Terms of Business/Service

BI Version 1.8 Effective from May 2022

These Terms of Business/Service are applicable from 06/05/2022 set out the general terms under which we will provide business services to you and the respective duties and responsibilities of both ourselves 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.

Our principal business is to provide advice and arrange transactions on behalf of clients in relation to Mortgage Lending, Life, Pensions, Investments and Deposits. We provide our services from the selection of products provided by the Companies we have agencies with.  We recommend the product that, in our professional opinion, is best suited to you. In providing this service to you we will need to obtain personal information from you and the following outlines how we deal with this information and how it is used. Any questions or concerns you have can be addressed to us directly.

This Terms of Business/Service & Data Privacy Notice sets out the bases on which we gather, use, process and disclose any Personal Data we collect about you, or that you provide to us.

This Terms of Business/Service & Data Privacy Notice applies to you, whether you are a current, past or prospective customer.  It also applies to third parties whose data you provide to us in connection with our relationship with you (for example, the names of relatives).  Please ensure that you provide a copy of this document to any third parties whose personal data you provide to us.

Authorisation & Codes of Conduct

Finplan Limited trading as Finplan is regulated by the Central Bank of Ireland. Our authorisation can be checked on the Central Bank of Ireland registers website at www.centralbank.ie or by calling them on 1890 777 777 to verify our credentials. Our reference code is C53556. We are also subject to the Consumer Protection Code, Minimum Competency Code and Fitness & Probity Standards which offer protection to consumers. These Codes can also be found on the Central Bank’s website.

Our Services 

We are an Insurance, Investment and Mortgage Credit Intermediary. Our principal business is to provide advice and arrange transactions on behalf of our clients in relation to life, pensions, investments & mortgage products. We are not under a contractual obligation to conduct insurance distribution business exclusively with one or more Insurance Undertakings and do not give advice on the basis of a fair and personal analysis, we do, however, provide advice from the selection of products provided by the Companies and Lenders we have agencies with.  We recommend the product that, in our professional opinion, is best suited to your needs and objectives from this selection of products.

As part of the process when giving our clients advice on Investments we will need to gather information with regards to your investment knowledge and experience, if this information is not provided, we will not be in a position to determine whether the product is appropriate for you.

List of Providers We Have Agencies With:

Life Companies	Investment & Deposit Companies
Aviva Life & Pensions DAC	Cantor Fitzgerald Ireland Ltd
Irish Life Assurance PLC	Conexim Advisors Ltd
New Ireland Assurance Co PLC	EBS Ltd
Royal London Insurance DAC	Goodbody Stockbrokers
Standard Life International DAC	Independent Trustee Co Ltd
Zurich Life Assurance PLC	KBC Bank Ireland PLC
Mortgages	MMPI Ltd
AvantCard DAC	Newcourt Retirement Fund Managers Limited
Brokers Ireland Network Services Ltd	Permanent TSB PLC
Dilosk DAC	Wealth Options Ltd
Finance Ireland Credit Solutions DAC
Haven Mortgages Ltd
KBC Bank Ireland PLC
Permanent TSB PLC
Ulster Bank Ireland DAC
The Governor and Company of the Bank Ireland

Through the lenders or other undertakings with which we hold an agency, Finplan Limited can provide advice on and arrange mortgage products from the following range: fixed-rate loans, variable rate mortgages, capital & interest mortgages, interest-only mortgages, pension mortgages and residential investment property. We provide mortgage advice on mortgages from the selection of lenders we have agencies with.

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 upon our request.

Adverse Sustainability Impacts Statement

After due consideration with regards to the legislation on Sustainable Finance Disclosure Regulation, due to our size and the type of business we transact with our clients, we have decided not to consider adverse impacts of investment decisions on sustainability factors in our investment and insurance-based Investment advice. The reason we have decided this course of action is that we do not produce these investments, it is the Product Producers we have agencies with that build the Investment Products we advise on. Within the next year, we will consider whether we will continue with this view, to ensure we stay within the guidelines of the legislation. All information re Sustainable Finance Disclosures will be adhered to by the Product Producers and their brochures and documents will outline their disclosures.

If any of the investments we provide advice on have a Sustainability Finance Disclosure, these investments will be produced by the product providers we have agencies with, and their brochures and documents will have full details of the areas that are considered.

