How we are paid. 2.1. In most cases we are paid by commission from the insurer but in some circumstances, we may charge you a fee instead of commission or a combination of both. We may also receive an additional ‘UK brokerage’ commission on certain policy placements, which will be retained by Xxxxx Commercial – any arrangements we have with you for the rebating of commission will not apply to this fixed brokerage.
2.2. We receive payments from insurers for providing consulting, data analytics and other services. These services are designed to: improve the range of products we can offer to our clients help insurers to identify new opportunities; and make insurers more efficient
2.3. The scope and nature of these services vary. A list of insurers who pay us for consulting services is available at xxxxx://xxx.xxxxxxxxxxxxxxx.xx.xx/info/transparency.
2.4. In addition to commission payments and/or client fees, we may also receive remuneration for certain consultancy, administrative and other services provided to insurers (e.g. risk management services or claims preparation) or income derived from the arrangement of finance (see section 4 – Premium financing) or other services with third party suppliers.
2.5. We will also make individual client administration charges per policy (up to a maximum of 3 policies, per policy period) to cover the costs associated with administering your insurances – e.g. arranging a new policy, carrying out short-period or mid-term cancellations, mid-term changes, providing replacement or duplicate documents and for other administrative tasks. We will advise you of the amount of fee before you become liable to paying it. Individual charges will not be made in relation to employee benefit-related products.
2.6. If you make a change, or cancel your policy mid-term which results in a return of premium, we will retain any commission and/or fee amount to cover our administration and advisory costs. This amount will be specified to you during the transaction process.
2.7. If you would like details of how much commission we earn for arranging your policy, please let us know. If you have any questions, issues or concerns regarding how we are paid, then please contact a member of your Xxxxx Commercial service team. Alternatively, you may send an email to: xxxxxxxxxx.xxxxxxxxxx@xxxxxxxxxxxxxxx.xx.xx
How we are paid. 4.1 We offer an initial consultation free of charge when We describe our service and explain the payment options. We will tell You how We get paid before We transact any business for You. The payment options are set out below:-
How we are paid. When you take out cover with us, renew your insurance, or make a change to an existing policy, we charge you a fee for the services we provide as detailed above. In addition, the insurer pays us commission, which is a percentage of the annual premium after the policy starts. Details on this commission are available upon request. Add-on products, such as Legal Expenses and Rent Guarantee policies, are purchased from the provider at a wholesale rate and resold on to our clients at a market rate. If your insurer is either Canopius Managing Agents or Folgate Insurance Company, and we have operated under a delegated authority scheme, they will also pay us a contingent commission depending on the underwriting profitability of the account.
How we are paid. 2.1. In most cases we are paid by commission from the insurer but in some circumstances, we may charge you a fee instead of commission or a combination of both.
2.2. We will also make individual charges of £27.50 (Personal Lines) and £35 (Private Clients) per policy to cover the costs associated with administering your insurances – e.g. arranging a new policy, carrying out short-period or mid-term cancellations, providing replacement or duplicate documents and for other administrative tasks. If you make mid-term changes to your policy, a charge of £25 (Personal Lines only) will apply to each policy change during the policy period. We will advise you of the amount of fee before you become liable to paying it. Individual charges will not be made in relation to healthcare-related products.
2.3. In addition to commission payments and/or client fees, we may also receive remuneration for certain consultancy, administrative and other services provided to insurers (e.g. risk management services or claims preparation) or income derived from the arrangement of finance (see section 4) or other services with third party suppliers.
2.4. If you make a change, or cancel your policy mid- term which results in a return of premium, we will retain any commission and/or fee amount to cover our administration and advisory costs. This amount will be specified to you during the transaction process.
2.5. If you would like details of how much commission we earn for arranging your policy, please let us know.
How we are paid. 10.1 Whether You buy a product or not You will pay Us for the service we have provided.
10.2 We will agree with You in advance how We are paid and will ask You to sign and date this Agreement by way of acceptance.
10.3 Commission may be paid when Intermediating in the arrangement of Protection products that do not include an Investment element.
10.4 If You choose to pay Us by commission, We will retain the amount received in lieu of an Adviser Charge. If the amount of commission is less than the Charge We would have charged for providing the Intermediation Service, We reserve the right to charge You the balance. We will, however, agree the amount with You in advance and obtain Your consent in writing.
10.5 From 31 December 2012 We will not be paid commission when intermediating in the arrangement of Retail Investment Products and an Adviser Charge for our service will be payable. However, we may receive commission when intermediating in the arrangement of non-investment products.
10.6 You can choose how the Adviser Charge is calculated from one of three options: - an agreed amount (10.7) - time fees (10.8) - or as a percentage of funds under review (10.9)
10.7 We will discuss and agree the Adviser Charge with You in advance, as well as the payment method.
10.8 Time fees are determined by the time We record and by our fee scale at 1 January 2019: Directors : £250 per hour Advisers : £175 per hour Administration : £50 – £75 per hour We will provide an estimate of time fees on instruction; however it is often not possible to gauge how many hours will be recorded, complications may arise, particularly if information needs to be obtained from a third party. As a consequence an estimate given in good faith will not be binding. We will not, however, incur You in cost over and above the estimate without obtaining Your written consent.
10.9 You may pay for our services by a combination of Commission, Adviser Charge or Time Fee. The actual amounts will be agreed in advance and will be determined by the Retail Intermediation Service You instruct us to provide. Adviser Charges may be expressed as a percentage of funds under review. You may choose from four different service levels under our Wealth Management Programme, starting with Option 1: Buy-only to Option 4: Bespoke.
How we are paid. 2.1. In most cases we are paid by commission from the insurer but in some circumstances, we may charge you a fee instead of commission or a combination of both.
2.2. We receive payments from insurers for providing consulting data analytics and other services. These services are designed to: improve the range of products we can offer to our clients help insurers to identify new opportunities; and make insurers more efficient
2.3. In addition to commission payments and/ or client fees, we may also receive remuneration for certain consultancy, administrative and other services provided to insurers (e.g. risk management services or claims preparation) or income derived from the arrangement of finance (see section 4 – Premium financing) or other services with third party suppliers.
2.4. The scope and nature of these services vary. A list of insurers who pay us for consulting services is available at xxxxx://xxx.xxxxxxxxxxxxxxx.xx.xx/info/transparency/
2.5. We will also make individual client administration charges per policy (up to a maximum of 3 policies, per policy period) to cover the costs associated with administering your insurances – e.g. arranging a new policy, carrying out short- period or mid-term cancellations, mid-term changes, providing replacement or duplicate documents and for other administrative tasks. We will advise you of the amount of fee before you become liable to paying it. Individual charges will not be made in relation to employee benefit-related products.
2.6. If you make a change, or cancel your policy mid-term which results in a return of premium, we will retain any commission and/or fee amount to cover our administration and advisory costs. This amount will be specified to you during the transaction process.
