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Terms of Business

Effective May 2018

These terms of business set out the general terms under which our firm will provide insurance and investment business
services to you and 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 the undersigned,
who will be happy to clarify. If any material changes are made to these terms, we will notify you.

Contact

DAVID KELLEHER INSURANCES - 021 2066215 - 087 8096630
dave@davidkelleher.ie
Unit 3D
North Point House
North Point Business Park
Old Mallow Road
Cork
T23 AT2P

Regulator Status with the Central Bank of Ireland

David Kelleher is regulated by the Central Bank of Ireland as an Insurance Intermediary registered under the European Communities (Insurance Mediation) Regulations 2005. Our Central Bank Regulatory Authority number is C36574; you can verify our regulatory status by phoning The Central bank on (01) 4344000 or alternatively visit their website at www.centralbank.ie .

Codes of Conduct

David Kelleher is subject to the Consumer Protection Code, Minimum Competency Code and Fitness and Probity Standards which offers protection to consumers. These Codes can be found on the Central Banks website www.centralbank.ie

Our Services

David Kelleher is a member of Brokers Ireland.
Our principal business is to provide advice and arrange transactions on behalf of clients in relation to life and pensions and insurance products. Life Assurances companies provide products such as life cover, serious illness cover, income protection, savings, investments, and pensions. Depending on your individual income circumstances, we may provide you with advice in relation to the nature of these producers and which product may be suitable for your needs. You may, however, have areas of interest and in this case, we will be happy to give you more detailed advice in these areas. A full list of insurer’s product producers and with whom we deal with is available on request.

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 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 a 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 product or service and their relative importance in and share of that market. The extent of fair analysis must be such that could be reasonably expected of a professional conducting business, considering 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.

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. Failure to contact us of changes in your circumstances, or request a review, may result in you having insufficient insurance cover and/or inappropriate investments.

Disclosure of Information

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

Ongoing Suitability: Investments

The firm's service does not include ongoing suitability assessments.

Conflicts of Interest

It is the policy of the 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. A full copy of our conflicts of interest policy is available on request.

Life Agencies Held:

Zurich Life, Aviva Life, Royal London , New Ireland , Irish life , Standard Life

Default on payments by clients

Our firm will exercise its legal rights to receive payments due to it from clients for investment business services. Without limitation of the generality of foregoing, the firm will seek reimbursement for all payments made to insurers on behalf of the clients where the firm has acted in good faith in renewing a policy of insurance for our client. Insurers and other product producers may withdraw benefits or cover in the event of default on payments due under policy documents or product terms for the details of such provisions.

Commission and charges

David Kelleher is remunerated by commission and other payments from the completion of business with the product producers.

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 4 hours.

In certain circumstances, it will be necessary to charge a fee for services provided. These are listed below for 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 advance.

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.

Life fees

You may elect to deal with us on a fee basis.
Advisor fees: €100 per hour, minimum case fee €200.00 A typical life and pension’s case will take 4/6 hours of advisor time. These fees are reviewed annually.

Complaints

Whilst we are happy to receive verbal complaints, it would be preferable that any complaints are made in writing. We will acknowledge your complaint in 5 working days, and we will fully investigate it. The complainant will receive an update on the complaint at intervals not greater than 20 days starting from the date on which the complaint is made. On completion of our investigation, we will provide you with a written report of the outcome. If 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 Pension Ombudsman. A full copy of our complaints procedures is available on request.

Data Protection
David Kelleher complies with the requirements of the General Data Protection Acts (GDPR), 2018 and the Irish Data Protection Act 2018... 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 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.

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 authorized investment firms, as defined in that Act.

The Investor Compensation Company Ltd. (ICCL) was established under the 1998 Act to operate such compensation and our firm is a member of this scheme (reference number II1754)

Compensation may be payable where money or investment instruments owed or belonging to clients and held, administrated or managed by the firm cannot be returned to those clients for the time being 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 purpose 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 recognized 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) 4344000.