Remuneration

We are remunerated by commission and other payments from product producers on the completion of your 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 ongoing advice with regards to the business we advise you on and we will provide you with an annual update on your Investment 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 ongoing advice provided.  We reserve the right to charge additional fees if the number of hours relating to ongoing advice/assistance exceeds 8 hrs.

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 on the scale of fees to be charged.  Where it is not possible to provide the exact amount, we will provide you with the method of calculation of the fee. If we receive a commission from a product provider, this may/will be offset against the fee which we will charge you. Where the commission is greater than the fee due, the commission may become the amount payable to the firm unless an arrangement to the contrary is made. You may elect to deal with us on a fee basis per hour: Directors €375, Advisors €250, Managers €175 & Support staff €100.

A summary of the details of all arrangements for any fee, commission, other reward or remuneration paid or provided to us by the product producers is available on our website. If you need further explanation on this information, please do not hesitate to contact us.

Mortgages Fees

We may receive up to 1% (or whatever maximum is applicable) of the loan for arranging mortgage finance from the lenders.  The actual amount of commission will be disclosed at a later stage in the ESIS (European Standardised Information Sheet) which will be forwarded to you.  Information on the variation in levels of commission payable by the different creditors providing credit agreements being offered is available on request.

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.

We reserve the right to charge fees for mortgages. The following fees will apply to mortgage applications below €300,000 unless agreed otherwise. Any fees payable will be agreed in advance:

• €500 at Application. This fee is payable upon submission of the requested mortgage documentation to us for review and for underwriting assessment
• €250 at Approval in Principle. This fee is payable upon receipt of an underwritten Approval in Principle letter from a lender
• €250 at Letter of Offer. This fee is payable once your Letter of Offer is issued by a lender

The above fees will not apply if you are employed by one of our Employee Benefits Partners.

Client Monies & Receipts

We request that all cheques or negotiable instruments are made payable to the appropriate Product Provider for Life, Pensions, Investment business and lenders. We shall issue a receipt for each payment received, these receipts are issued with your protection in mind and should be stored safely. Every effort is made to ensure that clients’ money is transmitted to the appropriate Product Provider without delay. We are not authorised to accept cash.

The acceptance by Finplan Limited of a completed proposal DOES NOT in itself constitute the effecting of a policy. It is only when the Provider or Lender confirms the policy is in place or the loan is drawn down that your policy is live.

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.

Disclosure of Information

We act as your representative to the companies we have agencies with and 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. Material information about medical history, non-smoker status, occupation category and any hazardous pursuits are central to underwriting decisions and it is imperative that all information you provide to the insurer is accurate and complete.  Any failure to disclose material information may invalidate a claim and render your policy void. You must inform and disclose any material information including any material changes that might take place between the time you complete an application form and the time you pay the first premium. To assist us in providing you with a comprehensive service and to keep our records as up-to-date as soon as possible, please notify us of any changes to your personal circumstances, e.g. name change, change of address, etc.

Conflicts of Interest 

It is our policy 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 full copy of our conflicts of interest policy is available on request. As per above, we receive a commission from the lenders and companies we have agencies with for the business you transact.

Default on Payments By Clients

We will exercise our legal right to receive payments due to us from clients (fees) for services provided. Product producers may withdraw benefits or cover in the event of default on payments due under policies or other products arranged for you. We would refer you to policy documents or product terms for the details of such provisions.

Complaints 

We have a complaints procedure in place which is available on request. Your complaint can be in writing, email, telephone or face to face. If your complaint is face to face or by phone we will write to you to confirm our understanding of your complaint. We will acknowledge your complaint within 5 business days, advising you of the name of the person dealing with your complaint on behalf of the company. Please address any complaint to Ross Harrison, Finplan Limited, Charlemont Exchange, Charlemont Place, Dublin 2. If in the event, a complainant is dissatisfied with the outcome of our investigation, you are entitled to refer the matter to the Financial Services & Pensions Ombudsman, 3rd Floor, Lincoln House, Lincoln Place, Dublin 2, Lo-call 01 5677000 email info@fspo.ie.

Investor Compensation Scheme

We are members of the Investor Compensation Scheme. This 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.  Compensation may be payable where money or investment instruments owned 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 recognized 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 Co Ltd. at (01) 224 4955.

Brokers Ireland Compensation Fund

We are also members of the Brokers Ireland 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.

Governing Law & Business Succession

These Terms of Service shall be governed by and construed in all respects according to the laws of the Republic of Ireland and will be deemed to cover any successors in business to Finplan Limited.