Terms of Business
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. Any changes to our Terms of Business will be updated on the website.
Authorisation with the Financial Regulator
PFP Financial Services Limited is regulated by the Financial Regulator as a Multi Agency Intermediary under Section 10 of the Investment Intermediaries Act 1995 (as amended). The firm is also registered as an Insurance Intermediary under the Insurance Mediation Regulations 2005. PFP Financial Services is also regulated by the Financial Regulator as a Mortgage Intermediary under the Consumer Credit Act, 1995. Copies of our authorisations are available on request by emailing info@pfp.ie. The Financial Regulator holds registers of regulated firms. You may contact the Financial Regulator on 1890 777777 or alternatively visit their website at www.financialregulator.ie to verify our credentials.
Our Services
PFP Financial Services Limited 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 insurers of the relevant form 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, pensions, investment products and certain types of General Insurance.
Life, Pensions and Investments
As an Insurance Intermediary we can provide advice in relation to products for which we hold an agency, and can place business on your behalf with those product producers. PFP Financial Services Limited can provide advice on and arrange products from the following range: life cover, specified illness cover, income protection, deposits, regular savings, investments and pensions.
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.
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 Life Assurance (including Mortgage Life Assurance), Specified Illness Cover and Income Protection products.
Tax Relief on Income Protection included in calculators
For Income Protection Tax Relief is available at the marginal rate. The rate of 49% on the website combines tax relief at 41% (higher rate 2010) plus 8% of PRSI and Health Levy (Class A PRSI/ Health Levy). This is based on an Income for 2010 of €75,000 for an employee. The rate of 49% is used for illustrative purposes and where clarification is required a Registered Tax Consultant (See Taxation section below) should be contacted.
General Insurance: Travel and Wedding Insurance
PFP Financial Services Limited receives a commission in respect of business being introduced to Blue Insurances.
General Insurance: Household Insurance
All new household insurance business is referred to Mercury Insurance Brokers Limited with whom we have an agency agreement, a firm regulated by Financial Regulator. When you select our on-line quotation facility for a household quote you will receive a quote from a PFP Financial Services Limited representative which has been prepared by Mercury Insurance Brokers.
PFP Financial Services Limited will receive a commission for all business transacted via our agency with Mercury Insurance Brokers Limited.
Household business is transacted on an execution only basis (see below).
Terms of Business of Mercury Insurance Brokers Limited will be issued on acceptance of a quote.
Cooling-Off Period
With most policies you have a ‘cooling off’ period during which you can cancel a policy and get a refund of any premiums you have paid. These will be clearly advised in the policy information received from PFP Financial Services Limited or the relevant insurer.
Regular Review
With your agreement, we may review the policies you take out on a periodic basis to ensure that you are kept informed as to their benefits and to check whether they are still suitable for your needs.
Failure to contact us of changes in circumstances, or request a review, may result in you having insufficient insurance cover.
Mortgages
Through the lenders or other undertakings with which we hold an agency, PFP Financial Services Limited 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.
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.
We may receive up to 1% (or whatever maximum is applicable) of the loan 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. 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 may charge you an arrangement fee of €500 for our services. This will be advised in writing to you in advance.
Remuneration
PFP Financial Services Limited is remunerated by commission and other payments from product producers on the completion of business. In certain circumstances, it will be necessary to charge a fee for services provided.
Advisor fees: €100 – €200 per hour.
Support staff: €40 – €60 per hour.
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.
Any fees will be advised to you in writing in advance.
Conflict of Interest:
It is the policy of PFP Financial Services Limited to avoid a conflict of interest when providing services to clients. Where an unavoidable conflict arises we will advise you of this in writing before providing any business service. If you have not been informed of any such conflict you may assume that none arises.
Complaints Procedure:
PFP Financial Services Limited has a written procedure for handling customer complaints. This procedure ensures that all complaints are recorded and, where appropriate, acknowledged in writing within 5 business days. On completion of our investigation we will provide you with a report of the outcome.
If you remain dissatisfied with the handling of and/or response to a complaint you may refer the matter to the Financial Services Ombudsman or the Pensions Ombudsman. A full copy of our complaints procedure is available on request.
