Administration Fee Service
Frequently Asked Questions
- What products are included on the monthly administration fee service?
- How do I process this on my system?
- Will this be an issue in terms of FSA?
- What if I do not want to be included in this service?
- Will I receive a 'cut' on mid term adjustments?
- I have a query with my statement?
Q. What products are included on the monthly administration fee service?
A. You can earn a 'cut' of the administration fee on the following products; Private Car, Just Car, Collectors Car, Home and Driver Club Private Car and Premier Bike.
Q. How do I process this on my system?
A. You should continue to process in the normal manner.
Q. Will this be an issue in terms of FSA?
A. There is no FSA requirement for intermediaries to disclose the 'cut' you will receive from Norwich Union, but you may need to include this as part of your disclosure of your overall commission, if asked by a commercial customer.
Aside from this, the general law of agency applies and you may elect to disclose this to retail customers on request as well, in accordance with FSA guidance on commission disclosure.
Q.What if I do not want to be included in this service?
A. As this service is automatically provided to you it is important to advise us if you wish to be removed from this by contacting your Account Manager. The process of removal will take place within Norwich Union on the 10th of each month, to tie in with the preparation of your statement. If you advise us after this date your request will be actioned on the following statement.
Q. Will I receive a 'cut' on mid term adjustments?
A. This service only applies to New Business or renewals, with a claw back calculated on lapsed or cancelled policies.
Q. I have a query with my statement?
You should contact you usual collections centre to deal with any account queries.
