Renewal Commission Service Summary

The service only relates to renewal commission. Cavendish Online will continue to reinvest all initial commission wherever possible on all applications.

All products are eligible for the scheme where renewal commission is paid, except for pensions, self invested personal pensions and small self-administered pension schemes.

Process

• The service will run from 1st July to 30th June each year. All commission received in that period is included, whether or not it is pertinent to that period.
• The client is responsible for checking if renewal commission is paid and whether it can be transferred to Cavendish Online.
• The client should then fill in a change of agency form for each plan. If the "Policy Company Address" is not known it can be left blank, but plan numbers must be shown.
• The client should also complete the Cavendish Online client declaration/business submission form .
• Clients must include a cheque for our initial fees as set out below. You should not include a cheque for the annual service charge at any time.
• All forms and fees must be sent to Cavendish Online, not to the investment company direct. Do not send any plan documents or contract notes to Cavendish Online.
• Cavendish Online will advise the client of receipt of the application/change of agency and immediately forward the application/change of agency letter/s to the company/ies concerned, and advise the client when we have confirmation of receipt from the company. Although Cavendish Online will endeavour to chase any applications/change of agencies, we will not be responsible for delays in processing by the providers. Communication with the client will be via email wherever possible.
• All commission received in the year will accrue in the client's commission account with Cavendish Online. This money does not belong to the client until we pay it to the client, and interest will not be paid on the account.
• On 1st July each year the client's commission account will be valued. The first £10.00 will be paid to Cavendish Online to cover our Annual Service Charge and the remainder will be paid to the client by cheque in July.
• If a client has more than one account we will send one cheque to cover all monies owed. Each plan is treated separately; so if you have four plans, three of which earn £5.00 commission in the year and one that earns £50.00, we will pay you a £40.00 commission rebate.

Charges

Annual service charge £10.00 pa per plan. This fee is taken automatically from the renewal commission received. Any underpayment, i.e. if less than £10.00 of commission is received, is not carried over to the next year. We do not roll over either the commission or the plan charge into the next year.

Fundsupermarket If your Fundsupermarket account has more than 10 funds then we may have to log upto 40 commission receipts each year. We therefore reserve the right to charge an additional £10.00 annual administration fee if you hold more than 10 funds in each ISA, Pep or OEIC account.

New Plan set up initial fee £20.00 or £25.00 per new ISA/unit trust, depending whether via email or if we have to post applications to the client. (Other fees apply for insurance bonds/pensions/term assurance etc)

Change of agency initial fee £20.00 per plan for change of agency.

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