Our Remuneration


Remuneration & Administration Fees

McSharry Foley act as intermediary (Broker) between the consumer, and the product provider with whom we place their business.  McSharry Foley is usually remunerated by way of commission and other payments from product producers on the completion of business. Details of this commission is available below.

The Background Pursuant to 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.

What is Remuneration?  Remuneration is the payment earned by the intermediary for work undertaken on behalf of both the provider and the consumer. The amount of remuneration is generally directly related to the value of the products sold.

What is Commission? Commission is payment that may be earned by an intermediary for work undertaken for both provider and consumer.

There are different types of remuneration and different commission models:

Single commission model: where payment is made to the intermediary shortly after the sale is completed and is based on a percentage of the premium paid.

Renewal commission model:  Further payments at intervals are paid throughout the life span of the Policy.

General Insurance Products  General insurance products, such as motor, home, travel, health, retail or liability insurance, are typically subject to a single or standard commission model, based on the amount of premium charged for the insurance product.

Profit Share Arrangements In some cases, McSharry Foley may be a party to a profit-share arrangement with a product provider and will earn additional commission.  Any business arranged with these product providers on a client’s behalf will be placed with the product provider because that product provider is at the time of placement, the most suitable to meet the client’s requirements, taking all the client’s relevant information, demands and needs into account.

Credit Products Commission may be earned by intermediaries for arranging credit for consumers, such as Premium Finance.  Where a credit agreement is put in place we may earn commission of up to 5% of the premium amount financed.

Fees We also charge a professional administration fee (our Administration fee) for services provided. Our Administration fee is deemed earned at inception/renewal/mid-term amendment/cancellation of a policy and is therefore non-refundable in respect of non-life insurance products and services.

A full list of our Administration fees and Payment Default charges is displayed in our Terms of Business at our reception area and is available on our website.