Compliance

compliance

These Terms of Business applicable from 29/04/2019 set out the general terms under which O’Leary Financial Planning will provide business services to you and the respective duties and responsibilities of both us and you in relation to such services. Please ensure that you read these terms thoroughly and if you have any queries we will be happy to clarify them. If any material changes are made to these terms we will notify you.

 

Authorisation & Codes of Conduct

O’Leary Insurances Life & Pensions (Galway) Ltd trading as O’Leary Financial Planning is regulated by the Central Bank of Ireland as an Investment Business Firm under Section 10 of the Investment Intermediaries Act 1995 (as amended) and as an Insurance Intermediary under the European Union (Insurance Distribution) Regulations 2018 Copies of our regulatory authorisations are available on request.

We are subject to the Consumer Protection Code, Minimum Competency Code and Fitness & Probity Standards which offer protection to consumers. The Central Bank of Ireland holds registers of regulated firms. These Codes offer protection to consumers and can be found on the Central Bank of Ireland website. You may contact the Central Bank of Ireland on 1890 777 777 or alternatively visit their website at www.centralbank.ie  to check their register for our credentials and these codes, our Central Bank registration number is C11237.

 

Our Services

O’Leary Financial Planning is a member of Brokers Ireland. Our principal business is to provide advice on a fair and personal analysis basis in relation to Financial Services products and services. We provide impartial advice and arrange transactions in the areas of Investment, Pre & Post Retirement Planning, Life Insurance, and Business & Family Protection. On your behalf we will carry out a fair and personal analysis of the market available to us; taking account of a sufficiently large number of Insurers /Product Producers to enable us to make a professional recommendation to meet your requirements.

We act solely in the best interests of our clients at all times and pride ourselves in building lasting professional client relationships. Our firm does not have a ‘tied’ relationship with any institution. We offer our clients an extensive choice of suitable products that best serve their needs and circumstances.

 

A Full lists of product producers with which we deal with are listed below;

Aviva Life & Pensions Ireland

BCP Asset Management DAC

Blackbee Investments Limited

Cantor Fitzgerald Ireland Limited

Friends First Life Assurance Company DAC

Greenman Investments

Independent Trustee Company Limited

Irish Life Assurance Plc

J & E Davy

KBC Bank Ireland plc

Mercer

New Ireland Assurance Company plc

Phoenix

The Royal London Insurance DAC

Standard Life Assurance Ltd

Wealth Options

Zurich Life Assurance plc

 

We provide our services based on the product selection from the Companies we have agencies with and recommend the product that, in our professional opinion, are best suited to your own needs and objectives. On receipt of your instructions, we will transmit orders on your behalf to one or more Insurers/Product Producers with whom we hold a written appointment.

 

Investment Intermediary Services

We are remunerated by commission for our investment intermediary services. We are also remunerated by commission for the advice we provide on our insurance-based investment products.

 

Life & Pensions/ Deposits & Life Wrapped Investments

We provide life assurance and pensions on a fair and personal analysis basis i.e. providing services on the basis of a sufficiently large number of contracts and product producers available in the market to enable us to make a recommendation, in accordance with professional criteria, regarding which contract would be adequate to meet your needs.

We will provide assistance to you for any queries you may have in relation to the policies or in the event of a claim during the life of the policy and we will explain to you the various restrictions, conditions and exclusions attached to your policy. However, it is your responsibility to read the policy documents, literature and brochures to ensure that you understand the nature of the policy cover, especially in relation to serious illness policies where we will explain clearly to you the restrictions, conditions and general exclusions that attach to that policy.

 

Statement of Charges

O’Leary Financial Planning is remunerated by commission from product producers on the completion of your business. Where we receive recurring commission, this forms part of the remuneration for ongoing service on your business. You may choose to pay in full for our services by means of a fee. We reserve the right to charge additional fees if the number of hours relating to on-going advice/assistance exceeds 2 hrs.

In certain circumstances, it will be necessary to charge a fee for services provided.  These are listed below. In other circumstances where fees are chargeable or where you choose to pay in full for our service by fee, we will notify you in writing in advance and agree on the scale of fees to be charged if different from fees outlined below.  Where it is not possible to provide the exact amount, we will provide you with the method of calculation of the fee.

 

Life & Pensions

You may elect to deal with us on a fee basis.  (It is common to distinguish on the basis of the seniority of the person and between advisers and support staff.)

e.g.:

Principles / Directors      €300       per hour

Support Staff                     €150       per hour

Additional fees may be payable for complex cases or to reflect value, specialist skills or urgency, our scale of fees for such cases range from a minimum of €300 per hour to a maximum of €500 per hour. We will notify you in advance and agree on the scale of fees to be charged.

 

Personal Retirement Savings Accounts (PRSAs) - Fees

Where advice is requested for PRSAs, the following hourly fees may/will apply:

Principles / Directors        €300       per hour

Support Staff                       €150       per hour

 

Additional fees may be payable for complex cases or to reflect value, specialist skills or urgency. We will notify you in advance of providing you with these services.  Our scale of fees for such cases ranges from a minimum of €300 per hour to a maximum of €500 per hour. If we receive a commission from a product provider, this will be offset against the fee which we will charge you. Where the commission is greater than the fee due, the commission will become the amount payable to the intermediary unless an arrangement to the contrary is made.

 

Ongoing Suitability

O’Leary Financial Planning’s services does not include ongoing suitability assessments. However, to ensure the continued suitability of the product or service you availed of we recommend that you review this with us on an annual basis.

