These Terms of Business set out the basis on which O’Leary Life & Pensions Ltd. will provide business services to you. Please take a few minutes to read through these and if you have any questions I will be happy to answer them.
The full name and address of the firm and communication details are set out at the end of this document. O’Leary Life & Pensions Ltd is associated with the O’Leary Insurance Group.
O’Leary Life & Pensions Ltd. is regulated by the Central Bank of Ireland as an Investment Intermediary. The firm is also registered with the Central Bank of Ireland as an Insurance Intermediary under the European Communities (Insurance Mediation) Regulations, 2005. Copies of our authorisations are available on request. The Central Bank of Ireland hold registers of authorised firms and you may verify our authorisations by contacting the Central Bank of Ireland on 1890 77 77 77. O’Leary Life & Pensions Ltd is subject to the Central Bank’s Consumer Protection Code 2012, the Minimum Competency Code, and the Fitness & Probity Standards which offer protection to consumers – these Codes can be found on the Central Bank’s website www.centralbank.ie. O’Leary Life & Pensions Ltd does not have a shareholding in any product producer and no product producer holds a shareholding in our firm.
O’Leary Life & Pensions Ltd. offers financial advice relating to Financial Planning, Wealth Management, Retirement Planning, Investments, Protection and Insurance. The Company may transmit orders on clients’ behalf to any of the financial product producers with whom the Company holds written appointments. A full list of product producers and deposit providers with which we deal with is available on request.
The firm acts as an Independent Adviser 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. Our current basic hourly rate is detailed under the heading Remuneration and Fees.
The firm provides advice on financial planning. In order to facilitate this, we will need to collect sufficient information from you before we can offer any advice. Once we have completed our analysis we will present our findings and recommendation(s) to you.
The firm provides advice 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 your needs). This applies to all of the products on which we advise, including but not limited to, life and serious illness cover, income protection, pensions, savings and investments.
In relation to serious illness policies, we will explain clearly to you the restrictions, conditions and general exclusions that attach to that policy.
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 provide you with information on 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.
The firm provides deposit advice on both long and short term deposit rates on a limited analysis basis. (i.e. providing services on the basis of a limited number of contracts and product producers available on the market).
DISCLOSURE OF INFORMATION
It is important that you ensure that all information provided on proposal forms, application forms, statement of facts and any other documentation relevant to the service being provided to you is complete and accurate. If you are in doubt as to whether information is relevant or not, please disclose it to us. Failure to disclose any material information could invalidate your cover and could mean that all or part of a claim will not be paid.
REMUNETATION AND FEES
The firm is remunerated by commission and other payments from product producers on the completion of business. You may choose to pay in full for our services by means of a fee which would be agreed with us in advance. Where we receive recurring commission, this forms part of the remuneration for initial advice provided and also for the ongoing management of your policy.
In respect of new business the firm may receive commission and other payments from the product producers to whom orders are transmitted. Summary details of these payments will be included in an information document, which you are legally entitled to receive before an application for a product is completed, and full details will be included with your cooling off letter.
O’Leary Life & Pensions Ltd. will, if necessary, exercise its legal right to receive any payments due to it from clients for business services provided.
In certain circumstances it will be necessary to charge a fee for services provided. Fees may be payable for complex cases or to reflect value, specialist skills or urgency or you may choose to pay in full for our service by fee. In any case we will give an estimate of the rate in advance of providing you with services. If we receive commission from a product producer this may be offset against the fee which we charge. This will be agreed in advance, where relevant.
|Staff Category||Professional Fee/Hourly Rate|
|Director/Associate Director/Senior Consultant||€250 per hour|
|Support Staff||€125 per hour|
Please note that these fees may be subject to VAT.
Our minimum premium for life cover is €20pm (€200pa). Whilst there may be a cheaper premium available on the market, this minimum premium will also provide you with either an increased level of life cover or an extended term.
Should you wish to proceed with the cheaper premium we reserve the right to charge an additional once off fee of €100 for arranging the cover.
We charge a minimum fee of €500 for processing a retirement claim where a client is drawing down some or all of their entire fund as Tax Free and/or Taxable Cash.
COOLING OFF PERIOD
You have the right to withdraw from a protection/pension/investment product with a life company, without reason, within 30 days of the start date of a policy, known as ‘cooling-off’ period. This must be exercised by you in writing to the relevant life assurance company.
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.
You are responsible for providing complete and accurate information. It is important that you check the details on your proposal form(s) and read all documents issued to ensure that you are aware of the cover, limits etc. and advise us if it does not appear to be in accordance with your instructions/requirements. Please keep us informed of any changes in your circumstances.
Failure to pay a premium may result in cancellation or your policy by the product producer, withdrawal of benefits or refusal to pay a claim. Please contact us immediately if you are unable to meet a premium obligation.
Whilst we will exercise due care and attention in the performance of our Services, please note that we are not authorised to provide legal or taxation advice. Should this be required, we would recommend that you consult with your own advisers in this regard.
O’Leary Life & Pensions Ltd. is a member of the Investor Compensation Scheme, which provides certain remedies to eligible clients on default by the firm. The main details of the operation and conditions of the Scheme are detailed hereunder. Your legal rights against the firm are not affected by this scheme.
1. Investor Compensation Act 1998
We are members of the Investor Compensation Scheme established under Section 38 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.
2. IBA Compensation Fund
We are also members of the Irish Brokers Association (IBA) 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 any client of the member. Further details are available on request.
3. Professional Indemnity Cover
For your further protection, the Group has substantial Professional Indemnity cover in place.
Any complaint that you may have in relation to the business services provided should be made in writing to the firm outlining the nature of your complaint. Any such complaint will be acknowledged within 5 business days. The complaint will be fully investigated by O’Leary Life & Pensions Ltd. and we will aim to resolve the complaint within 40 business days, and where an investigation is ongoing will provide a written update on the progress at intervals of not greater than 20 business days. When the investigation is concluded, a final response will be issued to you regarding the outcome of the investigation, within 5 business days. In the event that you remain dissatisfied with the firms handling and response to your complaint you are entitled to refer your complaint to Financial Services Ombudsman or Pensions Ombudsman, contact details of which are available on request.
ANTI MONEY LAUNDERING
All Anti Money Laundering verification checks are a requirement under the Criminal Justice (Money Laundering & Terrorism Financing) Act 2010 and regulations pursuant thereto.
The information you provide will remain confidential and may be used for the provision and administration of other financial products. Such information may be disclosed, in confidence, for these purposes to service providers appointed by O’Leary Life & Pensions Ltd, regulatory bodies and other O’Leary Group companies. This information will be processed and held on our computer/cloud and manual record systems.
Please note that the details you are being asked to supply may be used to provide you with information about other products and services from O’Leary Life & Pensions Ltd, other O’Leary Group companies, or other firms with which any member of the O’Leary Group has a formal business relationship.
The fact that you choose not to receive such information will not affect any aspect of the facilities that we provide to you now or in the future.
Please note that telephone calls may be recorded for security and verification purposes.
This Terms of Business document supersedes any others which were previously issued to you.
These Terms of Business are valid from 31st January 2017 until further notice.