These Terms of Business applicable from 06/02/2018 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 T/A O’Leary Financial Planning is regulated by the Central Bank of Ireland. We are subject to the Consumer Protection Code, Minimum Competency Code and Fitness & Probity Standards which offer protection to consumers. 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 reference code is C11237.
Our principal business is to provide advice and arrange transactions on behalf of clients in relation to life, investments & pension products. We are a member of Brokers Ireland. Full lists of product producers with which we deal with are listed below;
Aviva Life & Pensions UK Limited
BCP Asset Management DAC
Blackbee Investments Limited
Cantor Fitzgerald Ireland Limited
Friends First Life Assurance Company DAC
Independent Trustee Company Limited
Investec Bank Plc
Irish Life Assurance Plc
J & E Davy
KBC Bank Ireland plc
New Ireland Assurance Company plc
The Royal London Mutual Insurance Society Limited
Standard Life Assurance Ltd
Zurich Life Assurance plc
O’Leary Financial Planning acts as an Investment Intermediary 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.
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.
O’Leary Financial Planning is remunerated by commission and other payments 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 10 hrs. In certain circumstances, it will be necessary to charge a fee for services provided. 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 the scale of fees to be charged.
If we receive commission from a product provider, this may/will be offset against the fee which we will charge you. Where the commission is greater than the fee due, the commission may become the amount payable to us unless an arrangement to the contrary is made.
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 25G 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.
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 on this in writing before providing you with any service. As per above we receive payment from Product Producers for your business.
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.
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 within 5 business days and we will fully investigate it. 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, Tele 016620899, firstname.lastname@example.org.
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.
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.