Charges
We, RSK Investlink Limited, trading as Medical Financial Advisors, act as an intermediary (Broker) between you, the consumer, and the product provider with whom we place your business.
The background
A retail intermediary shall make available on its website a summary of the details of any fee, commission, other reward or remuneration received from regulated product providers, where we hold appointments to act for them.
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:
| Type | Description |
|---|
| 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.
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 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 trail commission. Increments may be based on a percentage of the investment management fees, or on the value of the fund.
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.
Fees
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. Include arrangements etc
Please Note
The enclosed commission guidance section gives indicative values across every product provider and every product advised whereby a commission or fee is received within our business. This is the maximum our Brokerage will take and is subject to change, in certain cases our Brokerage may take a different remuneration than the enclosed percentages/amounts. This will be disclosed to each client as per the Central Bank Consumer Protection Code regulations, on a client by client basis.
Other Fees, Administrative Costs / Non-Monetary Benefits
The firm may also be in receipt of non-monetary benefits such as:
- Attendance at product provider seminars
- Assistance with Advertising/Branding
Further detail on the providers we work with, the products we sell and the maximum commissions available to us are outlined below.
Aviva Life & Pensions Ireland DAC
Term Life Protection
A Term Life Protection Product provides for an initial commission as outlined below. These policies have an inbuilt recurring commission structure to remunerate the Brokerage for reviews, service and claims support. If for some reason a client moves or terminates their policy within a particular period of time, this might result in the provider seeking to “clawback” some or all of the commission paid to the broker, depending on how long the policy was active with the provider.
| Product | Initial % | Recurring Commission % | Clawback Period (Months) |
|---|
| Term Protection | 150% | 22% | 24 |
Single Premium PRSA
| Product | Initial % | Recurring % |
|---|
| Single Premium PRSA | 4% | 0.5% |
Specified Illness
A Specified Illness Product provides for an initial commission as outlined below. These policies have an inbuilt recurring commission structure to remunerate the Brokerage for reviews, service and claims support. If for some reason a client moves or terminates their policy within a particular period of time, this might result in the provider seeking to “clawback” some or all of the commission paid to the broker, depending on how long the policy was active with the provider.
| Product | Initial % | Recurring Commission % | Clawback Period (Months) |
|---|
| Specified | 150% | 22% | 24 |
Savings
The Savings contract typically provides for an Initial Commission as outlined below. Brokerages may also agree with a client a recurring commission that may be based on a percentage of the value of the fund or the annual premium. If for some reason a client moves or terminates their policy within a particular period of time, this might result in the provider seeking to 'clawback' some or all of the commission paid to the broker, depending on how long the policy was active with the provider.
| Product | Initial % | Recurring Commission % | Clawback Period (Months) |
|---|
| Savings | 15% | 1% | 48 |
Pension Term
A Pension Term Assurance Product provides for an initial commission as outlined below. These policies have an inbuilt recurring commission structure to remunerate the Brokerage for reviews, service and claims support. If for some reason a client moves or terminates their policy within a particular period of time, this might result in the provider seeking to 'clawback' some or all of the commission paid to the broker, depending on how long the policy was active with the provider.
| Product | Initial % | Recurring Commission % | Clawback Period (Months) |
|---|
| Pension Term | 150% | 22% | 24 |
Personal Retirement Savings Account RP (PRSA)
A Personal Retirement Savings Account or PRSA typically provides for an Initial Commission as outlined below with certain restrictions around PRSA’s. Brokerages may also agree with a client a recurring commission that may be based on a percentage of the value of the fund or the annual premium. If for some reason a client moves or terminates their policy within a particular period of time, this might result in the provider seeking to “clawback” some or all of the commission paid to the broker, depending on how long the policy was active with the provider.
| Product | Initial % | Recurring Commission % | Clawback Period (Months) |
|---|
| Regular Premium PRSA | 22.5% | 0.5% | 48 |
Personal Retirement Bond (PRB)
The Pension Retirement Bond typically provides for an Initial Commission as outlined below. Brokerages may also agree with a client a recurring commission that may be based on a percentage of the value of the fund or the annual premium. If for some reason a client moves or terminates their policy within a particular period of time, this might result in the provider seeking to “clawback” some or all of the commission paid to the broker, depending on how long the policy was active with the provider.
| Product | Initial % | Recurring Commission % |
|---|
| PRB | 5.25% | 1% |
Mortgage Protection
A Mortgage Protection Product provides for an initial commission as outlined below. These policies have an inbuilt recurring commission structure to remunerate the Brokerage for reviews, service and claims support. If for some reason a client moves or terminates their policy within a particular period of time, this might result in the provider seeking to “clawback” some or all of the commission paid to the broker, depending on how long the policy was active with the provider.
