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Commission (remuneration)
Commissions are a form of variable-pay remuneration for services rendered or products sold. Commissions are a common way to motivate and reward salespeople. Commissions can also be designed to encourage specific sales behaviors. For example, commissions may be reduced when granting large discounts. Or commissions may be increased when selling certain products the organization wants to promote.Commissions are usually implemented within the framework on a sales incentive program, which can include one or multiple commission plans (each typically based on a combination of territory, position, or products). Payments are often calculated using a percentage of revenue, a way for firms to solve the principal–agent problem by attempting to realign employees' interests with those of the firm. However, models other than percentages are possible, such as profit-based approaches, or bonus-based approaches. Commissions allow sales personnel to be paid (in part or entirely) based on products or ...
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Remuneration
Remuneration is the pay or other financial compensation provided in exchange for an employee's ''services performed'' (not to be confused with giving (away), or donating, or the act of providing to). A number of complementary Employee benefit, benefits in addition to pay are increasingly popular remuneration mechanisms. Remuneration is one component of reward management. In the UK it can also refer to the automatic division of profits attributable to members in a Limited Liability Partnership (LLP). Types Remuneration can include: *Commission (remuneration), Commission *Compensation methods in online advertising and internet marketing *Employee benefits *Employee stock ownership *Executive compensation **Deferred compensation *Salary **Performance-linked incentives * Wage United States For wage withholding purposes under U.S. income tax law, the term "wage" means remuneration (with certain exceptions) for services performed by an employee for an employer.''See generally'' subse ...
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Financial Adviser
A financial adviser or financial advisor is a professional who provides financial services Financial services are the economic services provided by the finance Finance is a term for the management, creation, and study of money In a 1786 James Gillray caricature, the plentiful money bags handed to King George III are contra ... to clients based on their financial situation. In many countries, financial advisors must complete specific training and be registered with a regulatory body in order to provide advice. In the United States, a financial adviser carries a Series 7 and Series 66 or Series 65Uniform Investment Adviser Law Examination, also called the Series 65 exam, is a test taken by individuals in the United States who seek to become licensed investment adviser A financial adviser or financial advisor is a professional who provides ... qualification examination. According to the U.S. Financial Industry Regulatory Authority The Financial Industry Reg ...
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Employment Compensation
Remuneration is the pay or other financial compensation Financial compensation refers to the act of providing a person with money Money is any item or verifiable record that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular country or so ... provided in exchange for an employee Employment is the relationship between two party (law), parties, usually based on a employment contract, contract where work is paid for, where one party, which may be a corporation, for profit, not-for-profit organization, co-operative or ot ...'s ''services performed'' (not to be confused with giving (away), or donating, or the act of providing to). A number of complementary benefits Benefit or benefits may refer to: Perks and social welfare * Benefit (social welfare), provided by a social welfare program ** Federal benefits, provided by the United States federal government * Credit card#Benefits and drawbacks, Credit card, an ... ...
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Contract Law
A contract is a legally binding agreement that defines and governs the rights and duties between or among its parties Image:'Hip, Hip, Hurrah! Artist Festival at Skagen', by Peder Severin Krøyer (1888) Demisted with DXO PhotoLab Clearview; cropped away black border edge.jpg, 300px, ''Hip, Hip, Hurrah!'' (1888) by Peder Severin Krøyer, a painting portraying an .... A contract is legally enforceable when it meets the requirements of applicable law Law is a system A system is a group of Interaction, interacting or interrelated elements that act according to a set of rules to form a unified whole. A system, surrounded and influenced by its environment, is described by its boundari .... A contract typically involves the exchange of goods In economics Economics () is the social science that studies how people interact with value; in particular, the Production (economics), production, distribution (economics), distribution, and Consumption (economics), c ...
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Kickback (bribery)
A kickback is a form of negotiated bribery in which a Commission (remuneration), commission is paid to the bribe-taker in exchange for services rendered. Generally speaking, the remuneration (money, goods, or services handed over) is negotiated ahead of time. The kickback varies from other kinds of bribes in that there is implied collusion between agents of the two parties, rather than one party Extortion, extorting the bribe from the other.Wrage, Alexandra Addison. ''Bribery and Extortion: Undermining Business, Governments, and Security.'' Westport, Conn.: Praeger Security International, 2007. p. 14. The purpose of the kickback is usually to encourage the other party to cooperate in the scheme.Kranacher, Riley, and Wells, p. 387. The term "kickback" comes from Colloquialism, colloquial English language, and describes the way a recipient of illegal gain "kicks back" a portion of it to another person for that person's assistance in obtaining it.Campos, p. 299. Types and methods Th ...
