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.
Authorisations with the Central Bank of Ireland
Flynn & Lynch Life & Pensions Limited is regulated by the Central Bank of Ireland as an insurance intermediary registered under the European Communities (Insurance Mediation) Regulations, 2005: as an Investment Intermediary authorised under the Investment Intermediaries 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
The firm is subject to 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 Principal business is to provide advice and arrange transactions on behalf of clients in relation to life assurance, Pension, Investment, Deposits and Health Insurance. A full list of insurers, product producers and lending agencies with which we deal is available on request.
The Firm acts as a Broker:-
the principal regulated activities of the firm are provided on the basis of a fair analysis of the market: and
you have the option to pay in full for our services by means of a fee.
The concept of fair analysis is derives 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 the 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 the 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
The firm 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 your needs
We will provide assistance to you for any queries you may heave 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 serious illness policies.
The Firm provides investment advice 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 your needs.
The firm provides advice on deposits 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:
- KBC Bank Ireland,
- Investec Bank PLC &
- Permanent TSB
The firm provides health insurance advice 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:
Irish life Health Insurance Ireland Limited.
Permanent Health Insurance
In relation to 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.
Serious Illness Policies
In relation to serious illness policies, we will explain clearly to you the restrictions, conditions and general exclusions that attach to that policy.
Disclosure of Information
It is important that you ensure that all information provided on proposal forms, application forms, statement of facts and any other documentation relevant to the service being provided to you is complete and accurate. If you are in doubt as to whether information is relevant or not, please disclose it to us. Failure to disclose any material information could invalidate your cover and could mean that all or part of a claim will not be paid.
The firm is remunerated by commission and other payments from product producers 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 and also for the ongoing management of your policy.
Where we receive commission from a product provider and charge a fee, we do not offset the commission against the fee. We reserve the right to charge additional fees if the number of hours relating to ongoing advice/assistance exceeds 1 hours.
In respect of life assurance the firm any receive commission and other payments from the insurance companies to whom orders are transmitted. We typically receive 90-180% of the first year's premium. Summary details of these payments will be included in a quality information document, which you are legally entitled to receive before an application for a product is completed, and full details will be included with your cooling off letter.
Pensions & Investments
At levels of commission vary, we will advise clients in advance of any new contract, the exact commission rates payable by the Product Producer, selected prior to effecting the policy. We typically receive 0-5% or 1.25% x term to a maximum of 20 years.
As levels of commission vary, we will advise clients in advance of any new contract, the exact commission rates payable by the product Producer selected prior to completing the business. We typically receive .25 – .30% of the total investment.
In respect of Health Insurance, we receive 6% of the net premium from Irish Life Health.
In certain circumstances it will be necessary to charge a fee for services provided. Fees may be payable for complex cases or to reflect value, specialist skills or urgency or you may choose to pay in full for our service by fee. Our fees policy is outlined below however each case is dealt with separately and we may adjust the fees accordingly. Our scale of fees for such cases is €150 per hour. This amount can vary depending on advice sought and complex nature of enquiry. Fees are determined on a case by case basis.
It is in your best interest 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 te 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 by 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. Details of these provisions will be included in your product terms and conditions.
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. A full copy of our complaints procedure is available on request.
The firm complies with requirements of the General Data Protection Regulation 2018 and the Irish Data Protection Act 2018.
Flynn & Lynch Life & Pensions Ltd 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 assessable. Please refer to our website www.flynnlynch.ie, if this medium is not suitable we will ensure you can easily receive a copy by hard copy. Please contact us on firstname.lastname@example.org if you have any concerns about your personal data.
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 Scheme 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 l0ss which is recognised for the purposes of the Investors Compensation Act, 1998; or
- Compensation of up to €20,000.
For further information, contact the Investors Compensation Company Ltd at (01) 2244955.
Brokers Ireland Compensation fund
We are also members of 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.
Sustainability Factors-Investment/IBIPS/Pension Advice
When providing advice, we do not currently consider the adverse impact of investment decisions on sustainability, but we will review this approach on an annual basis in March.