Terms of Business

Our terms of business...

Introduction

Daly Investment Planning Ltd are an Insurance Intermediary and are regulated by The Central Bank of Ireland.

Our registered offices are at The Gate House, Main Street, Ballinrobe, Co. Mayo. Co Reg number 331499.

We believe the following will assist you in understanding the services we provide.

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.

Daly Investment Planning Ltd is regulated by the Central Bank of Ireland:
We provide advice as an insurance intermediary registered under the European Communities (Insurance Mediation) Regulations, 2005 (as amended), and authorised as investment business firm Under Section 10 of the Investment Intermediaries act 1995 (as amended) regulated by the Central Bank of Ireland under the Investment Intermediaries Act, 1995 as amended. Daly Investment Planning Ltd is authorised to provide the following services:

Financial advice in relation to - Life insurance and pensions- PRSAs - Investments and Tracker Bonds.

Receive and transmit orders on your behalf for a product(s) from providers.

We provide advice on the basis of ‘Needs Analysis”. 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 01 2244000 or alternatively visit their website at www.centralbank.ie to verify our credentials.

CODES OF CONDUCT
Daly Investment Planning Ltd are subject to the provisions of the following Codes of Conduct published by the Central Bank of Ireland which offer protection to consumers: The Consumer Protection Code, the Minimum Competency Code and the Fitness and Probity Standards. These may be found at www.centralbank.ie.

CONFLICT OF INTEREST
Daly Investment Planning Ltd does not take principal positions and will make all reasonable efforts to avoid conflicts of interest.  In situations where conflicts of interest occur, Daly Investment Planning Ltd. will make every effort to ensure that you are fairly treated. We will inform you if there is a conflict of interest.

OUR SERVICES
Daly Investment Planning Ltd principal business is to provide advice and arrange transactions on behalf of clients in relation to life, pensions and investments.

FAIR ANALYSIS
The concept of fair analysis is derived 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.  Daly Investment Planning Ltd will on all occasions conduct a full and detailed fact find and offer product on a needs analysis which will be based on best advice.

PRODUCT SUITABILITY
The suitability of all financial products depends on many factors and we undertake to use our experience and expertise in considering all relevant factors before recommending any product to you. In order for us to fully assess your financial needs it is important that you provide all information we request from you. Before purchasing any product, you will be advised of the product’s suitability and given a statement of reasons why in our opinion the product is suitable for your needs. All advice given will be based on our understanding of current law and Revenue practice. It may be that subsequent changes might affect the recommendations that have been made and these may need to be reviewed as a result. Any failure to disclose material information may invalidate your claim and render your policy void.

LIFE and PENSIONS
Daly Investment Planning Ltd will provide life assurance and pensions. We will make a recommendation/s in accordance with professional criteria, regarding which contract would be adequate to meet your need/s.

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 income protection and serious 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 serious illness policy, we will explain clearly to you the restrictions, conditions and general exclusions that attach to that policy.

YOUR DUTY OF DISCLOSURE TO INSURERS AND DUTY OF UTMOST GOOD FAITH
The law in the Republic of Ireland deems insurance to be a special class of contract which imposes onerous duties upon prospective Insured’s and their agents, who are obliged to act with utmost good faith towards Insurers at all times. In addition, they are obliged to disclose to Insurers /third parties, before the contract is concluded, all material information that is known to them.

If there is any breach of these duties the Insurers will be entitled to cancel the policy of insurance from inception, if the breach induced the making of the contract on the relevant terms, as well as seeking the recovery of all claims already paid under the policy. These duties of utmost good faith and disclosure also apply to the claims process. In completing a proposal form or claim form or other documentation relating to an insurance policy, the accuracy of all answers, statements and / or information is your sole responsibility.

DISCLOSURE OF INFORMATION
Any failure to disclose material information may invalidate your claim and render your policy void.

REMUNERATION
Daly Investment Planning Ltd is remunerated by commission and other payments from product providers 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 10 hours.

In certain circumstances, it will be necessary to charge a fee for services provided. 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.

You may elect to deal with us on a fee basis of up to.

Manager                                          €250/hour

Advisers                                           €150/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.

REMUNERATION POLICY
We are remunerated by commissions which are paid to us by the product providers and/or fees payable by you. Fees are charged on a time spent and disbursements basis and should a fee apply we will advise you in writing in advance. In the event of you defaulting on any payment of fees, we will, if necessary, exercise our legal rights to recover such monies due. Fees may be charged for advice given irrespective of whether a product is purchased by you.

If we have arranged for your fee to be reviewed against commissions derived from a life assurance policy, pension or investment that you subsequently cancel, cash in, in whole or in part, or cease to pay premiums, and in consequence we are obliged to refund commissions paid to us, we reserve the right to charge you a fee to reimburse us for the Advice and time.

