Terms of Business

These Terms of Business set out the basis on which Anthony O’Neill Financial Services will provide business services to you as an individual private client of the firm.

Please take a few minutes to read through these and if you have any questions we will be happy to answer same. If any material changes are made to these terms we will notify you.

AUTHORISATION BY THE CENTRAL BANK OF IRELAND

Anthony O’Neill Financial Services is regulated by the Central Bank of Ireland as an insurance intermediary registered under the European Communities (Insurance Mediation) Regulations, 2005. A copy of our regulatory authorisation is available on request. The Central Bank of Ireland holds registers of regulated firms. You may contact the Central Bank of Ireland on 1890 777 777 or alternatively visit their website at www.centralbank.ie to verify our credentials.

CODES OF CONDUCT

Anthony O’Neill Financial Services is subject to the Consumer Protection Code, Minimum Competency Code and Fitness & Probity Standards which offer protection to consumers. These Codes can be found on the Central Bank’s website www.centralbank.ie

OUR SERVICES

Anthony O’Neill Financial Services is a member of the Professional Insurance Brokers Association (PIBA). As a member of PIBA we must be in a position to place insurance with at least five Life Insurers and therefore can generally give consumers greater choice than agents and tied agents.

Our principal business is to provide advice and arrange transactions on behalf of clients in relation to life & pensions products. A full list of insurers, product producers and lending agencies with which we deal is available on request.

Fair Analysis

The concept of fair analysis is derived from the Insurance Mediation Directive. It describes the extent of the choice of products and providers offered by an intermediary within a particular category of life assurance, general insurance, mortgages, and/ or a specialist area. The number of contracts and providers considered must be sufficiently large to enable an intermediary to recommend a product that would be adequate to meet a client’s needs.

The number of providers that constitutes ‘sufficiently large’ will vary depending on the number of providers operating in the market for a particular product or service and their relative importance in and share of that market. The extent of fair analysis must be such that could be reasonably expected of a professional conducting business, taking into account the accessibility of information and product placement to intermediaries and the cost of the search.
In order to ensure that the number of contracts and providers is sufficiently large to constitute a fair analysis of the market, we will consider the following criteria:

  • the needs of the customer,
  • the size of the customer order,
  •  the number of providers in the market that deal with brokers,
  • the market share of each of those providers,
  • the number of relevant products available from each provider,
  • the availability of information about the products,
  • the quality of the product and service provided by the provider,
  • cost, and
  • any other relevant consideration.

Instructions

We prefer instructions to be given to us by email. If any instructions are given orally, they must be confirmed by email or in writing. We may refuse at our discretion to accept certain instructions, although such discretion will not be exercised unreasonably.

DISCLOSURE OF INFORMATION

Life & Pensions

Anthony O’Neill Financial Services provides life assurance and pensions on a fair analysis basis i.e. providing services on the basis of a sufficiently large number of contracts and product producers available on the market to enable us to make a recommendation, in accordance with professional criteria, regarding which contract would be adequate to meet the 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 policies 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; particularly in relation to PHI and serious illness policies.

Specifically on the subject of permanent health insurance policies it is our policy to explain to you a) the meaning of disability as defined in the policy; b) the benefits available under the policy; c) the general exclusions that apply to the policy; and d) the reductions applied to the benefit where there are disability payments from other sources.

For a serious illness policy, we will explain clearly to you the restrictions, conditions and general exclusions that attach to that policy.

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 our firm to avoid conflicts of interest in providing services to you.
However, where an unavoidable conflict of interest arises we will advise you of this in writing before providing you with any service.

Complaints

We ask that you make any complaint against our firm, relating to services provided by us, in writing. 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. 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 Ombudsman or the Pensions Ombudsman. A full copy of our complaints procedure is available on request.

Data Protection

Anthony O’Neill Financial Services complies with the requirements of the Data Protection Acts, 1988 and 2003.

The data which you provide to us will be held on a computer database and paper files for the purpose of arranging transactions on your behalf. The data will be processed only in ways compatible with the purposes for which it was given. We would also like to keep you informed of insurance, investment and any other services provided by us or associated companies with which we have a formal business arrangement; which we think may be of interest to you. We would like to contact you by way of letter, email or telephone call. If you do not wish to receive such marketing information please tick the box in the Terms of Business acknowledgement letter.

We may receive referrals from such firms and may advise them of any transactions arranged for you.

DISCLOSURE OF INFORMATION & CLIENT COMMITMENT

I (We) Undertake to read fully all relevant documents received within 30 days.
Any failure to disclose material information may invalidate your claim and render your policy void. If information provided is deliberately falsified or false claims knowingly made you understand you may be liable for Insurers’ costs of same including costs of any claims which is proven are false against Anthony O’Neill Financial Services.

COMMISSION CHARGES

Anthony O’Neill Financial Services is remunerated by commission and other payments from product producers or lenders on the completion of business. Where we receive recurring commission, this forms part of the remuneration for initial advice provided.

HANDLING CLIENTS MONEY

Anthony O’Neill Financial Services can accept payments in cash and by cheque in respect of the circumstances permitted under Section 25G of the Investment Intermediaries Act 1995.

Payments must represent premium in respect of either a renewal of a policy, which has been invited by an insurance undertaking or product producer or a proposal accepted by an insurance undertaking or product producer.

Anthony O’Neill Financial Services is not authorised to accept cash or negotiable instruments in any other circumstances.

TERMINATION

You, or we, may terminate our authority to act on your behalf at any time, without penalty. Notice of this termination must be given in writing. The discounts offered assume you maintain your policy for a full 12 months. If within the first 12 months, you cancel your policy and it is outside the cooling off period we cannot offer you a refund of the unused portion of the discounted premium you paid.

CHARGES

If within the first policy year, the policy is cancelled by the insured or the insurer then no refund or pro-rata refund will be made. You have the right to withdraw from your policy, withdrawal effectively meaning no policy was ever put in place. To withdraw from a policy, please send us a request in writing.

DEFAULT AND DUE PAYMENTS

Product producers may withdraw cover on default of any payments due under any products arranged for your benefit. Details of these provisions will be included in your policy/product terms and conditions. We will take such steps as may be necessary
to recover any monies due to us including the instigation of legal proceedings, the appointment of a receiver and all other rights available to us.

RECEIPTS

Anthony O’Neill Financial Services shall issue a receipt for each non-negotiable or negotiable instrument or payment received. This is required pursuant to Section 30 of the “Investment Intermediaries Act, 1995” and the Consumer Protection Code issued by the Central Bank of Ireland. These are issued with your protection in mind and should be stored safely.

COMPENSATION SCHEME

Anthony O’Neill Financial Services are members of the Investor Compensation Scheme operated by the Investor Compensation Company Ltd. See below for details.

Investor Compensation Scheme

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. at (01)2244955.

Note:
There are 2 copies of the document
First given at outset of meeting to client
Second retained attached to client file

Version 2014v5

CERTIFICATES OF QUALIFICATION / REGULATION & AUTHORISATION STATUS