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. If any material changes are made to these terms we will notify you.
Authorisation with the Central Bank of Ireland
Joe Mulligan t/a Atlantic Life & Finance is regulated by the Central Bank of Ireland as an Investment Intermediary authorised under the Investment Intermediaries Act, 1995, as an insurance intermediary under the under the European Communities (Insurance Mediation) Regulations, 2005 (as amended) as a Mortgage Intermediary authorised under the Consumer Credit Act, 1995 and as a Mortgage Credit Intermediary established and maintained by the Central Bank of Ireland persuant to the European Union (Consumer Mortgage Credit Agreements) Regulations 2016. 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 check our credentials.
Codes of Conduct
Joe Mulligan t/a Atlantic Life & Finance 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
Joe Mulligan t/a Atlantic Life & Finance is a member of the Professional Insurance Brokers Association (PIBA). Our principal business is to provide advice and arrange transactions on behalf of clients in relation to life & pensions/mortgages products.
Joe Mulligan t/a Atlantic Life & Finance holds appointments with the following insurers, product producers and lending agencies: April (Insurety) Ireland Limited, Aviva Life & Pensions UK Ltd, BCP Asset Management DAC, BHP Insurances Limited, Cantor Fitzgerald Ireland Limited, Dolmen Insurance Brokers Ltd, Friends First life Assurance Company Ltd, Irish life Assurance Plc, Liberty Insurance Limited, New Ireland Assurance Company plc, Permanent TSB plc, Standard Life Assurance Company, The Royal London Mutual Insurance Society Limited, Zurich Insurance plc, Zurich Life Assurance Plc.
Joe Mulligan t/a Atlantic Life & Finance has selected one preferred product producer, Irish Life Assurance plc, for life insurance plans (including life assurance, specified illness cover, income protection, unit linked savings, investments, and pension plans), tracker bonds, and Personal Retirement Savings Accounts (PRSAs). Analysis of the market will be limited to products provided by Irish Life Assurance plc.
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; particularly in relation to PHI and specified illness policies.
Specifically on the subject of permanent health insurance policies it is our policy to explain to you a) the meaning of disability as defined in the policy; b) the benefits available under the policy; c) the general exclusions that apply to the policy; and d) the reductions applied to the benefit where there are disability payments from other sources.
For a specified illness policy, we will explain clearly to you the restrictions, conditions and general exclusions that attach to that policy.
Atlantic Life & Finance provides general insurance on a limited analysis basis (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:
We will also offer assistance to you in relation to processing claims on policies taken out with us and in seeking renewal terms on your cover.
To ensure continuity of cover, where you have an existing policy which is due to expire and where we have been unable to contact you, we may put continuing cover in force whilst awaiting your instruction. You will be liable for any premiums payable to the relevant insurer for the period of time between renewal and when we receive your instruction. You have the right not to avail of this service.
Atlantic Life & Finance provides deposit services on a limited analysis basis (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:
Through the lenders or other undertakings with which we hold an agency, Atlantic Life & Finance 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.
Atlantic Life & Finance provides mortgage advice on a fair analysis basis (providing services on the basis of a sufficiently large number of contracts and product producers available on the market to enable the firm to make a recommendation, in accordance with professional criteria, regarding which contract would be adequate to meet your needs).
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.
Disclosure of Information
Any failure to disclose material information may invalidate your claim and render your policy void.
Atlantic Life & Finance 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 20 hrs.
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.
You may elect to deal with us on a fee basis.
Principles / Directors €400
Additional fees may be payable for complex cases or to reflect value, specialist skills or urgency.
Personal Retirement Savings Accounts (PRSAs) – Fees
Where advice is requested for PRSAs, the following hourly fees will apply:
Advisor fees: €20 – €50 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.
Atlantic Life & finance is remunerated by commission from insurers on completion of business. Details of this remuneration are available on 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.
A fee of €500 may be chargeable for arranging your finance/application/advice and this has no impact on the overall cost of the mortgage over the term of the loan as it is a once off payment at the outset.
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 €250 for our services.
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.
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. ( please see contact details below. A full copy of our complaints procedure is available on request.
Financial Services Ombudsman Bureau Office of the Pensions Ombudsman
3rd Floor 4th Floor
Lincoln House Lincoln House
Lincoln Place Lincoln Place
Dublin 2 Dublin 2
Lo-call: 1890 88 20 90 Phone: 01 6766002
Fax: 01 662 0890 Fax: 01 6618776
E-mail: firstname.lastname@example.org Email:email@example.com
Web: www.financialombudsman.ie Web:www.pensionombudsman.ie
Atlantic Life & Finance complies with the requirements of 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. The data will be processed only in ways compatible with the purposes for which it was given. We would also like to keep you informed of mortgage, insurance, investment and any other services provided by us or associated companies with which we have a formal business arrangement; which we think may be of interest to you. We would like to contact you by way of letter, email or telephone call. If you wish to receive such marketing information please tick the box in the Terms of Business acknowledgement letter.
We may receive referrals from such firms and may advise them of any transactions arranged for you.
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:
Where an entitlement to compensation is established, the compensation payable will be the lesser of:
For further information, contact the Investor Compensation Company Ltd. at (01) 224 4955.
These terms are effective from June 2016