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Cavendish online deals will give commission to charity

Cavendish Financial Management is launching an online financial products service that reinvests commission back into the policy or donates it to charity.

Customers buying a policy through the website will pay a flat fee of £25 to cover the administration of each application.

The service is only accessible online but transactions have to be processed and completed on paper.

Cavendishonline will be donating renewal commission to charities. The service is being set up by Cavendish managing director Julie Lord, former chairman and president of the Institute of Financial Planning, and Ian Williams, a former financial planner at Chartwell Investment Management.

Lord predicts £100,000 could be distributed to charities in the coming year. Customers are invited to choose from a nominated list of charities which includes Age Concern, Cancer Research Campaign, Childline, RSPCA, Friends of the Earth and Shelter.

Cavendishonline has a separate account into which all renewal commission will be paid. The money donated to charities will be paid every six months and a report detailing all the donations will be published on the website.

Lord says: “The service puts commission under even more intense scrutiny by providing the customer with a totally transparent service.

“There is a growing market for execution-only financial products among an increasingly knowledgeable and sophisticated band of consumers.”

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