| Product | Initial % | Recurring Commission % | Clawback Period (Months) |
|---|
| Mortgage Protection | 150% | 22% | 24 |
Income Protection
An Income Protection Product provides for an initial commission as outlined below. These policies have an inbuilt recurring commission structure to remunerate the Brokerage for reviews, service and claims support. If for some reason a client moves or terminates their policy within a particular period of time, this might result in the provider seeking to “clawback” some or all of the commission paid to the broker, depending on how long the policy was active with the provider.
| Product | Initial % | Recurring Commission % | Clawback Period (Months) |
|---|
| Income Protection | 200% | 30% | 48 |
Investment
An Investment Product typically provides for an Initial Commission as outlined below. Brokerages may also agree with a client a recurring commission that may be based on a percentage of the value of the fund or the annual premium. If for some reason a client moves or terminates their policy within a particular period of time, this might result in the provider seeking to “clawback” some or all of the commission paid to the broker, depending on how long the policy was active with the provider.
| Product | Initial % | Recurring Commission % |
|---|
| Investments | 5.25% | 1% |
Group Life Protection
| Product | Initial % | Recurring Commission % |
|---|
| Group Life | 6% | 6% |
Group Income Protection
| Product | Initial % | Recurring Commission % |
|---|
| Group IP | 12.5% | 12.5% |
Defined Contribution Pension
A Defined Contribution Product typically provides for an Initial Commission as outlined below. Brokerages may also agree with a client a recurring commission that may be based on a percentage of the value of the fund or the annual premium. If for some reason a client moves or terminates their policy within a particular period of time, this might result in the provider seeking to "clawback" some or all of the commission paid to the broker, depending on how long the policy was active with the provider.
| Product | Initial % | Recurring Commission % | Renewal | Clawback Period (Months) |
|---|
| Master Trust- Regular Contributions | 20% | - | 5% | - |
| Master Trust- Single Contribution | 5% | - | - | - |
| Regular Premium pension | 20% | 1% | - | 48 |
| Single premium pension | 5.25% | 1% | - | - |
Approved Retirement Fund (ARF)
An ARF Product typically provides for an Initial Commission as outlined below. Brokerages may also agree with a client a recurring commission that may be based on a percentage of the value of the fund or the annual premium. If for some reason a client moves or terminates their policy within a particular period of time, this might result in the provider seeking to "clawback" some or all of the commission paid to the broker, depending on how long the policy was active with the provider.
| Product | Initial % | Recurring Commission % |
|---|
| ARF | 5.25% | 1% |
Annuity
The Annuity contract typically provides for an Initial Commission as outlined below. Brokerages may also agree with a client a recurring commission that may be based on a percentage of the value of the fund or the annual premium. If for some reason a client moves or terminates their policy within a particular period of time, this might result in the provider seeking to 'clawback' some or all of the commission paid to the broker, depending on how long the policy was active with the provider.
| Product | Initial % |
|---|
| Annuity | 3% |
Irish Life Assurance plc
Whole of Life Protection
The Whole of Life Protection Product provides for an initial commission as outlined below. These policies have an inbuilt recurring commission structure to remunerate the Brokerage for reviews, service and claims support. If for some reason a client moves or terminates their policy within a particular period of time, this might result in the provider seeking to “clawback” some or all of the commission paid to the broker, depending on how long the policy was active with the provider.
