Terms of Business
These Terms of Business outline the basis on which we provide services to our clients. Please ensure that you read this document carefully. These Terms of Business apply to all business transactions undertaken for you or services provided to you and will remain in force until further notice. Should we make any material changes to our terms, we will advise you in advance of providing any further services to you.
Declan Maher Financial Services Ltd, trading as DMFS (C138545) is regulated by the Central Bank of Ireland as an insurance intermediary registered under the European Union (Insurance Distribution) Regulations 2018; as an Investment Intermediary authorized under the Investment Intermediaries Act 1995 and as a Mortgage Intermediary authorized under the Consumer Credit Act 1995 and as a Mortgage Credit Intermediary under the European Union (Consumer Mortgage Credit Agreements) Regulations 2016. Copies of our regulatory authorisations are 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.
Contact Details
Declan Maher QFA, CFP®, Director,
Declan Maher Financial Services Ltd, trading as DMFS.
1A Liberty Square, Thurles, Co. Tipperary.
(T) 0504 95340
(E) info@dmfsgroup.ie
Statutory Codes
DMFS is subject to and complies with the Consumer Protection Code, Minimum Competency Code and Fitness & Probity Standards. These Codes offer protection to consumers and can be found on the Central Bank of Ireland website www.centralbank.ie
Our Services
We offer advice on a fair and personal analysis basis in relation to Insurance, Financial Services and Mortgages. 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 contracts and product producers to enable us to make a professional recommendation to meet your requirements.
We offer our clients an extensive choice of suitable products that best serve their needs and circumstances. On receipt of your instructions we will transmit orders on your behalf to one or more product producers with whom we hold a written appointment.
We do not have any ‘tied’ relationships with any institution that would compromise our ability to offer you advice and choice. A full list of insurers, product producers and lending agencies with which we deal is available on request.
We do not guarantee nor make representations in regard to, and expressly disclaim responsibility for the financial security of the Insurance Companies and Product Producers with which we place business.
Fair & Personal Analysis
The concept of fair and personal analysis describes the extent of the choice of products and providers offered by an intermediary within a particular category of life insurance, 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 reasonably be 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 and personal 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 information.
Disclosure of Information – Life
It is your responsibility to provide complete and accurate information for insurers when arranging an insurance policy. Failure to disclose any material information to your insurers may invalidate your insurance cover and could mean that all or part of a claim will not be paid. You must inform and disclose any material information including any material changes that might have taken place between the time you complete an application form and the time you pay the first premium.
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; particularly in relation to Income Protection and Serious Illness policies.
Disclosure of Information – Mortgages
We will need to collect sufficient information from you before we can offer any advice on housing loans. This is due to the fact that a key issue in relation to mortgage advice is affordability. Such information should be produced promptly on request.
Cooling Off/Right to Withdraw
Please refer to your policy documents for information on cooling off periods.
Cancellation
You, the customer, can cancel your policy at any time by giving notice in writing subject to the terms and conditions of the applicable policy.
Remuneration
Life
DMFS will be remunerated for business services we offer you, our client, in a number of ways:
1. By the Product Producers with whom we place business in the form of a commission payment and/or based on the quality of business introduced, including an economic benefit of any kind offered or given with the insurance contract; remuneration is fully disclosed.
Or
2. By you directly in the form of a fee which we will discuss and agree in advance of all transactions.
3. You also have the option to pay for the services we provide by way of a professional fee and/or by way of a combination of commissions and fees which we will discuss and agree in advance of all transactions.
Details of all arrangements for any fee, commission, other reward or remuneration paid or provided to us which we have agreed with product providers is available on our website www.dmfsgroup.ie
Mortgages
DMFS may receive a commission from mortgage lenders in respect of mortgage cases, the maximum fee currently payable is 1%. Any additional charges or fees for services rendered by our financial services division will be clearly disclosed to the client in writing prior to the inception of the mortgage and will be agreed with the consumer in writing.
If we provide mortgage advice and obtain a Loan Offer for you and you subsequently do not proceed with your mortgage application through our firm, we will charge you an arrangement fee of €250 for our services.
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. A copy of our Conflicts of Interest Policy is available on request.
Default on payments by clients
We will exercise our legal rights to receive payments due to us from clients (fees and insurance premiums) for services provided. In particular, without limitation to the generality of the foregoing, the firm will seek reimbursement for all payments made to insurers on behalf of clients where the firm has acted in good faith in renewing a policy of insurance for the client.
Product producers may withdraw benefits or cover in the event of default on payments due under policies of insurance or other products arranged for you. We would refer you to policy documents or product terms for the details of such provisions.
Mortgage lenders may seek early repayment of a loan and interest if you default on your repayments. Your home is at risk if you do not maintain your agreed repayments.
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.
A written update will be issued to your every 20 days by a nominated individual within our firm. A comprehensive response to your complaint will be issued within 8 weeks of receipt of your initial complaint. 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 (1890-882090 enquiries@financialombudsman.ie) or the Pensions Ombudsman (01-6471650 info@pensionombudsman.ie). A full copy of our complaints procedure is available on request.
Compensation Scheme
We are members of the Investor Compensation Scheme established under section 30 of the Investor Compensation Act 1998. The Act provides that compensation shall be paid to eligible investors (as defined in the Act) to the extent of 90% of an investor’s net loss or €20,000, whichever is the lesser, and is recognised as being eligible for compensation. Further details are available on request.
Professional Indemnity Insurance Cover
We have Professional Indemnity Insurance Cover to the levels of €1.25m per claim, with €1.85m in aggregate, as required under the EU Insurance Mediation Directive.
Anti Money Laundering & Countering the Finance of Terrorism
Our firm reserves the right to request any facts about a client which it reasonably believes it needs to know in order to comply with the Criminal Justice (Money Laundering & Terrorist Financing Act 2010 (as amended).
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 may result in you having insufficient insurance cover and/or inappropriate investments.
Data Protection – Data Sharing Consent
DMFS is subject to the requirements of the General Data Protection Regulation (GDPR) 2018 and the Irish Data Protection Act 2018. We collect your personal details on a ‘need to know’ basis in order to provide the highest standard of service to you. We take great care with the information provided; taking steps to keep it secure and to ensure it is used only for legitimate purposes. The data which you provide to us will be held on a computer database and paper files for the purposes of arranging transactions on your behalf.
In order to provide seamless service to you, DMFS may transfer any data we receive from you and any data we hold on you to our Business Partners located in Ireland. You have a right of access to and the right to rectify the data concerning you held by DMFS. You also have a right to request the transfer of your personal data to a new provider. Any requests should be forwarded to the Compliance Officer. Our data “Privacy Policy” is available on our website www.dmfsgroup.ie
Terms of Business Acknowledgement
I acknowledge that I have been provided with a copy of the Terms of Business of Declan Maher Financial Services Ltd and confirm that I have read and understand them.
