CBOI CPC Addendum – Commission Summary Access
Thu Apr 2 2020
Please see below an update from CRM/technology providers re. the Central Bank’s CPC Addendum Commission Summary requirement which came into effect on 31st March 2020.
Applied’s understanding of the requirement is as follows:
- There is an obligation on each broker to display a summary of all remunerations that the brokerage can avail of from product providers
- The summary must include details of insurer, product and commission rate.
- The summary must be published / accessible to customers.
- All brokers must be compliant by 31st March 2020.
Commission rates are added to the system and maintained by each broker, not Applied. In order to help brokers achieve compliance, Applied have published articles with step-by-step instructions on obtaining commission information:
- Applied Relay: Applied Community article #000023342
- Applied WealthTrack: Applied Community article #000023360
It is the responsibility of each broker to display this information as per Central Bank requirements.
- Check back in on Applied Community article #000023344 for the latest information available to Applied.
- Brokers Ireland issued a communication to all members on 17th February 2020 that may also be of interest to brokers – https://brokersireland.ie/news/addendum-to-the-consumer-protection-code-2012-new-provision-4-58a-commission-summary/
- Please direct all queries regarding compliance or obligations to Brokers Ireland compliance team and/or brokers own compliance teams.
Customer Service Team
Applied Systems Ireland
Tel: +353 (0)1 6623112
Fax: +353 (0)1 6623102
In light of the new requirement in the Consumer Protection Code which covers commissions, we would like to provide you with some useful guidance, as detailed below:
- Brokers Ireland have provided further information in a previous communication, which you can read by clicking here.
- In addition, you can print off a full list of all commissions from your Open GI system by following the steps on the link here.
If you have any further queries, please contact our Customer Support Team on the details below who will be happy to assist. Email: email@example.com Tel: 01905 754444
Regional Manager – Ireland