These Terms of Business set out the general terms under which our firm will provide General Insurance and Financial Services business services to you. It details the respective duties and responsibilities of both the firm and you in relation to such services. Please ensure to read these terms thoroughly and if you have any queries, please contact us at the above address and we will be happy to clarify any questions you may have.
These terms of business will remain in force and shall apply to any business service provided to you now or at a future date. If there are any changes in the terms of business of the Firm, we will advise you in advance of providing any further services to you. These Terms of Business are effective from the date of this letter.
We commit to providing you with an excellent and professional level of service. We believe in acting only in the best interests of our clients to ensure that a relationship as important and fundamental as ours is maintained for life.
Central Bank of Ireland Authorisation
FitzGerald Flynn Insurances Ltd is regulated by the Central Bank of Ireland as an investment business firm under Section 10 of the Investment Intermediaries Act, 1995 (as amended), the Consumer Credit Act, 1995 and the European Communities Insurance Mediation Regulations, 2005. Copies of our Authorised status from the Central Bank of Ireland is attached to these Terms of Business. The Central Bank of Ireland holds registers of regulated firms which can be viewed on their website www.centralbank.ie.
Statutory Codes
FitzGerald Flynn Insurances Ltd is subject to and complies with the Consumer Protection Code, the Minimum Competency Code and the Fitness and Probity Standards. These Codes offer protection to consumers and can be found on the Central Bank of Ireland website www.centralbank.ie
Our Services
As Insurance Intermediaries we provide advice in relation to General Insurance and Life Assurance products and services. With the significant number of appointments we hold with product producers. A list of same is available on request. We can offer our clients an extensive choice of suitable products that best serve their needs and circumstances. We do not guarantee nor make representations in regard to, and expressly disclaim responsibility for the financial security of Insurance Companies and Product Producers with which we place business. FitzGerald Flynn Insurances Ltd are members of the Irish Broker Association (IBA).
FitzGerald Flynn Insurances Ltd is authorised to provide the following services: Receive orders in investment instruments and transmit those orders to product producers from whom a written letter of appointment is held and give investment advice in relation to investment instruments available from those product producers from whom a written letter of appointment is held.
FitzGerald Flynn Insurances Ltd may accept cash or cheques/bank drafts from clients payable to the firm only where: An insurance undertaking has invited renewal of a policy of insurance or a proposal for insurance has been accepted by an insurance undertaking. In all other circumstances cheques/bank drafts or other payment instruments must be made payable to the product producer.
General Insurance Services: Inception & Renewal
We provide advice in relation to the following general insurance products: Household, Motor, Commercial, Public Liability and Employers Liability. Depending on your instructions we can advise you in relation to the products of the Insurance Companies and Product Producers and we will work on your behalf to negotiate competitive renewal terms on your insurance cover. We offer you advice and do not have a tied relationship with any one institution that would compromise our ability to offer you advice and choice.
We will also offer assistance to you in relation to processing claims, on policies taken out through with our firm.
This assistance is provided either directly by our staff and/or with the assistance of an appointed loss assessor.
Important Notice: To ensure continuity of cover, where you have an existing policy which is due to expire and 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 and should advise us accordingly.
Credit Finance
If you require credit terms, we may be able to arrange premium finance on your behalf. Alternatively a monthly direct debit facility (if available) may be operated by the Insurance Company. We cannot accept instalments paid to our office.
Financial Services Life Assurance, Investments & Pensions:
FitzGerald Flynn is an impartial financial adviser which offers impartial broad-based financial and investment advice to help clients protect and grow their wealth. FitzGerald Flynn specialises in pre and post retirement investments. In addition FitzGerald Flynn will provide advice on a wide range of important personal financial planning items.
FitzGerald Flynn also offers clients the option of an ongoing investment advice and support service. In addition to advice on an initial investment strategy, this service provides clients with an investment market outlook briefing and regular updates on portfolio values. FitzGerald Flynn, subject to reasonable use conditions, is available to discuss client’s queries/needs on an ongoing basis as they arise. FitzGerald Flynn will always work with clients in an Advisory basis, and all assets will at all times remain the client’s property. FitzGerald Flynn will have no discretionary authority over any client assets or funds. As part of the ongoing advice service, FitzGerald Flynn may from time to time make recommendations to change the current investment strategy for some or all clients who have opted for the ongoing investment advice and support service. Clients have the option to act on these recommendations or not as they best see fit. If they select to act on the recommendations then under these Terms of Business the client acknowledges that this dynamic approach to protecting and growing client wealth may change the original investment risk profile and that this may vary from their original attitude to investment risk as indicated in their responses to the FitzGerald Flynn Attitude to Investment risk Questionnaire. In confirming their instructions to proceed with the fund switches, the client confirms their understanding of the risks and their wish to proceed with the fund switches.
