Our Remuneration Structure
Ailesbury Capital Limited t/a Ailesbury Capital and itsyourfuture acts as an intermediary between clients/consumers, and product providers with whom we place business.
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 if they have one, 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.
What is Commission?
Commission is payment that may be earned by an intermediary for work undertaken for both provider and consumer.
There are different types of remuneration and different commission models:
- Single commission model: 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.
- Trail/Renewal commission model: Further payments at intervals are paid throughout the life span of the product.
- Indemnity Commission: 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.
- For further definitions, please refer to https://www.itsyourfuture.ie/jargon.php
Life Assurance/Investments/Pension Products
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.
Credit Products/Mortgages - n/a to Ailesbury Capital
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. All clients are engaged via a Letter of Engagement which provides for pre-agreed budgets based on an hourly rate of €350 plus VAT or initial commission taken upon placement of business.
Below is a list of the providers that our firm deals with, which has been listed alphabetically for ease of reference.
Life Assurance Companies
Investment Product Intermediaries - FEE ONLY (0% COMMISSION)
- Brewin Dolphin Capital & Investments (Ireland) Limited
- Cantor Fitzgerald Ireland Limited
- Conexim Advisors Limited
- Quilter Cheviot Europe Limited
- Smith & Williamson Investment Services Limited
- Wealth Options Limited
We do not offer general insurance products and for the avoidance of doubt do not operate any profit share arrangements
Ailesbury Capital is a registered member of GOAML – refer https://fiu-ireland.ie/Home
The Financial Intelligence Unit (FIU) is part of the efforts of Government in combating money laundering and the financing of terrorist activity. The core role of the FIU is to serve as the country's central reception point for the receipt, analysis and dissemination of information contained in Suspicious Transaction Reports (STRs) and other reports from competent authorities regarding suspicions of money laundering and terrorist financing.