Discount Broker for investments, insurance & mortgages
Change of Agent
Appoint Clubfinance as your agent for your existing investments, and we will rebate 75% of any commissions received annually by cheque.
Clubfinance does not charge a fee for this service, we are remunerated by the 25% of commissions we retain, plus the interest we receive until commission is rebated.
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Explanation of ongoing commission
I hold funds in Fidelity FundsNetworkTM
I hold funds in SkandiaTM MultiFUNDS or Selestia Investment SolutionsTM
I bought my funds via an IFA / other intermediary
I bought my funds through a bank
Ongoing commission
Many financial products pay ongoing commissions every year to the person or company that originally arranged the product for you. These commissions are known as 'renewal' or 'trail' commissions. This commission comes out of the charges on the product, and even if the product was purchased directly, it is rare that the charges on the product are reduced. One reason for renewal commissions is to remunerate a financial adviser for continuing service to you without you having to pay directly. Renewal commissions may be paid out of the yearly charges on your financial product, and/or deducted from your contributions on a regular contribution product. In some cases, the original financial adviser may no longer be providing an ongoing service, but ongoing commissions may still be paid. Please note that not all products pay renewal commissions.
Our Service
At Clubfinance we offer a service known as 'Change of Agent'. This is where you notify the product provider via a 'letter of authority' that the 'agent' for your financial product is now Clubfinance Ltd. In many cases the product provider will alter their systems and pay renewal commissions to us instead of the original arranger. Every year we will total up the commissions paid to us from your financial products and we will write you a cheque for 75% of their value (providing the cheque would total more than £5). If the value is less than £5 the amount is recorded and added to the total for the next year. Please see our terms and conditions for more details.
If you Change your Agent to Clubfinance or appoint Clubfinance as your agent, your investments are not bought or sold. Your investments stay with the product provider in your name and you still receive statements from the provider.
Clubfinance Ltd rebate a high proportion of the renewal commission because we do not provide advice, so by changing your agent to us, you must confirm that you do not require any advice by sending us a signed copy of Clubfinance's Client Declaration (see the full process below). It should be noted that some product providers' systems only allow one agent for all products, so please ensure this is acceptable before proceeding.
Clawback period
For some products there is a clawback period during which, if the product is cancelled, some of the initial commission paid up front must be returned to the product provider.
Clubfinance does not accept liability for these clawbacks, and undertakes to accept appointment as your agent only after any clawback period has ended.
I hold funds in Fidelity FundsNetworkTM
Most funds with Fidelity FundsNetworkTM pay renewal commission of 0.5% per annum. If you do not require advice on the suitability or choice of these investments, you can change your agent to Clubfinance. You can appoint Clubfinance whether or not you originally went through an intermediary. See below for the process.
Your funds will still be held in Fidelity FundsNetworkTM and you will receive statements and be able to access your account on the FundsNetworkTM website. You can use the existing customer login on our Fund Supermarkets page.
If you appoint Clubfinance as your agent, your existing intermediary (or if none, Fidelity themselves) will lose out on any renewal commission on your funds. Please ensure this is what you wish before proceeding.
I hold funds in CofundsTM
Most funds with CofundsTM pay renewal commission of 0.5% per annum. If you do not require advice on the suitability or choice of these investments, you can change your agent to Clubfinance.
Your funds will still be held in CofundsTM, and you will still receive statements from CofundsTM. Currently Clubfinance do not provide online access. You can at any time request a valuation statement to be e-mailed to you, provided that you have included your e-mail address at the bottom of your Clubfinance Client Declaration form (see below). In addition, you can log into the Cofunds website to view valuations and transaction history.
If you appoint Clubfinance as your agent, your existing intermediary will lose out on any renewal commission on your funds. Please ensure this is what you wish before proceeding.
I hold funds in SkandiaTM MultiFUNDS or Selestia Investment SolutionsTM
Skandia are transferring SkandiaTM MultiFUNDS accounts across to Selestia Investment SolutionsTM.
Most funds with Selestia Investment SolutionsTM pay renewal commission (fund-based trail commission) of either 0.35% or 0.5% per annum. For further information, please see the Selestia Investment SolutionsTM webpage. If you do not require advice on the suitability or choice of these investments, you can change your agent to Clubfinance. For former SkandiaTM MultiFUNDS customers, depending on how the account was set up, you may need to complete an additional form to activate fund-based trail commission payments (these are paid via SkandiaTM out of the Annual Management Charge on each fund).
Your funds will still be held on Selestia Investment SolutionsTM and you will still receive statements from them. You can still access your account on the SkandiaTM website for valuations. You can at any time request a valuation statement to be e-mailed to you, provided that you have included your e-mail address at the bottom of your Clubfinance Client Declaration form (see below).
