Terms of Business of Liam McGuire t/a Liam McGuire Financial Services.
These Terms of Business set out the general terms under which our firm will provide business services to you and the respective duties and responsibilities of both the firm 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.
Central Bank of Ireland Authorisation
Liam McGuire t/a Liam McGuire Financial Services is regulated by the Central Bank of Ireland as a Multi-Agency Intermediary authorised under the Investment Intermediaries Act, 1995; as a Mortgage Intermediary authorised under the Consumer Credit Act, 1995; and as an Insurance Intermediary registered under the European Communities (Insurance Mediation) Regulations, 2005. 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 by telephone on 1890 200 469 or alternatively visit its website at www.centralbank.ie to verify our credentials.
Codes of Conduct
Liam McGuire t/a Liam McGuire Financial Services is subject to the Central Bank of Ireland’s Consumer Protection Code, Minimum Competency Requirements and Fitness & Probity requirements, which offer protection to consumers. The Consumer Protection Code can be found on the Central Bank of Ireland’s website www.centralbank.ie.
Liam McGuire t/a Liam McGuire 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 insurance providers, and therefore can 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 assurance (to include all classes of life assurance, serious illness, permanent health insurance and income protection), pensions & retirement products, mortgages, deposits and investment products. A full list of the insurers, product producers and lending agencies with which we deal is available on request.
Liam McGuire t/a Liam McGuire Financial Services acts as an Independent Broker which means that:
- a) the principal regulated activities of the firm are provided on the basis of a fair analysis of the market; and
- b) you have the option to pay in full for our services by means of a fee.
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,
- the cost of the product, and
- any other relevant consideration.
Life & Pensions, Savings & Investments
Liam McGuire t/a Liam McGuire Financial Services provides life assurance and pensions on a fair analysis basis.
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.
Liam McGuire t/a Liam McGuire Financial Services provides deposit accounts on a limited analysis basis.
Through the lenders or other undertakings with which we hold an agency, Liam McGuire t/a Liam McGuire Financial Services can provide advice on and arrange products from the following range: fixed-rate loans, variable rate mortgages, capital & interest mortgages, interest only mortgages, endowment mortgages, pension mortgages, residential investment property mortgages, commercial mortgages, refinance and renegotiation.
Liam McGuire t/a Liam McGuire Financial Services provides mortgage advice on a fair analysis basis.
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 upon request.
The firm provides debt management services on a fair analysis basis. We provide specialist mortgage advisory re-structuring services in relation to residential, buy to let and commercial mortgage debt and unsecured debt. This service includes but is not restricted to; consultations, documentation review, drafting of correspondence and lender representation.
It should be noted that:
- Fees are not refundable in the event of a repayment plan proposal being unsuccessful.
- There is no guarantee that any current or future legal action or proceedings against you will be suspended or withdrawn whilst we are in negotiation with your creditors.
- Any debt management solution may lead to a negative impact on your credit rating.
- Whilst we use all reasonable endeavours’ to ensure a satisfactory outcome for you, please be advised that ultimately any decision is at the absolute discretion of your creditor.
- The firm reserves the right to withdraw any services being provided should you fail to satisfy our payment terms as outlined above.
- All reasonable incidental costs will be applied to your account, e.g. postage, courier costs and revenue approved mileage expenses, where applicable and pre-agreed with you.
Disclosure of Information & Remuneration Policy
Any failure to disclose material information may invalidate future claims and render void any policy purchased.
Liam McGuire t/a Liam McGuire Financial Services is remunerated by commission and other payments from product producers or lenders on the completion of business. You may choose to pay in full for our services by means of a fee. Where we receive recurring commission, this forms part of the remuneration for initial advice provided. We reserve the right to charge additional fees if the number of hours relating to on-going advice/assistance exceeds 3 hours in any year.
In certain circumstances, it will be necessary to charge a fee for services provided. These are listed below for life and pension business and Standard PRSAs. 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 different from fees outlined below.
Life, Pension & PRSA Fees
You may elect to deal with us on a fee basis. In such cases an hourly rate of €150 will apply.
Additional fees may be payable for complex cases or to reflect value, specialist skills or urgency. We will give an estimate of this rate in advance of providing you with services. If we receive 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.
We may receive up to 1% of the loan amount for arranging mortgage finance. This commission is paid by the mortgage lender.
Please note that lenders may charge specific fees in certain circumstances and if this applies, these fees will be specified in your Loan Offer. You have the right to pay a fee separately and not include it in the loan. Typically, this situation arises in relation to specialist lending.
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 €300 for our services.
For all other mortgage services our fees are €150 per hour.
Debt Management Fees
Fees for Debt Management Services will be charged at a maximum rate of €150 per hour. A minimum case fee of €500 will apply.
VAT will be charged all fees, if applicable and where required.
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.
Default on payments by clients
Our firm will exercise its legal rights to receive payments due to it from clients (fees and insurance premiums) for services provided. In particular, without limitation of 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 on any loan secured by it.
We have a written procedure in place for the handling of 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. We will provide a written update every 20 days and, 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.
Liam McGuire t/a Liam McGuire Financial Services complies with 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. We would also like to keep you informed of mortgage, insurance, investment, and any other services provided by us or associated companies with which we have a formal business arrangement, and which we think may be of interest to you. We would like to contact you by way of letter, email, telephone call or personal visit. 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.
Liam McGuire t/a Liam McGuire Financial Services is not authorised to handle cash on behalf of clients.
Liam McGuire t/a Liam McGuire Financial Services will issue a receipt for each payment received, pursuant to Section 30 of the Investment Intermediaries Act 11995. These should be retained for future reference.
Investor Compensation Scheme
We are members of the Investor Compensation Scheme, operated by the Investor Compensation Company Ltd, which was established under The Investor Compensation Act, 1998. The scheme provides for the payment, in certain circumstances, of compensation to eligible clients (known as eligible investors) of authorised investment firms, as defined in that Act. Compensation may be payable in the event that money or investment instruments owed by, or belonging to, clients and held, administered or managed by Liam McGuire t/a Liam McGuire Financial Services 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 90% of the amount of the loss which is recognised for the purposes of the Investor Compensation Act, 1998, subject to a maximum Compensation of €20,000.
Further information can be obtained from the Investor Compensation Company Ltd. at (01) 224 4955.
Liam McGuire t/a Liam McGuire Financial Services complies with the requirements of the General Data Protection Regulation 2018 and the Irish Data Protection Act 2018 (update when Bill has been passed). 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 and as outlined in our Data Privacy Notice and Data Protection policy.
We would also like to keep you informed of mortgage, pension, insurance, investment and any other services provided by us or associated companies with which we have a formal business arrangement; that we think may be of interest to you. We would like to contact you by way of letter, email or telephone call. If you would like to receive to receive such marketing information please complete the permission statements contained in the Terms of Business acknowledgement letter attached. We may receive referrals from such firms and may advise them of any transactions arranged for you.
You have the right at any time to request a copy of any ‘personal data’ within the meaning of the GDPR) that our office holds about you and to have any inaccuracies in that information corrected. Please contact us at firstname.lastname@example.org if you have any concerns about your personal data.
Terms of Business effective from 04/2018 (Version 4)