We, moneysherpa Limited T/A moneysherpa act as intermediary (Broker) between you, the consumer, and the product provider with whom we place your business.
The background
All intermediaries must make available, a summary of all arrangements for any fee, commission, other reward or remuneration provided to the intermediary agreed with its product producers.
What is commission?
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.
We are remunerated by commission and other payments from product producers. When assessing products, we will consider the different approach taken by product providers. This will form part of our analysis for choosing a product provider.
Credit Products/Mortgages
Commission may be earned by intermediaries for arranging credit for consumers, such as mortgages. The single, or standard, commission model is the most common commission model applied to the sale of mortgage products by mortgage credit intermediaries (Mortgage Broker).
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 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.
ICS/Dilosk, Brokers Ireland, Avantmoney, Haven, Bank of Ireland, Nua
Credit intermediation with respect to Mortgages allows for an initial once off upfront commission to remunerate a Brokerage based on the advice, service and packaging of a mortgage. If a client switches or ceases to pay a Mortgage repayment with the clawback period, the Brokerage will receive a pre agreed pro rata clawback within the below timeframes.
| PRODUCT | COMMISSION % | CLAWBACK PERIOD (MONTHS) |
| Mortgage – Switcher | 1% | 36 |
Spry Finance
Loan Type Commission
Lifetime Loan €500
Commission clawback is as follows:
Timing of repayment of loan Commission clawback
Within 12 months of settlement 100%
Between 13 and 24 months of settlement 66%
Between 25 and 36 months of settlement 33%