| Product | Initial % | Recurring Commission % | Clawback Period (Months) |
|---|
| Whole of Life | 100% | 28% | 60 |
Term Life Protection
| Product | Initial % | Recurring Commission % | Clawback Period (Months) |
|---|
| Term Protection | 160% | 28% | 60 |
Single Premium PRSA
| Product | Initial % | Recurring % |
|---|
| Single Premium PRSA | 5% | 0.75% |
Specified Illness
| Product | Initial % | Recurring Commission % | Clawback Period (Months) |
|---|
| Specified | 100% | 28% | 60 |
Savings
| Product | Initial % | Recurring Commission % | Renewal | Clawback Period (Months) |
|---|
| Savings | 5.5% | 0.5% | 5.5% | 48 |
Pension Term
| Product | Initial % | Recurring Commission % | Clawback Period (Months) |
|---|
| Pension Term | 160% | 20% | 60 |
Personal Retirement Savings Account RP (PRSA)
| Product | Initial % | Recurring Commission % | Renewal | Clawback Period (Months) |
|---|
| Regular Premium PRSA | 17.5% | 0.5% | 5% | 48 |
Personal Retirement Bond (PRB)
| Product | Initial % | Recurring Commission % |
|---|
| PRB | 5% | 0.75% |
Mortgage Protection
| Product | Initial % | Recurring Commission % | Clawback Period (Months) |
|---|
| Mortgage Protection | 160% | 28% | 60 |
Income Protection
| Product | Initial % | Recurring Commission % | Clawback Period (Months) |
|---|
| Income Protection | 120% | 30% | 60 |
Investment
| Product | Initial % | Recurring Commission % |
|---|
| Investments | 5% | 0.5% |
Group Life Protection
| Product | Initial % | Recurring Commission % |
|---|
| Group Life | 6% | 6% |
Group Income Protection
| Product | Initial % | Recurring Commission % |
|---|
| Group IP | 12.5% | 12.5% |
Defined Contribution Pension
| Product | Initial % | Recurring Commission % | Renewal | Clawback Period (Months) |
|---|
| Regular Premium pension | 17.5% | 0.5% | 5% | 48 |
| Single premium pension | 5% | 0.75% | - | - |
Approved Retirement Fund (ARF)
| Product | Initial % | Recurring Commission % |
|---|
| ARF | 5% | 0.75% |
Annuity
| Product | Initial % |
|---|
| Annuity | 3% |
New Ireland Assurance Company plc
Term Life Protection
| Product | Initial % | Recurring Commission % | Clawback Period (Months) |
|---|
| Term Protection | 225% | 50% | 60 |
Single Premium PRSA
| Product | Initial % | Recurring % | Clawback Period |
|---|
| Single Premium PRSA | 10% | 0.5% | 60 |
Specified Illness
| Product | Initial % | Recurring Commission % | Clawback Period (Months) |
|---|
| Specified | 225% | 50% | 60 |
Savings
| Product | Initial % | Recurring Commission % | Renewal | Clawback Period (Months) |
|---|
| Savings | 10% | 0.5% | 2.5% | 60 |
Pension Term
| Product | Initial % | Recurring Commission % | Clawback Period (Months) |
|---|
| Pension Term | 225% | 50% | 60 |
Personal Retirement Savings Account RP (PRSA)
| Product | Initial % | Recurring Commission % | Renewal | Clawback Period (Months) |
|---|
| Regular Premium PRSA | 25% | 0.5% | 6% | 60 |
Personal Retirement Bond (PRB)
| Product | Initial % | Recurring Commission % | Clawback Period (Months) |
|---|
| PRB | 5% | 1% | 60 |
Mortgage Protection
| Product | Initial % | Recurring Commission % | Clawback Period (Months) |
|---|
| Mortgage Protection | 225% | 50% | 60 |
Income Protection
| Product | Initial % | Recurring Commission % | Clawback Period (Months) |
|---|
| Income Protection | 225% | 50% | 60 |
Investment
| Product | Initial % | Recurring Commission % | Clawback Period (Months) |
|---|
| Investments | 5% | 1% | 36 |
| Regular Contribution Investment Policy | 15% | 0.5% | 60 |
| Regular Contribution PRSA | 25% | 0.5% | 60 |
| Regular Contribution Pensions | 25% | 1% | 60 |
Group Life Protection
| Product | Initial % | Recurring Commission % | Clawback Period (Months) |
|---|
| Group Life | 20% | 20% | 12 |
Group Income Protection
| Product | Initial % | Recurring Commission % | Clawback Period (Months) |
|---|
| Group IP | 20% | 20% | 12 |
Defined Contribution Pension
| Product | Initial % | Recurring Commission % | Renewal | Clawback Period (Months) |
|---|
| Regular Premium pension | 25% | 1% | 8% | 60 |
| Single premium pension | 5% | 1% | - | 60 |
Approved Retirement Fund (ARF)
| Product | Initial % | Recurring Commission % |
|---|
| ARF | 5% | 1% |
Annuity
| Product | Initial % |
|---|
| Annuity | 3% |
Royal London Insurance DAC
Whole of Life Protection
| Product | Initial % | Recurring Commission % | Clawback Period (Months) |
|---|
| Whole of Life | 200% | 36% | 60 |
Term Life Protection
| Product | Initial % | Recurring Commission % | Clawback Period (Months) |
|---|
| Term Protection | 200% | 36% | 60 |
Specified Illness