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Soft Dollar
The term soft dollars refers to a Wall Street Wall Street is an eight-block-long street in the Financial District This is a list of financial districts in cities around the world. Background A financial district is usually a central area in a city where financial services firms suc ... practice, especially in the asset management and securities industries, and means the benefits provided to an asset manager by a broker-dealer as a result of commissions generated from a financial transaction executed by the broker-dealer for client accounts or funds managed by the asset manager. In a soft dollar arrangement, the investment manager directs commissions generated by a client's or fund's transactions to a broker-dealer or other trading venue An exchange, bourse (), trading exchange or trading venue is an organized market (economics), market where (especially) tradable security (finance), securities, commodity, commodities, foreign exchange market, foreign exchange, futures ...
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Financial Conduct Authority
The Financial Conduct Authority (FCA) is a financial regulatory body in the United Kingdom The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain,Usage is mixed. The Guardian' and Telegraph' use Britain as a synonym for the United Kingdom. Some prefer to use Britain as shorth ..., but operates independently of the UK Government, and is financed by charging fees to members of the financial services industry. The FCA regulates financial firms providing services to consumers and maintains the integrity of the financial markets in the United Kingdom. It focuses on the regulation of conduct by both retail and wholesale financial services firms. Like its predecessor the FSA, the FCA is structured as a company limited by guarantee In British, Irish and Australian company law Corporate law (also known as business law or enterprise law or sometimes company law) is the body of law Law is a system A system i ...
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Independent Financial Adviser
Independent financial advisers (IFAs) are professionals who offer independent financial advice, advice on financial matters to their clients and recommend suitable financial products from the ''whole of the market''. The term was developed to reflect a United Kingdom (UK) regulatory position and has a specific UK meaning, although it has been adopted in other parts of the world, such as Hong Kong. The term "independent financial adviser" was coined to describe the advisers working independently for their clients rather than representing an insurance company, bank or bancassurance, bancassurer. At the time (1988) the United Kingdom, UK government was introducing the polarisation regime which forced advisers to either be tied to a single insurer or product provider or to be an independent practitioner. The term is commonly used in the United Kingdom where IFAs are regulated by the Financial Conduct Authority (FCA) and must meet strict qualification and competence requirements. Typi ...
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Financial Services Authority
The Financial Services Authority (FSA) was a quasi-judicial body A quasi-judicial body is a non-judicial body which can interpret law. It is an entity such as an Arbitration panel or tribunal board, that can be a public administrative agency but also a contract- or private law entity, which has been given powers ... accountable for the regulation Regulation is the management of complex systems A complex system is a system A system is a group of interacting Interaction is a kind of action that occurs as two or more objects have an effect upon one another. The idea of a two-way e ... of the financial services industry Finance is the study of financial institutions, financial markets and how they operate within the financial system. It is concerned with the creation and management of money Image:National-Debt-Gillray.jpeg, In a 1786 James Gillray caricatu ... in the United Kingdom The United Kingdom of Great Britain and Northern Ireland, commonly known ...
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Financial Services
Financial services are the economic services provided by the finance Finance is a term for the management, creation, and study of money In a 1786 James Gillray caricature, the plentiful money bags handed to King George III are contrasted with the beggar whose legs and arms were amputated, in the left corn ... industry, which encompasses a broad range of business Business is the activity of making one's living or making money by producing or buying and selling products (such as goods and services). Simply put, it is "any activity or enterprise entered into for profit." Having a business name A trad ...es that manage money, including credit union A credit union, a type of financial institution similar to a commercial bank, is a member-owned financial cooperative, controlled by its members and operated on a not-for-profit basis. Credit unions generally provide services to members simila ...s, bank A bank is a financial institution Financial ins ...
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United Kingdom
The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain,Usage is mixed. The Guardian' and Telegraph' use Britain as a synonym for the United Kingdom. Some prefer to use Britain as shorthand for Great Britain Great Britain is an island in the North Atlantic Ocean off the northwest coast of continental Europe. With an area of , it is the largest of the British Isles, the List of European islands by area, largest European island, and the List of i .... The British Cabinet Office The Cabinet Office is a department Department may refer to: * Departmentalization, division of a larger organization into parts with specific responsibility Government and military *Department (country subdivision), a geographical and admini ...'s Government Digital Service The Government Digital Service is a unit of the Government of the United Kingdom's Cabinet Office tasked with transforming the provision of online public serv ...
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Retail Distribution Review
The Financial Services Authority (FSA) was a quasi-judicial body accountable for the financial regulation, regulation of the financial services industry in the United Kingdom between 2001 and 2013. It was founded as the Securities and Investments Board (SIB) in 1985. Its board was appointed by the HM Treasury, Treasury, although it operated independently of government. It was structured as a company limited by guarantee and was funded entirely by fees charged to the financial services industry. Due to perceived regulatory failure of the banks during the financial crisis of 2007–2008, the Cameron–Clegg coalition, UK government decided to restructure financial regulation and abolish the FSA. On 19 December 2012, the ''Financial Services Act 2012'' received royal assent, abolishing the FSA with effect from 1 April 2013. Its responsibilities were then split between two new agencies: the Financial Conduct Authority and the Prudential Regulation Authority (United Kingdom), Prudenti ...
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