Information on Remuneration

Our Remuneration

We, Phoenix Buildings & Loan Limited act as intermediary between you, the consumer, and the product provider with whom we place your business.

The 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 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 commission?
For the purpose of this document, 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.

We are remunerated by commission and other payments from product producers. When assessing products, we will consider the different approach taken by product providers in terms of them integrating sustainability risks into their product offering. This will form part of our analysis for choosing a product provider.
Details of Commission Range

Our firm’s commission options are displayed as a range, showing the maximum amount which can be received. The level of commission depends on individual circumstances, based on the following factors:

  • The firm’s discretion
  • Whether the level of commission is negotiable
  • Client relationship
  • Commercial decision
  • Complexity of the case
  • Product constraints / rules set by the product provider

There are different types of remuneration/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 amount borrowed.

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.

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.

Preferred Provider Rate

Other Fees, Administrative Costs/ Non-Monetary Benefits
The firm may also be in receipt of other fees, administrative costs, or non-monetary benefits such as:

  • Attendance at product provider educational seminars
  • Assistance with Advertising/Branding

Maximum Commission Rates

Institution Commission Clawback Period
Bank of Ireland1%3 years
Finance Ireland1%3 years
Haven Mortgages1%3 years
ICS Mortgages1%3 years
Avant Money1%3 years
Spry Finance€1000No Clawback

Phoenix Buildings & Loan Limited is Regulated by The Central Bank of Ireland

Phoenix Buildings & Loan Limited is regulated by The Central Bank of Ireland
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