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:

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.

Regulatory

Data Privacy Notice & Data Protection

Effective from Mar 2020 

We comply with the requirements of the Data Protection Regulation. The data will be processed only in ways compatible with the purposes for which it was given.

Who Controls Your Personal Data & How Can You Contact Them

We control your Personal Data to allow us to give you advice and recommendations on your financial affairs, your data is then passed on to the relevant company/companies we have agencies with by way of application forms, by post email or through their secure websites online. 

Data We May Collect About You

In order for us to give you a recommendation and information on financial products, we need to collect and process personal information about you. If you do not provide the information we need, we may not be able to offer you advice or provide our services to you. The types of personal data that are processed may include:

• Individual details – Name, address (including proof of address), other contact details (e.g. email and telephone numbers), gender, marital status, date and place of birth, nationality, employer, job title and employment history, and family details, including their relationship to you.
• Financial detail – full details on your income, debts, & assets you may own.
• Identification details – Identification numbers issued by government bodies or agencies, including your PPS Number, passport number, tax identification number. 

Special Categories of Personal Data

• Health information which has additional protection under Data Protection Law. We do not process health information other than hold the information you have filled in via our portal & application forms. The Life Insurers process and control your health data to allow them to underwrite your policy or decide to decline cover, they may have further information they have obtained with your approval from your doctor, but we are not privy to this information.
• Claims information – information you give us with regards to claims you notify us about or ask for help on.
• Policy Information – Information about the quotes you receive and policies you take out.

Where We May Collect Your Personal Data From

We may collect your personal data from various sources, including:

Information you give us on application forms (written and via our online portal), email, phone, video call, in-person meetings, file sharing & publicly available information on websites. Your employer or other representatives. Life Companies we have agencies with, any other records you have or had any other contracts of insurance with or sought a quote from us that is under our agencies, otherwise, we will need a letter of authorisation from you to allow us to contact other companies on your behalf. When you visit our website and input a request for us to contact you. Which of the above sources apply will depend on your particular circumstances and the product or service you are interested in or your enquiry relates to.

Legal Bases for Processing Your Information

We will only use your Personal Data for lawful reasons. These are:

1. The use is necessary for the performance of a contract to which you are a party or in order to take steps at your request prior to entering a contract (such as providing a recommendation).
2. The use is necessary to comply with our legal obligations.
3. You have consented to us using your information in such a way.
4. The use is necessary for the purpose of our legitimate interests.
5. The use is necessary for the performance of a task carried out in the public interest, such as assisting a regulatory authority’s investigation of a criminal offence.

The Purpose of Processing Your Information

• To give you information on and provide you with recommended financial products. 
• Disclose data to the policyholder, the life assured, beneficiary, trustee, assignee, successors, group company or to other parties.
• To comply with legal and regulatory requirements including Anti-Money Laundering and Sanctions compliance. 
• To understand how people interact with our websites (if applicable).
• To carry out and determine the effectiveness of advertising, and of marketing campaigns. 

Who We Share Your Information With

In order to provide our services and to comply with legal obligations imposed on us, we may share your information with:

How Long Do We Keep Your Information

When providing products to you it may be necessary to retain your information for an extended period of time. We keep your information for as long as required by law for the purpose that you gave it to us for.  As a general rule for legal and best practice reasons, we are required to keep your information for 6 years after the date on which our relationship with you ends. 

Your Rights to Access, Transport, Correct, Delete & Restrict The Use Of Your Personal Data

You have the right to access a copy of your Personal Data which we hold on you.  In the case of Personal Data, you provided to us to process on the basis of your consent or for automated processing, you have the right to have it provided in a commonly used electronic format to you or to another Data Controller (subject to applicable Data Protection Law).  If you would like a copy of your Personal Data, please contact us. Your request will be dealt with as quickly as possible and in any event, within a month for us to respond. If at that stage we are unable to provide the data you require (due to the complexity or number of requests) we may extend the period to provide the data by a further two months but shall explain the reason why. There is no charge for the request for your data but it must be in writing, email or text message.

Correcting Your Personal Data

You have the right to have your Personal Data corrected if you feel we have incorrect data held on you.

Deleting Your Personal Data

Subject to any overriding legal obligation requiring us to retain it, you have the right to have your Personal Data deleted, however erasing your information may make it difficult or impossible for us to give you information on, provide you with, or administer our financial products. If you want your information deleted please contact us.

Restricting Our Use of Your Personal Data

You have the right to restrict our use of your Personal Data in certain circumstances. If you wish to exercise your rights in this regard please contact us.

Automated/Profiling Decision Making

Where we use automated decision-making you will always be informed & you will be entitled to have a person review the decision so that you can contest it and put your point of view and circumstances forward. E.g. When we produce quotes for the business you are contacting us about. When we want to market to you we may run a program that allows us to identify certain criteria of clients (all those that fit within certain criteria for example).

Your Right to Object & Withdraw Your Consent to Data Processing

Where our lawful basis for processing your Personal Data is based on our legitimate interests, you have the right to object. You also have the right to withdraw your consent to any processing at any time. However, if we cannot process your data it may make it difficult, impossible or unlawful for us to give you information on, provide you with advice on financial products. If you want to object or withdraw your consent to processing please contact us.

Your Right to Make A Complaint About Your Data

If you are dissatisfied with the way we handle your Personal Data please contact us. We will do our best to address your concerns swiftly and resolve any issues you have. You have the right to complain to the Office of The Data Protection Commission, Canal House, Station Road, Portarlington, Co. Laois, R32 AP23. www.dataprotection.ie Tel.: +353 (0)761 104 800. Fax: +353 57 868 4757. E-Mail: info@dataprotection.ie