Clubfinance trail commission rebates

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UncleEbenezer
Lemon Slice
Posts: 373
Joined: November 4th, 2016, 8:17 pm

Clubfinance trail commission rebates

Postby UncleEbenezer » January 9th, 2017, 11:35 pm

Anyone know when Clubfinance rebates may be expected this year? Have they permanently put them back to end-Jan, or are they behind schedule again?

Their website tells us the amounts, but not (as far as I can see) the dates.

naflod
Posts: 27
Joined: November 5th, 2016, 7:40 pm

Re: Clubfinance trail commission rebates

Postby naflod » January 10th, 2017, 7:19 pm

Hi UncleE

In the Clubfinance terms of business, item 41 states:
Unless otherwise communicated to the client, commission rebates by cheque or other payment method in respect
of initial commission on lump sum investments or mortgages, will be sent by post or transmitted within the later
of: within the calendar month following the calendar month in which any clawback period set by the provider
ends; or within the calendar month following the calendar month in which the commission is received from the
provider. This is subject to a £20 minimum, any amount less than £20 will be included in the annual procedure set
out below. Commission rebates by cheque or other payment method in respect of regular premium products and
renewal or trail commission will be sent by post or transmitted by 31st January of the following calendar year
based on commission received by Clubfinance in the year up to 31st October.
In all cases, no payment will be
made if the amount would be less than £20 or a clawback is still in force for the commission. An amount less than
£20 will remain the property of Clubfinance until, when added to future amounts (as determined for each
subsequent year to 31st October), the payment would be for £20 or more. Rebates in relation to specific
commission payments received by Clubfinance may be deferred until Clubfinance receives the relevant
statement to establish which clients the commission relates to, and the relevant amounts. All rebates may be
deferred if the client has not provided anti-money laundering identification documents where requested, or has
not accepted the Clubfinance Client Declaration in relation to one or more transactions.


So it is now confirmed that it is the end of January (I remember them saying something along those lines a year ago when they were late again).

Actually, I preferred the late payments with the comparatively generous interest rates paid by way of apology.

naflod

PS Shame it is a "secure" document that can't be copied!


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