Consumer Protection:
PFP Financial Services Limited is a member of the Investor Compensation Scheme Ltd established under the Investor Compensation Act 1998. The legislation provides for the establishment of a compensation scheme and to the payment in certain circumstances, of compensation to clients of firms covered by the Act. However you should also be aware that a right to compensation would only arise where money or investment instruments held by this Company on your behalf cannot be returned either for the time being or for the foreseeable future and where the client falls within the definition of eligible investor as contained in the Act.:and if it transpires that the firm is not in a position to return client of the firms: and to the extent that the client’s loss is recognised for the purposes of the Act. In the event that a right to compensation is established, the amount payable is the lesser of 90% of the client’s loss, which is recognised as being eligible for compensation or €20,000.
PFP Financial Services Limited also holds Professional Indemnity insurance of €1,500,000 in compliance with the Insurance Mediation Directive.
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.
Client’s Money:
PFP Financial Services Limited does not accept cash or any negotiable instrument for the payment of insurance premiums. All business on the SmartQuotes website will be on the basis of payment by direct debit/ cheque with funds being paid directly to the insurance company.
In the case of general insurance funds are paid by the client directly to Blue Insurances (Wedding and Travel Insurance) and Mercury Insurance Brokers Limited (Household Insurance). In certain cases where the Direct Debit option is selected for Household Insurance the payment will be made by Direct Debit directly to the insurer.
Claims
All claims are handled by the relevant insurer. In the event of a claim please contact us (see below) and we will provide you with the relevant contact details of the insurer.
Agency Appointments
PFP Financial Services Limited holds agencies with the main Life Insurance companies in Ireland – a list of agencies held is available on request. All wedding insurance and travel insurance is placed via our agency with Blue Insurance, a firm regulated by Financial Regulator. All Household Insurance is placed via our agency with Mercury Insurance Brokers Limited, a firm regulated by the Financial Regulator.
Confidentiality
All information received by us will be treated in the strictest confidence. We will only disclose information obtained in the following circumstances:
- Where we are obliged to do so by our regulator or
- Where we are required to do so by law or
- On your written instruction
Data Protection
PFP Financial Services Limited 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.
Governing Law
Irish law will give the provision of the services covered by PFP Financial Services, and the Irish Courts will have exclusive jurisdiction over any dispute.
Investment Warning
The value of your investment can fall as well as rise. Past performance is not a guide to future performance. The Euro value of denominated assets can rise and fall as a result of exchange rate fluctuations.
Taxation
Where references are made to tax relief or taxation these figures are for illustrative purposes only. Where clarification is required a Registered Tax Adviser should be contacted. A full list is available at http://www.taxireland.ie
Compensation Scheme
We are members of the Investor Compensation Scheme operated by the Investor Compensation Company Ltd. See below for below.
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) 410 4955.
Information submitted on application forms
It is the responsibilty of the client to ensure that all information submitted is complete and accurate.
It should be noted that clients(s) have a duty to disclose any material facts, which come to light between the date, the proposal form is signed and the date the policy is issued. Failure to do so may result in any subsequent claim being refused.
When you are applying for Life Assurance, Mortgage Life Assurance, Income Protection or Specified Illness Cover you are under a legal obligation to disclose all relevant details about your health or any other relevant item as requested on the application form. If it subsequently transpires that you did not disclose on your application something which was relevant and which you knew about, then the insurance company may cancel the cover under the policy and no claim will be paid. The insurance company will rely on what you have told them in your application. When in doubt about a specific item it should be disclosed and the relevant Insurance Company will decide on it relevant. Where you do not wish to disclose this information to the intermediary the Insurer can be contacted directly.
Communication
From time to time we may communicate with users of the site to advise them of current products. If you do not wish to receive these emails please unsubscribe on receipt of the email or email info@pfp.ie with the subject line “unsubscribe”.
Cover
Clients should note that no cover is confirmed as being in place unless the original policy documents have been received or confirmation has been received in writing from the insurer that cover is in place.
Contact Details
PFP Financial Services Limited
Place of Business
Garland House,
23-30 Rathmines Park,
Rathmines,
Dublin 6,
Ireland
Telephone No: + 353 1 6853813
Fax No: + 351 1 6853388