We, Provest Private Clients Limited act as intermediary (Broker) 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, commission is the payment earned by the intermediary for work undertaken on behalf of both the provider and the consumer. The amount of commission is generally directly related to the quantity or value of the products sold.
There are different types of 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 and or amount invested.
Trail/Renewal commission model: Further payments at intervals are paid throughout the life span of the product.
Life Assurance/Investments/Pension products
For Life Assurance products commission is divided into initial commission and/or renewal commission (related to premium), fund based or trail relating to the accumulated fund value.
Trail commission, bullet commission, fund based, 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.
Examples of products include Life Protection, Regular Premium Life Assurance Investments, Single Premium (lump sum) Insurance-based Investments, and Single Premium Pensions.
Investments
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/or trail commission. Increments may be based on a percentage of the investment management fees, and/or on the value of the fund.
Commission Options
Throughout this summary, there may be various commission options, ranges or maximum percentages of commissions shown. Where these are shown, the basis on which the level of commission taken may be decided at our discretion, set by the product provider, or as otherwise agreed with you, and will be dependent on the type of policy, premium amount, length of term of the policy, length of investment period, our time spent in researching, advising and arranging product(s), complexity of the product(s) and service provided, seniority of personnel involved, amount of commission we deem to be appropriate to remunerate us for providing our services to you.
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. If the consumer cancels or withdraws from the financial product within the specified time, the intermediary must return commission to the product producer.
Fees
The firm may also be remunerated by means of a fee. Terms to be agreed before the commencement of any work with the consumer.
Other Fees, Administrative Costs/ Non-Monetary Benefits
PROVEST PRIVATE CLIENTS DOES NOT RECEIVE OR BENEFIT OF ANY NON-MONETARY BENEFITS.
Click on a link below to access a list of the providers that our firm deals with, which for ease of reference is in alphabetical order.
Life Insurance Providers
We are remunerated by commission and other remuneration from product providers. The key product providers with which we engage, and receive remuneration from, have developedresponsible investment as part of their investment philosophies and sustainability risk policies.