Search here:

Terms of Business

Terms of Business

Farrell Financial Services

Coolanickbeg                             Telephone: 053 9138855

Oilgate                                      Mobile: 087 2492279

Enniscorthy                               E-Mail: pjfarrell.ffs@eircom.net

Co. Wexford

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.

 

Authorisation with the Central Bank of Ireland

Farrell Financial Services is regulated by the Central Bank of Ireland as an insurance intermediary registered under the European Communities (Insurance Mediation) Regulations, 2005; as a Multi-Agency Intermediary authorised under the Investment Intermediaries Act, 1995 and as a Mortgage Intermediary authorised under the Consumer Credit Act, 1995. 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.

 

Codes of Conduct

Farrell 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

Farrell Financial Services. is a member of the Brokers Ireland. As a member of Brokers Ireland, we must be in a position to place insurance with at least five insurers of the relevant form (life/non-life) 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/mortgages/deposits products. A full list of insurers, product producers and lending agencies with which we deal is available on request

 

Farrell Financial Services.acts as a Financial Broker which means that:

  1. a) the principal regulated activities of the firm are provided on the basis of a fair analysis of the market; and
  2. b) you have the option to pay in full for our services by means of a fee.

 

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.

Life & Pensions

Farrell 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.

 

Mortgages

Through the lenders or other undertakings with which we hold an agency, Farrell Financial Services. can provide advice on and arrange mortgage products from the following range: fixed-rate loans, variable rate mortgages, capital & interest mortgages, interest only mortgages, endowment mortgages, pension mortgages and residential investment property.

Farrell Financial Services provides mortgage advice on a limited analysis (providing services on the basis of a limited number of contracts and product producers available on the market).

Farrell Financial Services. provides mortgage advice on a limited analysis (providing services on the basis of a limited number of contracts and product producers available on the market).

We provide advice on the following product providers:

  • Prima Finance Ltd
  • Brokers Ireland Mortgage Services

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 our request

 

Deposits

Farrell Financial Services can arrange deposits advice on a limited analysis (providing services on the basis of a limited number of contracts and product producers available on the market).

 

Farrell Financial Services. Provides deposit advice on a limited analysis (providing services on the basis of a limited number of contracts and product producers available on the market).

 

We provide advice on the following product providers:

  • Permanent TSB

 

Disclosure of Information

Any failure to disclose material information may invalidate your claim and render your policy void.

Farrell 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 5hrs.

In certain circumstances, it will be necessary to charge a fee for services provided. These are listed below for life, non-life 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.

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 firm unless an arrangement to the contrary is made.

 

Life Fees

You may elect to deal with us on a fee basis.

Principles/Directors:         €150 per hour

.

Personal Retirement Savings Accounts (PRSAs) – Fees

Where advice is requested for PRSAs, the following hourly fees will apply:

Advisor fees:                   €150 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.

 

Mortgages

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. 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 €100 for our services.

 

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.

 

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.

 

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

Farrell Financial Services complies with the requirements of the General Data Protection Regulation 2018 and the Irish Data Protection Act 2018

 

Farrell Financial Services is committed to protecting and respecting your privacy. We wish to be transparent on how we process your data and show you that we are accountable with the GDPR in relation to not only processing your data but ensuring you understand your rights as a client.

 

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, this will be given to all our clients at the time of data collection.

 

We will ensure that this Privacy Notice is easily accessible. Please refer to our website www.pjfarrellfinancialservices.ie if this medium is not suitable we will ensure you can easily receive a hard copy.

 

Please contact us at info@pjfarrellfinancialservices.ie if you have any concerns about your personal data

 

Compensation Scheme

We 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) 224 4955

 

Acceptance of These Terms

I/We accept and return this Terms of Business confirming my/our agreement to Farrell Financial Services , Coolanickbeg, Oilgate, Enniscorthy, Co. Wexford, acting as my/our Financial Adviser and I/we also authorise Farrell Financial Services to hold my/our personal data on file, to contact me/us in writing, by telephone or by email in respect of financial services matters, and to obtain or provide any relevant information in respect of my/our existing policies or investments directly from or to the appropriate data processors, product or investment providers that I/we hold products with.

By signing this Declaration I/we give my/our explicit consent to any information about me/us, including where relevant, any sensitive personal data (such as health records), being processed by Farrell Financial Services for the purposes of advising me/us appropriately as to the product that will suit my/our needs based on the information I/we have given. This may include information about me/us being used where appropriate for underwriting, administration, advisory, customer service, business analysis and prevention of money laundering and fraud.

 

These Terms of Business are valid from 25/05/18 until further notice.

 

Received from Farrell Financial Services

 

 

 

Signed:  _________________________ (Client 1) ________________________ (Client 2)

 

 

 

 

Date:     _________________________

 

 

Terms of Business Acknowledgement Letter

 

Terms of Business effective date:   25-05-2018

 

 

Client Name:     ___________________________________

 

 

Client Name:     ___________________________________

 

Farrell Financial Services

 

Status:   Farrell Financial Services is regulated by the Central Bank of Ireland

 

Terms of Business:

Attached are the Company’s Terms of Business, which outline the basis on which we provide services to our clients.   Please ensure 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.

 

 

Clients Signature:   ________________________________________ Date:   ______________

 

 

Clients Signature:   ________________________________________ Date: _______________

 

 

 

Consent to Contact

 

Here at Farrell Financial Services, we take your date protection seriously and will only use your data as discussed with you in our privacy statement.

 

However, from time to time we may wish to contact you in relation to your policies held with us, we provide.

 

Agreed methods of contact:

 

(  ) Email

 

(     )   Phone

 

(     )  SMS

 

(     )  Post

 

(     )  Fax

 

(     )  Please do not contact me

 

Clients Signature:   ________________________________________ Date:   ______________

 

 

Clients Signature:   ________________________________________ Date: _______________