Life Assurance companies and some Product Producers provide many products such as Life Cover, Serious Illness cover, Income Protection, Savings, Investments, Pensions and PRSA’s. Depending on your individual circumstances, we may provide you with advice in relation to the nature of these products and which product(s) may be suitable for your needs. You may, however, have particular areas of interest; in this case, we will be happy to give specific advice in these areas. We can give you a choice of different life and pension products from the Insurance Companies and Product Producers with whom we hold an appointment. On your instruction; we can receive and transmit orders for such products on your behalf to these insurers and product producers. With your agreement, we may review the policies you take out on a periodic basis to ensure you are kept informed as to their benefit and to check whether they are still suitable for your needs. We will also 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.
Conflicts of Interest
It is the policy of our firm to avoid conflicts of interest in providing you with insurance and investment business services. If this is not possible, we will notify you as soon as is practicable after we become aware of the conflict of interest and you may rest assured that you will be treated fairly where such a conflict is unavoidable.
Complaints
We have a written complaints procedure for the effective handling of all complaints. We will acknowledge receipt of your complaint in writing within 5 working days. A written update will be issued to you every 20 days by a nominated individual within our firm. A comprehensive response to your complaint will be issued within 8 weeks of receipt of your initial complaint. In the event of failure to resolve your complaint you may raise the matter with the Financial Services Ombudsman Bureau Lo Call: 1890 88 20 90 enquires@financialombudsman.ie or the Pension Ombudsman. Our full Complaints Procedure is available on request.
Default
Our firm will exercise its legal rights to receive payments due to it from clients for investment business 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. Insurers and other 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.
Disclosure of Information
It is your responsibility to provide complete and accurate information for Insurers when arranging an insurance policy and/or where a Statement of Fact is completed on your behalf. Failure to disclose any material information to your insurers could invalidate your insurance cover; all/or part of the claim may not be paid.
Premium Handling And Receipts
When receiving and transmitting orders in relation to insurance policies Fitzgerald Flynn Ltd may accept payment from clients payable to itself where an insurance undertaking has invited renewal of a policy of insurance, or the proposal for insurance has been accepted by an insurance undertaking. A Section 30 receipt is issued for all monies received.
Sustainability Factors – Investment/Insurance based investment products/Pension Advice
When providing advice, the firm considers the adverse impact of investment decisions on sustainability. As part of our research and assessment of products, the firm will examine the Product Providers literature to compare financial products and to make informed investment decisions about ESG products. The firm will at all times act in the client’s best interests and keep clients informed accordingly. The consideration of sustainability risks can impact on the returns of financial products.
Choosing a product provider
We may also apply a service charge for the provision of advice on Life & Non-Life insurance products supplied by
the product providers with whom we hold a letter of appointment. Charges are made on time spent and ongoing servicing of your Insurance needs over 12 months and annual renewal periods thereafter. In determining the rate, factors such as specialist skills, complexity, value, risk and urgency will be taken into account. We will advise you of our charges in advance. Whilst commercial Insurance fees may vary, there is a set administration charge of €40.00 for Motor Insurance, €25.00 for Home Insurance and €25.00 for Mid Term Alterations for all types of Insurances. In the event of early cancellation, a minimum administration charge of €25.00 will apply up to a maximum of €100.00.As Insurance Intermediaries we are paid for the service provided to you by means of commission received from Insurers/Product Providers. The Amount of commissions paid to us are available on request.
Remuneration And Charges
FitzGerald Flynn Insurances Ltd are remunerated by way of commission and other payments from product producers. When assessing products, we will consider the different approach taken by product providers in terms of them integrating sustainability risks into their product offering. This will form part of our analysis for Credit Intermediary.
As a credit intermediary we may be remunerated by the premium/credit finance provider on arranging this finance on your behalf.
