SCHEDULE OF FEES
Remuneration Policy & Fees:
S.A. Faughnan (Brokers) Ltd. is generally remunerated by way of commission and other payments from product producers or lenders on the completion of business. Details of this remuneration are available upon request. Where an override commission is received, this will be disclosed to you in general terms. You may choose to pay in full for our services as specified below by means of a fee. Where we receive recurring commission, this forms part of the remuneration for initial advice provided. We reserve the right to charge additional fees if the number of hours relating to on-going advice/assistance exceeds 1 hour.
In certain circumstances, it will be necessary to charge a fee for services provided. A fee is deemed earned at inception/renewal/mid-term alteration of a policy and is therefore non-refundable in respect of non-life insurance products and services. These are listed below for non-life insurance, life assurance, pensions, investments and mortgages. In other circumstances where fees are chargeable or where you choose to pay in full for our service by fee, we will notify you in writing in advance and agree the scale of fees to be charged if different from fees outlined below. Our current basic hourly (or part thereof) rate for Directors, Consultants & Qualified Staff is €250 and €150 per hour for clerical / administrative staff.
Non-Life Fees
For Personal Lines Business in relation to Initial Placement and Renewal of policies:-
Private & Commercial Motor, Motor Cycle & Special Types – Up to a maximum of 40% with a minimum of €35
Home, Holiday or Rental Home and all other Personal Lines Risks – Up to a maximum of 40% with a minimum of €25
In relation to alterations to or cancellation of Personal Lines policies mid-policy term which result in either an additional or refund premium and the issue of duplicate documentation a fee of up to €50 will apply per transaction.
For Commercial Lines / Corporate Risks such as Commercial Property, Traders Combined, Liability, Motor Fleets, Engineering and all other business related risks in relation to Initial Placement and Renewal of policies – Up to a maximum of 40%
In relation to alterations to or cancellation of Corporate policies mid-policy term which result in either an additional or refund premium and the issue of duplicate documentation – Up to a maximum of 40% with a minimum of €50.
We reserve the right to amend these fees should the time required, complexity or urgency of the product require a higher fee. We will confirm and agree this fee with you prior to any increased charge being applied.
If we arrange Insurance Premium Finance for you, we typically charge up to an additional 5% in excess of the interest rate payable to the credit institution by way of a handling / administration fee. This is paid to us by the premium finance company.
We reserve the right to charge a €15 documentation fee where you require any individual set (per policy) of documentation to be printed and posted by us to you, due to increased costs of postage & materials.
We will pass on any bank charges incurred by us as a result of any payments being returned unpaid by a client’s bank.
Life Fees
For Life Assurance, Pensions, Investment & Financial Planning Business (including Deposits) you may elect to deal with us on a fee basis. We are normally paid a commission on any business completed. However, we do reserve the right to charge a fee where substantial work is undertaken, e.g. Financial Review & Recommendations. Any fees charged will be on a time spent and disbursement basis or a percentage of transaction value with special consideration to the complexity, value or urgency of the case. Where applicable, the rate will be explicitly agreed in advance and in accordance with our published fee schedule. Our current basic hourly (or part thereof) rate for Directors, Consultants & Qualified Staff is €250 for the first hour spent and €150 per hour (or part thereof) thereafter and €150 per hour for clerical / administrative staff.
Where advice is requested for Personal Retirement Savings Accounts (PRSA’s) the fee scale and conditions in the above paragraph apply.
If we receive a commission from a product provider, this may be offset against the fee which we will charge you. Where the commission is greater than the fee due, the commission may become the amount payable to the firm unless an arrangement to the contrary is made.
S.A.Faughnan (Brokers) Ltd. is regulated by the Central Bank Of Ireland
Directors: S.A. Faughnan, M.R. Faughnan, D.A. Faughnan.
Registered in Ireland No. 88953. Registered Address (as above).