| Product | Initial % | Recurring Commission % | Clawback Period (Months) |
|---|
| Specified | 225% | 36% | 60 |
Pension Term
| Product | Initial % | Recurring Commission % | Clawback Period (Months) |
|---|
| Pension Term | 225% | 36% | 60 |
Personal Retirement Savings Account RP (PRSA)
| Product | Initial % | Renewal |
|---|
| PRSA | 22.5% | 5% |
Personal Retirement Bond (PRB)
| Product | Initial % |
|---|
| Personal Retirement Bond | 5% |
Mortgage Protection
| Product | Initial % | Recurring Commission % | Clawback Period (Months) |
|---|
| Mortgage Protection | 200% | 36% | 60 |
Income Protection
| Product | Initial % | Recurring Commission % | Clawback Period (Months) |
|---|
| Income Protection | 225% | 60% | 60 |
Approved Retirement Fund (ARF)
Standard Life International dac
Single Premium PRSA
| Product | Initial % | Recurring % |
|---|
| Single Premium PRSA | 5% | 0.5% |
Savings
| Product | Initial % | Recurring Commission % | Clawback Period (Months) |
|---|
| Savings | 15% | 1% | 60 |
Personal Retirement Savings Account RP (PRSA)
| Product | Initial % | Recurring Commission % | Renewal |
|---|
| Regular Premium PRSA | 5% | 0.5% | 5% |
Personal Retirement Bond (PRB)
| Product | Initial % | Recurring Commission % |
|---|
| PRB | 5% | 1% |
Investment
| Product | Initial % | Recurring Commission % |
|---|
| Investment | 4% | 1% |
Defined Contribution Pension
| Product | Initial % | Recurring Commission % | Renewal | Clawback Period (Months) |
|---|
| Regular Premium pension | 25% | 1% | 8% | 60 |
| Single premium pension | 5% | 1% | - | 48 |
Approved Retirement Fund (ARF)
| Product | Initial % | Recurring Commission % |
|---|
| ARF | 4% | 1% |
Annuity
| Product | Initial % |
|---|
| Annuity | 3% |
Zurich Life Assurance plc
Whole of Life Protection
| Product | Initial % | Recurring Commission % | Clawback Period (Months) |
|---|
| Whole of Life | 90% | 18% | 12 |
Term Life Protection
| Product | Initial % | Recurring Commission % | Clawback Period (Months) |
|---|
| Term Protection | 180% | 40% | 12 |
Single Premium PRSA
| Product | Initial % | Recurring % |
|---|
| Single Premium PRSA | 5% | 0.75% |
Specified Illness
| Product | Initial % | Recurring Commission % | Clawback Period (Months) |
|---|
| Specified | 100% | 12% | 12 |
Savings
| Product | Initial % | Recurring Commission % | Renewal | Clawback Period (Months) |
|---|
| Savings | 10% | 0.5% | 1% | 48 |
Pension Term
| Product | Initial % | Recurring Commission % | Clawback Period (Months) |
|---|
| Pension Term | 100% | 12% | 12 |
Personal Retirement Savings Account RP (PRSA)
| Product | Initial % | Recurring Commission % | Renewal | Clawback Period (Months) |
|---|
| Regular Premium PRSA | 30% | 0.75% | 5% | 48 |
Personal Retirement Bond (PRB)
| Product | Initial % | Recurring Commission % |
|---|
| PRB | 5% | 0.5% |
Mortgage Protection
| Product | Initial % | Recurring Commission % | Clawback Period (Months) |
|---|
| Mortgage Protection | 180% | 40% | 12 |
Investment
| Product | Initial % | Recurring Commission % |
|---|
| Investment | 5% | 0.5% |
Group Life Protection
| Product | Initial % | Recurring Commission % |
|---|
| Group Life | 6% | 6% |
Group Income Protection
| Product | Initial % | Recurring Commission % |
|---|
| Group IP | 12.5% | 12.5% |
Defined Contribution Pension
| Product | Initial % | Recurring Commission % | Renewal | Clawback Period (Months) |
|---|
| Regular Premium pension | 20% | 0.5% | 3% | 48 |
| Single premium pension | 5.5% | 0.5% | - | - |
Cancer Cover
| Product | Initial % | Recurring Commission % | Clawback Period (Months) |
|---|
| Cancer Cover | 100% | 12% | 12 |
Approved Retirement Fund (ARF)
| Product | Initial % | Recurring Commission % |
|---|
| ARF | 5% | 0.5% |
Annuity
The Annuity contract typically provides for an Initial Commission as outlined below. Brokerages may also agree with a client a recurring commission that may be based on a percentage of the value of the fund or the annual premium. If for some reason a client moves or terminates their policy within a particular period of time, this might result in the provider seeking to 'clawback' some or all of the commission paid to the broker, depending on how long the policy was active with the provider.
RSK Investlink Limited t/a Medical Financial Advisors is regulated by the Central Bank of Ireland. Registered office: Anglesea House, Suite 10, 63 Carysfort Ave, Newtown, Blackrock, Dublin, A94 X209. Registered Number: 662539. Directors: Ross Lynam Loane, Georgina Roche. Tel: 01 2118411 · Email: info@medicalfinancialadvisor.ie · Web: www.medicalfinancialadvisor.ie