Financial Services
FitzGerald Flynn Insurances Ltd may be remunerated by the Insurance Companies and Product Producer to whom orders are transmitted. Summary details of these payments will be included in a product information document which you will receive before an application form for a product is completed, and extended details will also be included with your cooling-off letter.
Fee’s are not usually charged, but may be charged 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 our services.
New Business & Renewal
A consumer may cancel a contract of insurance, by giving notice in writing to the insurer, within 14 days after the date the consumer was informed that the contract is concluded. The insurer cannot impose any costs on the consumer other than the cost of the premium for the period of cover.
The consumer is under a duty to pay their premium within a reasonable time, or otherwise in accordance with the terms of the contract of insurance. A court of competent jurisdiction can reduce the pay-out to the consumer where they are in breach of their duties under the Act, in proportion to the breach involved.
Post-Contract Stage and Claims
If, in respect of the insurance contract the insurer is not obliged to pay the full claim settlement amount until any repair, replacement or reinstatement work has been completed and specified documents for the work have been furnished to the insurer, the claim settlement deferment amount cannot exceed:
- 5% of the claim settlement amount where the claim settlement amount is less than €40,000, or
- 10% of the claim settlement amount where the claim settlement amount is more than €40,000.
An insurer may refuse a claim made by a consumer under a contract of insurance where there is a change in the risk insured, including as described in an “alteration of risk” clause, and the circumstances have so changed that it has effectively changed the risk to one which the insurer has not agreed to cover.
Any clause in a contract of insurance that refers to a “material change” will be interpreted as being a change that takes the risk outside what was in the reasonable contemplation of the contracting parties when the contract was concluded.
The consumer must cooperate with the insurer in an investigation of insured events including responding to reasonable requests for information in an honest and reasonably careful manner and must notify the insurer of the occurrence of an insured event in a reasonable time. The consumer must notify the insurer of a claim within a reasonable time, or otherwise in accordance with the terms of the contract of insurance. If the consumer becomes aware after a claim is made of information that would either support or prejudice the claim, they are under a duty to disclose it. (The insurer is under the same duty). If the consumer makes a false or misleading claim in any material respect (and knows it to be false or misleading or consciously disregards whether it is) the insurer is entitled to refuse to pay and to terminate the contract. Where an insurer becomes aware that a consumer has made a fraudulent claim, they must notify the consumer advising that they are avoiding the contract of insurance. It will be treated as being terminated from the date of the submission of the fraudulent claim. The insurer may refuse all liability in respect of any claim made after the date of the fraudulent act, and the insurer is under no obligation to return any of the premiums paid under the contract.
Data Protection
FitzGerald Flynn Insurances Ltd complies with 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.You have the right at any time to request a copy of any ‘personal data’ within the meaning of the Data Protection Act 1988 (as amended or re-enacted from time to time) that our office holds about you and to have any inaccuracies in that information corrected.
The Board of Directors of FitzGerald Flynn Insurances Ltd, located at 4 Brookfield Avenue,Blackrock,Co.Dublin.A94 F862 are committed to compliance with all relevant EU and Member State laws in respect of personal data, and the protection of the “rights and freedoms” of individuals whose information FitzGerald Flynn Insurances Ltd collects and processes in accordance with the General Data Protection Regulation (GDPR).
The GDPR and this policy apply to all of FitzGerald Flynn Insurances Ltd personal data processing functions, including those performed on customers’, clients’, employees’, suppliers’ and partners’ personal data, and any other personal data the organisation processes from any source.
Consent to Contact.
We would also like to keep you informed of various insurance, investment, and any other services provided by us or associated companies with whom we have a formal business arrangement, and which we think may be of interest to you. We may receive referrals from associated companies and may advise them of any transactions arranged for you. Can you please sign the enclosed consent to contact form should you agree to be contacted by FitzGerald Flynn Insurances Ltd.
Investor Compensation Scheme
We are members of the Investor Compensation Scheme established under Section 38 of the Investor Compensation Act 1998. The Act provides that compensation shall be paid to eligible investors (as defined in the Act) to the extent of 90% of an investor’s net loss or €20,000, whichever is the lesser and is recognised as being eligible for compensation. We are also members of the Irish Brokers Association (IBA) 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.