Where a specific product is recommended, SMP Financial Ltd acts as intermediary (broker) between you, the consumer, and the product provider with whom we place your business.
Background
Pursuant to provision 4.58A of the Central Bank of Ireland's September 2019 Addendum to the Consumer Protection Code, all intermediaries must make available on their website a summary of the details of all arrangements for any fee, commission, other reward or remuneration provided to the intermediary which it has agreed with its product producers.
What is Remuneration?
Remuneration is the payment earned by the intermediary for work undertaken on behalf of both the provider and the consumer. The amount of remuneration is generally directly related to the value of the products sold.
Types of Commission
Single commission model: Payment is made to the intermediary shortly after the sale is completed and is based on a percentage of the premium paid, amount invested, or amount borrowed.
Trail/Renewal commission model: Further payments at intervals are paid throughout the lifespan of the product, covering continuing service, ad-hoc advice and reviews.
Indemnity commission: Commission paid before it is deemed to be earned. This may be subject to clawback if the consumer lapses or cancels the product before the commission is deemed to be earned.
Fees
In certain circumstances it will be necessary to charge a fee for services provided. Where fees are chargeable, we will notify you in writing in advance and agree the scale of fees to be charged.
Life, Pensions and Investment:
Partner: EUR 650 per hour Support staff: EUR 100 per hour
Additional fees may be payable for complex cases. Our scale of fees for such cases range from a minimum of EUR 100 per hour to a maximum of EUR 650 per hour.
Personal Retirement Savings Accounts (PRSAs):
Advisor fees: EUR 650 per hour Admin: EUR 100 per hour
Inheritance Planning:
Our standard inheritance planning session is charged at EUR 950. This will suffice for the vast majority of clients. For more complex cases we will agree a fee in advance.
If we receive commission from a product provider, this will be offset against the fee which we would otherwise charge you.
Clawback
Clawback is an obligation on the intermediary to repay unearned commission. If the consumer cancels or withdraws from the financial product within a specified time, the intermediary must return commission to the product producer.
Product Providers
Below is a list of the providers that our firm deals with:
- Aviva Life and Pensions Ireland Limited
- The Royal London Mutual Insurance Society Limited
- Irish Life Assurance PLC (including former Canada Life and Friends First business)
- New Ireland Assurance Company PLC
- Standard Life Assurance Limited
- Zurich Life Assurance Company of Ireland Limited