepted), but insurers only have to comply with this disclosure if selling to retail customers. See also ADVISING AND SELLING STANDARDS.