 

Disclosure of Information

Any failure to disclose material information may invalidate your claim and render your policy void. Material information about medical history, non-smoker status, occupation category and any hazardous pursuits are central to underwriting decisions and it is imperative that all information you provide to the insurer is accurate and complete.  You must inform us immediately of any changes which may affect the services provided by us or the cover provided by your policy. To assist us in providing you with a comprehensive service and to keep our records as up-to-date as soon as possible, please notify us of any changes to your personal circumstances, e.g. name change, change of address, etc.

 

Handling Clients' Money

We recommend that all cheques or negotiable instruments are made payable to the appropriate Product Provider for Life, Pensions and Investment business. We will accept payments in circumstances permitted under Section 25(g) of the Investment Intermediaries Act, 1995, i.e. where the money represents premiums in respect of either a renewal of a policy which has been invited by an insurance undertaking, or a proposal accepted by an insurance undertaking. Every effort is made to ensure that clients’ money is transmitted to the appropriate Product Provider without delay. We are not authorised to accept cash or negotiable instruments in any other circumstances.

We shall issue a receipt for each payment received pursuant to Section 30 Investment Intermediaries Act, 1995 and under the Consumer Protection Code 2012. These receipts are issued with your protection in mind and should be stored safely.

The acceptance by O’Leary Financial Planning of a completed proposal DOES NOT in itself constitute the effecting of a policy. It is only when the Insurer confirms the policy is in place that your policy is live.

 

Regular Reviews

It is in your best interests that you review, on a regular basis, the products which we have arranged for you. As your circumstances change, your needs will change. You must advise us of those changes and request a review of the relevant policy so that we can ensure that you are provided with up to date advice and products best suited to your needs. Failure to contact us in relation to changes in your circumstances or failure to request a review may result in you having insufficient insurance cover and/or inappropriate investments.

 

Conflicts of interest

It is the policy of O’Leary Financial Planning to avoid conflicts of interest in providing services to you. However, where an unavoidable conflict of interest arises we will advise and agree with you of this in writing before providing you with any service. As per above, we receive payment from Product Producers for your business. A full copy of our conflicts of interest policy is available on request.

 

Default on payments by clients

O’Leary Financial Planning will exercise its legal rights to receive payments due to it from clients (fees) for services provided. Product producers may withdraw benefits or cover in the event of default on payments due under products arranged for you. We would refer you to policy documents or product terms for the details of such provisions.

 

Complaints

A full copy of our complaints procedure is available on request.

Complaints may be made in writing, by email, by telephone or in person, if your complaint is by telephone or in person we will initially write to you to confirm our understanding of your complaint.  We will acknowledge your complaint in writing within 5 business days and we will fully investigate it. The complainant will receive an update on the complaint at intervals of not greater than 20 business days starting from the date on which the complaint was made. On completion of our investigation, we will provide you with a written report of the outcome. Please send all complaints to Mary Burke, O’Leary Financial Planning, Liosban Business Park, Tuam Road, Galway. 

In the event that you are still dissatisfied with our handling of or response to your complaint, you are entitled to refer the matter to the; Financial Services & Pensions Ombudsman, 3rd Floor, Lincoln House, Lincoln Place, Dublin 2, Lo call 1890 882090, Tel 01 567 700, info@fspo.ie.

 

Data Protection

O’Leary Financial Planning complies with the requirements of the General Data Protection Regulation 2018 and Irish Data Protection Acts 2010 to 2018. O’Leary Financial Planning is committed to protecting and respecting your privacy. We wish to be transparent on how we process your data and show you that we are accountable with the GDPR in relation to, not only processing your data but, ensuring you understand your rights as a client. The data will be processed only in ways compatible with the purposes for which it was given and as outlined in our Data Privacy Notice. Our Privacy Notice is accessible through this website. If this medium is not suitable we will ensure you can easily receive a copy by; post or email. Please contact us at dataprotectionoffice@olg.ie if you have any concerns about your personal data or call us on 091 778677.

 

Compensation Scheme

We are members of the Investor Compensation Scheme operated by the Investor Compensation Company Ltd.

The Investor Compensation Act, 1998 provides for the establishment of a compensation scheme and the payment, in certain circumstances, of compensation to certain clients known as eligible investors) of authorised investment firms, as defined in that Act.  The Investor Compensation Company Ltd. (ICCL) was established under the 1998 Act to operate such a compensation scheme and our firm is a member of this scheme. Compensation may be payable where money or investment instruments owed or belonging to clients and held, administered or managed by the firm cannot be returned to those clients for the time being and where there is no reasonably foreseeable opportunity of the firm being able to do so.

A right to compensation will arise only: If the client is an eligible investor as defined in the Act; and If it transpires that the firm is not in a position to return client money or investment instruments owned or belonging to the clients of the firm; and To the extent that the client’s loss is recognised for the purposes of the Act. Where an entitlement to compensation is established, the compensation payable will be the lesser of 90% of the amount of the client’s loss which is recognised for the purposes of the Investor Compensation Act, 1998; or Compensation of up to €20,000.  For further information, contact the Investor Compensation Company Ltd on (01) 224 4955.

 

Brokers Ireland Compensation Fund 

We are also members of the Brokers Ireland Compensation Fund. Subject to the rules of the scheme the liabilities of its members firms up to a maximum of €100,000 per client (or €250,000 in aggregate) may be discharged by the fund on its behalf if the member firm is unable to do so, where the above detailed Investor Compensation Scheme has failed to adequately compensate a client of the member. Further details are available on request.

 

Governing Law and Business Succession

These Terms of Business shall be governed by and construed in all respects according to the laws of the Republic of Ireland and will be deemed to cover any successors in business to O’Leary Financial Planning.

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