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Bank commission

  • 06-10-2009 7:40pm
    #1
    Mr Biz
    Closed Accounts Posts: 75 ✭✭


    Hoping somebody could shed some light on this..

    What are your recent/past experiences regarding commission from Banks for generating business for them through selling a product in excess of 25k each?

    I spoke with a guy from BOI today and he mentioned that only mortgage brokers and car dealers can avail of commission nowadays.

    Strange to think that if you bring X amount of business per transaction to a bank that No Commission is applied and/or No Discount is applied on the following purchase..

    Maybe that's just BOI at the moment..

    Thanks in advance..
    Mr Biz


Comments

  • #2
    GerardKeating
    Registered Users, Registered Users 2 Posts: 7,805 ✭✭✭GerardKeating


    Mr Biz wrote: »
    Hoping somebody could shed some light on this..

    What are your recent/past experiences regarding commission from Banks for generating business for them through selling a product in excess of 25k each?

    I spoke with a guy from BOI today and he mentioned that only mortgage brokers and car dealers can avail of commission nowadays.

    Strange to think that if you bring X amount of business per transaction to a bank that No Commission is applied and/or No Discount is applied on the following purchase..

    Maybe that's just BOI at the moment..

    Thanks in advance..
    Mr Biz

    Any "agent" must be registered/Licenced/Regulated by the Financial Regulator, so they cannot pay commission to anyone anymore, even their own staff...


  • #3
    Mr Biz
    Closed Accounts Posts: 75 ✭✭Mr Biz


    Any "agent" must be registered/Licenced/Regulated by the Financial Regulator, so they cannot pay commission to anyone anymore, even their own staff...
    Thanks for your reply..

    I spoke with a BOI manager earlier in the year and she had mentioned that a commission deal by bringing business to them was possible..
    Understandably it may be on the basis of registering the business relationship with the financial regulator.


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