If we receive recurring remuneration this will be in respect of the provision to you of product information and advice we believe to be relevant to your circumstances and providing responses to any queries you may have on the contract you have taken out and where requested by you. It will also contribute to our costs arising in supporting you with claims including maturity claims.

You or we may terminate our authority to act on your behalf with immediate effect at any time, but the termination must be communicated in writing (to us at the address shown below) and cannot be backdated.  The termination will be without prejudice to the completion of any transactions already initiated and you remain responsible for the payment of any fees and expenses incurred up to the date of termination, or to the date of completion of any transactions in progress, whichever is the later.

REGULAR REVIEWS
As your circumstances change, your needs will change. It is in your best interests that you review, on a regular basis, the products which we have arranged for you. You must advise us of those changes and request a review of the relevant product 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.

DEFAULT ON PAYMENTS BY CLIENTS
Product providers may withdraw cover on default of any payments due under any products arranged for your benefit. Details of these provisions will be included in your policy/product terms and conditions. We will take such steps as may be necessary to recover any monies due to us including the instigation of legal proceedings, the appointment of a receiver and all other rights available to us.

INSTRUCTIONS
We prefer instructions to be given to us by email. If any instructions are given orally, they must be confirmed by email or in writing. We may refuse at our discretion to accept certain instructions, although such discretion will not be exercised unreasonably.

RECORDS
We are required to keep records of all your transactions for at least six years. You, or your appointed agent, have the right to inspect the records at a mutually convenient time. As we treat all our clients' records as confidential, we reserve the right to give you copies of your records, where in certain circumstances to release the original would compromise other clients' confidentiality.

 POLICY DOCUMENTS
All contract notes and documents of title in respect of your policies will be sent to us directly and we will arrange to forward these to you as soon as practicable.

CLIENT PROTECTION
We contribute to the Investor Compensation Scheme. Information supplied by Daly Investment Planning Ltd is based upon our understanding of current legislation and practice and the information that has been provided to us. Daly Investment Planning Ltd cannot be held responsible for subsequent changes in legislation or practice that may affect this information.

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 the company 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 company 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 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 Company Ltd. at (01) 224 4955.

HANDLING OF MONEY AND RECEIPTS
Payments should be made in favour of the provider of the product and not to us. We will issue a receipt for each payment received.

CLAIMS
If you experience any difficulty with the insurer’s claims process you should contact us.

PRODUCT PROVIDER SECURITY
We seek insurance and investment contracts for you from the selected product providers with which we hold a written appointment and from which we consider offer an appropriate product to meet the needs identified. We cannot and do not guarantee the solvency or continuing solvency of any Institution /third party used and you should note that the financial position of an Institution can change at any stage.

COMPLAINTS
Daly Investment Planning Ltd has in place a written procedure for the handling of complaints. This procedure ensures that all complaints are recorded and acknowledged within 5 business days. All complaints are fully investigated and the complainant updated at intervals of not greater than 20 business days. We will attempt to investigate and resolve a compliant within 40 business days. All complaints should be directed in writing to Joe Daly, Complaints Officer, at our business address. In the event that a client remains dissatisfied with the handling of and/or response to a complaint they may refer the matter to The Financial Services Ombudsman or the Pensions Ombudsman as appropriate who may be contacted as follows:

Financial Services Ombudsman 3rd Floor, Lincoln House, Lincoln Place, Dublin 2

Lo Call: 1890 88 20 90 Tel: 353 1 6620899 Email: enquiries@financialombudsman.ie

Pensions Ombudsman 36, Upper Mount Street Dublin 2. Tel: 353 1 6471650 Email: info@pensionsombudsman.ie

TERMINATION
You, or we, may terminate our authority to act on your behalf at any time, without penalty. Notice of this termination must be given in writing. We assume you will maintain your Life/Pension/savings policy for a full 12 months. For Life policies if within the first 12 months, you cancel your policy and it is outside the cooling off period we cannot offer you a refund of the unused portion of the premium you paid.

REFUNDS
If within the first policy year, the insured or the insurer cancels the policy then no refund or pro-rata refund will be made. You have the right to withdraw from your policy; withdrawal effectively meaning no policy was ever put in place. To withdraw from a policy, please send us a request in writing.

DEFAULT AND DUE PAYMENTS
Our firm will exercise it’s 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 company 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 providers may withdraw cover on default of any payments due under any products arranged for your benefit. Details of these provisions will be included in your policy/product terms and conditions.

DATA PROTECTION
Daly Investment Planning Ltd comply 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 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 do not wish to receive such marketing information, please tick the box in the Terms of Business acknowledgement letter.

Daly Investment Planning Ltd  is regulated by the Central Bank of Ireland. Registration No: C1320

Versions

  • Last Modified:

    17.11.2017