CP116 update

Colin Aylward
Wednesday, March 25, 2020

CP116: Provision 4.58A Commission Summary Document

In order to comply with 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. This requirement is effective from 31 March 2020.

To assist in ensuring you meet your compliance obligations, we have made two editable Word documents available:

1. A template document (“Commission Summary Document”) which forms part of this requirement whereby you should review and edit to suit your own firm.
2. A template document (“ILA commission template”) which outlines the various types of maximum commission options available to you from Irish Life Assurance plc. This document is “editable” so you should review and edit to suit your own firm.

It is important to note that both documents once finalised by you, should preferably be saved as a PDF document and made available to consumers in your public office or on your website.

Any queries you may have regarding this should in the first instance be referred to your account manager.