Electronic commission statements

The process of commission reconciliation represents a necessary but labour intensive process for all IFAs.

The process is necessary so as to confirm that amounts received match expectation; because without proper reconciliation IFAs cannot value their pipeline opportunity or business debt (which they are required to do) and necessary because commissions received must often be divided between consultants, sales management, a business introducer or perhaps a network of which the IFA is a member.

What makes the process so labour intensive is the simple fact that each line item of a commission statement must be individually matched to a record of expectation manually – and this very often means copy typing information into a back office system from paper statements.

Automated commission reconciliation

Automated commission reconciliation offers considerable time savings, especially for larger firms and particularly for those with large volumes of trail commission.

We currently work with over 25 different providers and Quay’s technology not only does the job of delivering data in a standard format from these providers, it also does the job of matching expectation to receipt.

	Allied Dunbar
	Axa Sun Life
	Clerical Medical
	Eagle Star
	Friends Provident
	The Hartford
	Legal & General
	Norwich Union - Croydon   (Commercial Union)
	Norwich Union - Norwich
	Norwich Union - York (General Accident)
	Prudential & Scottish Amicable
	Scottish Equitable
	Scottish Life
	Scottish Mutual and Scottish Provident (Abbey)
	Scottish Mutual Pegasus
	Scottish Widows
	Skandia
	Standard Life
	Sterling
	Zurich Life