The incoming president of the Irish Brokers Association Donagh McSharry said independent brokers have a key role to play in ensuring consumers know what products are available to them.

Speaking yesterday at the association's annual conference in Sligo, Mr McSharry said many consumers are unaware of the advice that brokers are legally obliged to give as part of their service and the onus is on the broking profession to remind consumers of their role.

By contrast, an insurance company is under no legal obligation to give a customer advice on products that are more appropriate to their requirements.

"Brokers play a key role in offering advice across the sometimes bewildering array of financial products offered by the financial institutions," Mr McSharry said. "The combination of a wide range of experience and knowledge about the products out there and the relationships which exist with the institutions means that brokers are in a unique position to offer advice to clients."

Mr McSharry (32), who will succeed Padraig O'Sullivan as president of the IBA, will be the association's youngest president.