Menu
Our Remuneration
September 2023
We, MMG Financial Services Ltd. 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 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.
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.
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.
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 aprovider seminars
- Assistance with Advertising/Branding
Our 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:
- Intermediary discretion
- Whether the level of commission is negotiable
- Client relationship
- Length of time of the policy
- Amount of investment
- Length of investment
- Commercial decision
- Complexity of the case
- Product constraints by the product provider
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
- Investment Article 3/MIFID Providers
Provider & Product Commission Summary
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
The providers products provide for a 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 Percentage |
Recurring Commission |
Clawback Period |
| Term Protection | 150% | 22% | 24 months |
| Specified Illness | 150% | 22% | 24 months |
| Savings | 15% | 1% | 48 months |
| Pension Term | 150% | 22% | 24 months |
| Mortgage Protection | 150% | 22% | 24 months |
| Income Protection | 200% | 30% | 24 months |
| Investments | 5.25% | 1% | |
| Group Income Protection | 12.5% | 12.5% | |
| Defined Contribution Pension (Regular Premium) | 20% | 1% | 48 months |
| Defined Contribution Pension (Single Premium) | 5.25% | 1% | |
| Approved Retirement Fund (ARF) & Approved Minimum Retirement Fund (AMRF) | 5.25% | 1% |
Irish Life Assurance plc
The providers products provide for a 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 Percentage |
Recurring Commission |
Renewal |
Clawback Period |
| Whole of Life Protection | 100% | 28% | 60 months | |
| Term Life Protection | 100% | 28% | 60 months | |
| Single Premium PRSA | 5% | 0.75% | 60 months | |
| Specified Illness | 100% | 28% | 60 months | |
| Savings | 5.5% | 0.5% | 5.5% | 48 months |
| Pension Term | 100% | 15% | 60 months | |
| Personal Retirement Savings Account RP (PRSA) | 17.5% | 0.5% | 5% | 48 months |
| Personal Retirement Bond (PRB) | 5% | 0.75% | ||
| Income Protection | 120% | 30% | 60 months | |
| Investments | 3% | 0.5% | ||
| Group Life Protection | 6% | 6% | ||
| Group Income Protection | 12.5% | 12.5% | ||
| Defined Contribution Pension (Regular Premium) | 17.5% | 0.5% | 5% | 48 months |
| Defined Contribution Pension (Single Premium) | 5% | 0.75% | ||
| Approved Retirement Fund (ARF) | 3% | 0.75% | ||
| Approved Minimum Retirement Fund (AMRF) | 3% | 0.75% | ||
| Annuity | 3% |
New Ireland Assurance Company plc
The providers products provide for a 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 Percentage |
Recurring Commission |
Renewal |
Clawback Period |
| Term Protection | 225% | 50% | 60 months | |
| Specified Illness | 225% | 50% | 60 months | |
| Savings | 10% | 0.5% | 2.5% | 60 months |
| Pension Term | 225% | 50% | 60 months | |
| Mortgage Protection | 225% | 50% | 60 months | |
| Income Protection | 225% | 50% | 60 months | |
| Investments | 4% | 1% | 36 months | |
| Group Income Protection | 20% | 20% | 12 months | |
| Defined Contribution Pension (Regular Premium) | 25% | 1% | 8% | 60 months |
| Defined Contribution Pension (Single Premium) | 5% | 1% | 60 months | |
| Approved Retirement Fund (ARF) | 5% | 1% |
Royal London Insurance DAC
The providers products provide for a 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 Percentage |
Recurring Commission |
Clawback Period |
| Whole of Life | 200% | 36% | 60 months |
| Term Protection | 200% | 36% | 60 months |
| Specified Illness | 225% | 36% | 60 months |
| Pension Term | 225% | 36% | 60 months |
| Mortgage Protection | 200% | 36% | 60 months |
| Income Protection | 225% | 60% | 60 months |
| Approved Retirement Fund (ARF) | 5% |
Zurich Life Assurance plc
The providers products provide for a 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 Percentage |
Recurring Commission |
Renewal |
Clawback Period |
| Whole of Life | 90% | 18% | 12 months | |
| Term Protection | 170% | 12% | 12 months | |
| Specified Illness | 100% | 12% | 12 months | |
| Savings | 10% | 0.5% | 1% | 48 months |
| Pension Term | 100% | 12% | 12 months | |
| Mortgage Protection | 170% | 40% | 12 months | |
| Investments | 5% | 0.5% | ||
| Group Income Protection | 12.5% | 12.5% | ||
| Defined Contribution Pension (Regular Premium) | 20% | 0.5% | 3% | 48 months |
| Defined Contribution Pension (Single Premium) | 5.5% | 0.5% | ||
| Cancer Cover | 100% | 12% | 12 months | |
| Approved Retirement Fund (ARF) & Approved Minimum Retirement Fund (AMRF) | 5% | 1% |