Renumeration
Remuneration Summary Document – Niall Leyden, Atlantic Wealth Management, act as an intermediary in relation to the provision of various financial products. The Consumer Protection Code requires that, as an intermediary, I make available a Remuneration Summary Document providing information in relation to any fee, commission, other reward or remuneration received from product producers.
Commission Payments
I am remunerated for my services as an intermediary by the receipt of commission paid by the product producer with whom I have an agency. The amount of commission paid may vary depending on a number of factors, including the type of product sold and the length of time it is intended to last.
Commission rates may vary from transaction to transaction.
I can earn potential uplift in commissions of up to 25% subject to proactive customer care and service.
Explanation of various terms
Below is an explanation of a number of common terms used in relation to the payment of commission. These terms are used in Appendix A.
Initial Commission: The commission paid when a customer first purchases an insurance product. For single premium products it is expressed as a percentage of the premium paid. For regular premium products, it is expressed as a percentage of the total premiums expected to be paid in the first year of the contract.
Trail Commission: An annual commission payment generally expressed as a percentage of the value of the client’s fund at the time of payment.
Renewal Commission: an annual commission payment expressed as a percentage of the annual premium or annual contribution at the time of payment.
Clawback: 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.
Atlantic Wealth Management is regulated by the Central Bank of Ireland. Atlantic Wealth Management is tied to Irish Life Assurance plc for life and pensions business. Irish Life Assurance plc is regulated by the Central Bank of Ireland.
Other payments and benefits
In addition to the commission payments set out above I may receive other payments from product producers in the form of non-monetary benefits. I only accept non-monetary benefits where they are designed to help me to enhance the quality of the service provided to customers.
A summary of such benefits is set out below:
Educational and training events: From time to time I participate in product producer funded events or training.
Business support tools: I am provided with marketing support, IT support and access to office space if required, in relation to the provision of services to customers.
Hospitality: In limited circumstances, generally linked to education or training events, I accept hospitality provided by product producers.
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