I bought my funds via an IFA / other intermediary
Independent Financial Advisers ('IFAs') and other financial intermediaries may rely on commission paid on financial products to remunerate them for the advice and services provided to you. Renewal commission is paid on many packaged investment products, such as endowments, Unit Trusts, and Stocks and Shares ISA funds. This commission can remunerate intermediaries for providing an ongoing service including advice on the continuing suitability of financial products.
Changing your agent to Clubfinance Ltd. will mean that any ongoing commissions will be paid to Clubfinance rather than the original intermediary. Please therefore think very carefully before doing this.
Please be aware that changing your agent to Clubfinance will not affect the product itself and the product will still be held in your name with the product provider. You will still receive statements and communications from the product provider.
I bought my funds through a bank
In some cases you will be able to change your agent to Clubfinance, but many banks do not sell some or all of their products through intermediaries. In addition, whether there is renewal commission payable on a particular product will depend on the bank or building society you purchased the product from and the product itself. If you phone the customer services number on your last valuation statement, they should be able to tell you if there would be commission payable if you appoint an intermediary as your agent.
I bought my funds direct from the product provider
Even if you did not purchase a financial product through an intermediary, in many cases you can still appoint Clubfinance as your agent. Depending on the product and provider renewal commission may then be paid to Clubfinance.
If you phone the customer services number on your last valuation statement, they should be able to tell you if there would be commission payable if you appoint an intermediary as your agent.
We are still happy to act as your agent if there are no commissions payable if you wish. We do not charge any additional fees for this.
The process - step-by-step
The process for changing agent is displayed below. All information should be sent to Clubfinance. Please make sure that you obtain the current versions of our documents from our website [How?].
1. Not all products pay renewal commission. To save you filling in all the forms you can either contact your product provider to see whether renewal commissions are payable on your product, or it may be indicated in your original product documentation. Alternatively, we can attempt to find out this information for you. However, some products have multiple commission structures and in some cases this information may not be available to us. Click here to use our online form.
2. Please read our Combined Initial Disclosure Document (key facts about our service) and print off a copy or store it on your hard drive for future reference. This gives important information including the nature and scope of the services that we may offer. Please click here.
3. If you are a new customer or if any of your details have changed, we require identification documents to be sent to us. Please click here for details.
4. Please read our (Clubfinance Ltd) Terms of Business and either print off a copy or store it on your hard drive for future reference. Please click here.
5. Please print and sign our Client Declaration form confirming that Clubfinance Ltd will only provide an administration service and no advice. Please click here for the form.
6. Please print and complete the "Letter of Authority / Change of Agent" form to be sent to Clubfinance. Clubfinance will send this form to the product provider. Please use a new form for each product provider. Please use the links below to the generic form or tailored forms for the fund supermarkets indicated.
7. Please send the identification documents (if necessary), Client Declaration and change of agent form(s) to:
Change of Agent
Clubfinance Ltd
P.O. Box 1036
Hemel Hempstead
Hertfordshire
HP1 2WU
If you have any queries please refer to our frequently asked questions or contact us on the e-mail address provided on our contacts page. Please be aware that changing your agent with a product provider can take several weeks. We will notify you as soon as possible if the particular product provider will not allow you to change your agent.
Important Information
Clubfinance Ltd is authorised and regulated by the Financial Services Authority. Clubfinance offers an execution-only discount broker service; Clubfinance does not give advice or recommendations. If you have any doubt about the suitability of a particular product or service, or you require advice, you should seek a personal recommendation from an appropriate firm that does give advice. Clubfinance does not produce the products it arranges, or manage the underlying investments. Payments must not be made to Clubfinance, but to the relevant product provider. Contact details for Clubfinance can be found under ‘contact us’. Users of this website should be aware of the following:
Past performance is not a reliable indicator of future results.
The value of investments and the income from them can fall as well as rise as a result of market and currency fluctuations. For many types of investment, you may be placing your capital at risk, meaning that you may not get back the amount originally invested and you may risk losing your entire investment.
Some investments and policies may only be suitable as medium or long-term products.
Tax treatments depend on your individual circumstances and may be subject to change in future.
This website contains financial promotions relating to services offered by and products available through Clubfinance.
In the event of any conflict between product literature and information provided by Clubfinance, the product literature shall prevail.
The information on this website is intended solely for the use of those people who are United Kingdom residents for tax and investment purposes and is governed by our terms and conditions of website usage, please click here for details. It is not for distribution in any other jurisdiction, including the United States of America. Anyone who is not a UK resident should not continue with this site unless wishing to read about personal finances available to UK residents for informational purposes only.
©2004-2008
Clubfinance Ltd, all rights reserved.
Clubfinance Ltd. Registered Office: Charleston House, 13 High Street, Old Town, Hemel Hempstead, Hertfordshire, HP1 3AA
Telephone: 01442 217 287, Fax: 01442 241 045
Registered in England, Registered Number: 04522114. Consumer Credit Licence Number: 608951
Clubfinance Ltd. is authorised and regulated by the Financial Services Authority (400139)
Change of Agent
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