Discussion paper on the Payment of Commission to Intermediaries

On 26 July 2016 the Central Bank issued a Press Release launching a Discussion Paper on the Payment of Commissions to Intermediaries. We are currently working on the IBA response to this Central Bank publication.

To date the IBA have:

• Commissioned a report on Remuneration Structures for Brokers/Intermediaries from Jim Power Financial Analyst to support the IBA Response and
• Commenced the IBA response to the twenty questions posed by the Central Bank of Ireland in this discussion document.

You will note from the Press Release that the Central Bank seeks views on the risks and benefits to the consumer of commission payments to intermediaries, from all interested stakeholders in the financial services market. Included in the discussion paper is also a focus on internal remuneration structures for staff of retail intermediaries. The stated objective of the Discussion Paper is to stimulate discussion and follows a commitment to examine incentive schemes contained in the Consumer Protection Outlook Report 2016.

If you would like to participate in the discussion and contribute ultimately to the IBA response to the Central bank of Ireland we would welcome your views in writing to any or all of the twenty questions set out in the document. We are particularly interested in responses to questions set out in Section 4 (Questions 10- 14) and Section 5 (Questions 15-20) of the review.

TO HAVE YOUR VIEWS INCLUDED PLEASE SEND YOUR CONTRIBUTION BY EMAIL TO [email protected] by CLOSE OF BUSINESS ON 16 SEPTEMBER 2016.

Central Bank of Ireland Discussion Paper on Payment of Commission to Intermediaries 

I look forward to hearing from you

Brian McNelis ACII, CHAIRMAN OF REVIEW OF COMMISSION COMMITTEE, Irish Brokers Association , 87 Merrion Square Dublin 2