McCarney Financial Services Limited act as an intermediary (Broker) between you, the consumer, and the product provider with whom we place your business. As a result we receive remuneration from product providers and the purpose of this document is to clearly outline and relay this remuneration to our clients.
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 in their public offices, or 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.
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.
Where payment is made to the intermediary shortly after the sale is completed and is based on a percentage of the premium paid/amount invested/amount borrowed.
Further payments at intervals are paid throughout the life span of the product.
Indemnity commission is the term used to describe a commission payment made before the commission is deemed to be ‘earned’. Indemnity commission may be subject to a clawback (see below) if the consumer lapses or cancels the product before the commission is deemed to be earned.
Other forms of indemnity commission are advances of commission for future sales granted to intermediaries in order to assist with set up costs or business development.
General insurance products, such as motor, home, travel, health, retail or liability insurance, are typically subject to a single or standard commission model, based on the amount of premium charged for the insurance product.
In some cases, an intermediary may be a party to a profit-share arrangement with a product provider and will earn additional commission. Any business arranged with these product providers on a client’s behalf will be placed with the product provider because that product provider is at the time of placement, the most suitable to meet the client’s requirements, taking all the client’s relevant information, demands and needs into account.
For Life Assurance products commission is divided into initial commission and renewal commission (related to premium), fund based or trail (relating to accumulated fund).
Trail commission, bullet commission, fund based, flat commission or renewal commission are all terms used for ongoing payments. Where an investment fund is being built up though an insurance-based investment product or a pension product, the increments may be based on a percentage of the value of the fund or the annual premium. For a single premium/lump sum product, the increment is generally based on the value of the fund.
Life Assurance products fall into either individual or group protection policies and Investment/Pension products would be either single or regular contribution policies. Examples of products include Life Protection, Regular Premium Life Assurance Investments, Single Premium (lump sum) Insurance-based Investments, and Single Premium Pensions.
Investment firms, which fall within the scope of the European Communities (Markets in Financial Instruments) Regulations 2007 (the MiFID Regulations), offer both standard commission and commission models involving initial and trail commission. Increments may be based on a percentage of the investment management fees, or on the value of the fund.
Commission may be earned by intermediaries for arranging credit for consumers, such as mortgages. The single, or standard, commission model is the most common commission model applied to the sale of mortgage products by mortgage credit intermediaries (Mortgage Broker).
Clawback is an obligation on the intermediary to repay unearned commission. Commission can be paid directly after a contract is concluded but is not deemed to be ‘earned’ until after a specified period of time. If the consumer cancels or withdraws from the financial product within the specified time, the intermediary must return commission to the product producer.
The firm may also be remunerated by fee by the product producer such as policy fee, admin fee, or in the case of investment firms, advisory fees, Please see our Terms of business document for more information.
The firm may also be in receipt of other fees, administrative costs, or non-monetary benefits such as:
See below a list of the providers that our firm deals with, which for ease of reference is in alphabetical order. Click on the provider links for more information.
We trust that this document in conjunction with our Company Terms of Business clearly outlines and discloses in detail all remuneration received by our company, however, should you have any queries in relation to your own specific products or polices don’t hesitate to call us on 01 830 5432 or email firstname.lastname@example.org.
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"I ignored the advice of a number of other friends suggesting a broker wasn't really needed - and am thoroughly glad I did. Engaging with McCarney Financial Services was the best decision I made throughout the whole house buying process. All of my questions along the way were handled in a quick and hassle-free way, along with bits of helpful advice at every stage in the process - and all this with a very personal touch. Highly recommended."
"Now that I have all the boxes unpacked and beds reassembled, I just wanted to drop you a quick note to thank you for all the effort you put in over the last 18 months on my mortgage application(s). It was much appreciated. I have a colleague in work who applied for a mortgage directly and is currently working his way through a nightmare of lost documents and an unresponsive bank - best decision I ever made was to go through yourselves to handle the mortgage application. I will definitely be recommending McCarney Financial Services to friends and colleagues."
"I am grateful to Ciaran for helping me get my mortgage and all that goes with it ie: mortgage protection, serious illness cover, income protection & pension. When I fell ill 4 years ago my mortgage was cleared and I had extra income to support me while out of work. Ciaran is just a phone call away to offer support and advice when needed."
"Ciaran and his team secured a tracker mortgage portability product for us with PTSB in a very short timeframe, allowing us to move into our new home much sooner and with all the hassle taken away. We cannot recommend McCarney Financial Services highly enough."
S. & E.
"I have had dealings with McCarney Financial Services since 1999 when it opened. Ciaran and all his team are wonderful to deal with – the level of efficiency and professionalism is second to none and nothing is ever a problem. Ciaran is very experienced in all financial matters and this experience is evident in the smooth running of all files he deals with, no matter how complex."
Sean Gallagher & Company Solicitors
"After a number of months of letters, emails and phone calls made by Mc Carney Financial Services the bank eventually agreed to give me my Tracker facility, in addition I received a substantial refund of overcharged interest that I paid while on the higher rate. Had I not employed the services of McCarney Financial I would not have received such a favourable result, I couldn't recommend McCarney Financial Services enough."
"Every step of the way, Ciaran and his team kept in constant communication with us, explaining what the next step was, ensuring that all our needs and requests were met and at times going beyond what was expected of them. We would have no hesitation in recommending McCarney Financial to friends, family or anybody out there thinking of buying or moving home."
Chris & Lynne
"We would like to take this opportunity to thank you for a very professional and pleasant experience. Just as we were giving up all hope on our dream move, a friend recommended yourselves and after our initial meeting that move became a reality in a very short time."
Mark & Sheila