Business partners

Remuneration, commissions & benefits

You have the right to be advised about any remuneration (including commissions) or other benefit that we, your advisers and other relevant persons receive, which are capable of having some influence on the quality of the advice you are given. This document has been designed, therefore, to assist you in deciding whether to use the financial services that we offer. It contains information about how Jyske Bank (Gibraltar) Limited, its employees and business partners are remunerated in relation to those services.

Commissions & benefits we receive from our business partners

When providing financial services to you we generally act in a principal capacity and not as a representative or agent of any other person. However, we may offer you financial products provided by related companies of Jyske Bank A/S and other business partners and, in so doing, receive payments in the form of commissions and other benefits.

Investing in packaged & structured products

In respect of packaged products (mutual funds and insurance-based investment products) and structured products, fees and commissions are generally calculated on the basis of the amount of money you invest and are deducted from your investment funds by the issuer of the product (the "product provider") at the time they receive those funds.

A portion of the entry fee charged by the product provider may be paid to us as an up-front commission. A portion of any ongoing management fee charged by the product provider on the value of your investment may (also) be paid to us as a trail commission.

Therefore, the more funds you invest in the product, and the longer you keep your investment, the more we stand to receive in commissions from the product provider.

The commissions we receive from our business partners are set out in table 1.

1: Commissions that Jyske Bank (Gibraltar) Limited receives from various business partners

Product	Up-front commission	Tail (ongoing) commission	Other commissions & monetary consideration
Franklin Templeton International Services S.A.
All funds		From 0.45-1.00% annually of assets under management
Irish Life International Limited
ILI Spanish Portfolio Bonds		(at our discretion) 0.8% receivable annually on the total premium(s) you pay to ILI.
Jyske Invest
All mutual funds	a percentage of the nominal amount you invest in a fund, as follows: 0.75%-1.00% for bond funds 1.25%-2.25% for equity funds 0.8%-1.375% for strategy funds	advisory service and agency commissions based on the average market value of the fund's assets, calculated and received on a quarterly basis, as folllows: 0.50%-0.75% for bond funds 1.00%-1.25% for equity funds 1.00%-1.75% for strategy funds	dealing fees (brokerage) calculated on the basis of the market value of the units you buy or sell, as follows: 0.00%-0.10% for bond funds 0.20%-0.25% for equity funds 0.00%-0.25% for mixed funds
Royal Bank of Scotland
Barrier Reverse Convertiblest		annual Sales Commission på 1,00 % of the nominal value
Schroder Investment Management (Luxemborg)
All funds		From 0.20-1.00% annually of assets under management
UBS Warburg
Certificates of Deposit	consideration fee of up to 1% of the nominal value, if purchased during the initial public offering	annual portfolio commission of 0.3% of the market value
Discount Certificates of Deposit	consideration fee of 0.3% of the nominal value, if purchased during the initial public offering
Fund of Hedge Fund Certificates	consideration fee of up to 2% of the nominal value, if purchased during the initial public offering	annual portfolio commission of 0.5% of the market value
Visa International
All Visa cards			ranging from 0.55% to 0.95% on card usage within the European Union (EU) and from 0.95% to 1.60% on card transactions outside the EU

Commissions & benefits we pay to our business partners

Mortgage lending

If you receive personal financial advice from an independent financial adviser (IFA) or mortgage broker in relation to the mortgage products we offer, the IFA or mortgage broker may receive from us:

• An up-front commission, which is based either on a flat fee or a percentage payment of the size of the loan. So if we pay a percentage-based commission, the more you borrow, the more your IFA or mortgage broker will receive from us.
• A trail commission, which is a percentage payment paid at monthly to annual intervals on the balance of the loan outstanding. Therefore, the longer your loan remains outstanding and the greater the outstanding balance is, the more income your IFA or mortgage broker will derive from that loan.

Business referrals

Depending on the products and services you choose, we may pay our business introducers a commission or other benefit, either as a flat fee or as a percentage of the total amount of income generated by their referrals.

To ensure complete transparency, we have arranged with our business partners to supply you the details of commissions we pay them. You may therefore have received from them a one page document. In any event, if you have been referred to us by a third-party and are interested in finding out what commissions, if any, they have received from us in respect of your introduction to us, please contact our Business Development Department.

How are employees of Jyske Bank paid?

All our staff members are salaried employees and do not receive any portion of the commissions or fees paid to us. However, they are eligible for an annual salary review based on a number of factors, including organisational performance, personal development and customer service standards.