These Terms of Business are effective from Jan 1st 2014
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. McCormack Town & Country Properties Ltd t/a DNG McCormack Properties will provide the following services;
McCormack Town & Country Properties Ltd t/a DNG McCormack Properties is regulated by the Central Bank of Ireland as an Investment Business Firm authorised under Section 10 of the Investment Intermediaries Act, 1995 (Reference C32426), as an Insurance Intermediary under the European Communities (Insurance Mediation) Regulations 2005, as an Investment Product Intermediary under Section 31 of the Investment Intermediaries Act, and as a Mortgage Intermediary (Reference C12675) under the Consumer Credit Act, 1995 (as amended).
The foregoing information can be verified by contacting the Central Bank of Ireland, PO Box 559, Dame Street, Dublin 2, telephone 01 224 6000, (www.centralbank.ie.).
Our authorisation status can be verified on the following registers maintained by the Central Bank of Ireland which can be accessed on www.centralbank.ie:
DNG McCormack Properties is subject to the Consumer Protection Code, Minimum Competency Code and the Fitness & Probity Standards. These codes can be viewed on the Central Bank’s website www.centralbank.ie.
DNG McCormack Properties will offer advice on a fair analysis basis. This means we will research the market place and providers and recommend the best product to suit your own needs. Our principal business is to provide advice and arrange transactions on behalf of clients in relation to life & pensions/general insurance products/deposits/investments. A full list of insurers, product producers and lending agencies with which we deal with is available on request.
DNG McCormack Properties acts as an Independent Broker which means that:
a) The principal regulated activities of the firm are provided on the basis of a fair analysis of the market; and
b) You have the option to pay in full for our services by means of a fee.
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. 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 particular 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, 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:
If external administration support services are engaged relative to the service provided then such providers would be appointed as data processors acting on our behalf and such providers may be remunerated by ourselves or / and directly by the Institution which issues the related policy. The maximum payment to such providers by either ourselves or / and the issuer of the related policy would be 12.5% of commissions / fees received by your financial advisor and the commissions receivable by us from the issuer will be confirmed to you in writing by the issuing institution
Any policies written as part of the advice to which this Terms of Business relates will be written under the specific agency number allocated to us by the institution providing the recommended Insurance/ assurance policy(s). Under this ToB you agree that we are permitted to arrange transfer of the related policy(s) to a different agency number, which could be a third party regulated advisor, provided we advise you beforehand in writing giving you a minimum of two months’ notice and the authority to refuse any agency transfer at that time.
DNG McCormack Properties is remunerated on a commission basis and other payments from product producers or lenders on completion of business. The amount of commissions paid to DNG McCormack Properties is confirmed in writing to each client by the institution involved in underwriting the required policy. DNG McCormack Properties may also charge a fee for any services provided but no fee may be charged until it has been confirmed to you in writing and the charge is accepted by you. Please see attached appendix for a breakdown of fees if applicable.
Through the lenders or other undertakings with which we hold an agency, At Once Mortgages Limited can provide advice on and arrange mortgage products from the following range: fixed-rate loans, variable rate mortgages, capital & interest mortgages, interest only mortgages, pension mortgages and residential investment property.
At Once Mortgages Limited 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).
At Once Mortgages Limited holds an appointment with IFG and the following mortgage undertakings enabling At Once Mortgages Limited to provide a fair analysis of the Mortgage Market:
DNG McCormack Properties provides life assurance & pensions, and investments 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 the your needs.
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 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.
DNG McCormack Properties holds an appointment with the following Insurance undertakings enabling DNG McCormack Properties to provide a fair analysis of the Life & Pensions Market:
Life Assurance Undertakings
DNG McCormack Properties holds an appointment with the following Investment undertakings enabling DNG McCormack Properties to provide a fair analysis of the Investment Market:
Life Assurance Undertakings
DNG McCormack Properties can arrange products from the following range: household, motor, commercial, public liability, employer liability, and travel insurance, on a referral basis
General Insurance Undertakings
IFG Investment & Mortgage Services Ltd.
DNG McCormack Properties can provide advice and arrange deposit products through undertakings currently held.
IFG Investment & Mortgage Services Ltd.
Any failure to disclose material information may invalidate your claim and render your policy void.
It is the policy of the firm to avoid any conflict of interest when providing business services to its clients. However, where an unavoidable conflict may arise we will advise you of this in writing before proceeding to provide any business service. If you have not been advised of any such conflict you are entitled to assume that none arises.
DNG McCormack Properties will, if necessary exercise its legal rights to receive any payments due to it from clients for business services provided by it and, to be reimbursed for any value obtained by the firm on behalf of clients who subsequently default in any payment due to the firm.
Product producers may withdraw benefits or cover on default of any payments due under any products arranged for your benefit. Details of these provisions will be included in your product terms and conditions.
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.
DNG McCormack Properties complies with the Data Protection Act, 1988 and 2003, treating all personal data as confidential information. DNG McCormack Properties will use this data only for the purpose(s) intended. IPI Financial Solutions will not disclose such information except as permitted by you or as required by law.
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 do not wish to receive such marketing information please tick the box in the Terms of Business acknowledgement letter.
It is in your best interests that you review, on a regular basis, the products & advice which we have provided for you. As your circumstances change, your needs will change. You are strongly advised to contact us in the event of any change in your circumstances or requirements and request a review of the relevant policy and advice 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.
A customer defines a complaint as an expression of dissatisfaction, whether justified or not. Complaints may come from a number of different forms. In order for the firm to carry out a full and thorough investigation all complaints must be received in writing.
Contact details of Financial Services Ombudsman as follows:
3rd Floor, Lincoln House, Lincoln Place, Dublin 2.
Lo call 1890 88 20 90, telephone 01 662 0899, fax 01 662 0890
Contact details of Pensions Ombudsman as follows:
36 Upper Mount Street, Dublin 2
Telephone 01 647 1650, fax 01 676 9577
All complaints will be dealt with as follows:
DNG McCormack Properties is a member of the Investor Compensation Scheme, which provides certain remedies to eligible clients on default by the firm. Your legal rights against the firm are not affected by this scheme.
Under 38 (1) of the Investor Compensation Act, 1998, I wish to draw your attention to the following:
a) The Investor Compensation Act, 1998, provides for the establishment of a compensation scheme to certain clients (known as eligible investors) of authorised investment firms, as defined in that Act.
b) this firm is a member of the compensation scheme
c) compensation may be payable where money or investment instruments owed or belonging to clients and held, or in this case of investment instruments, administrated or managed by this firm cannot be returned to those clients for the time being and there is no reasonably foreseeable opportunity of the firm being able to do so.
d) a right to compensation will arise only:
I. if the client is an eligible investor as defined in the Act,
II. if it transpires that this firm is not in a position to return client money or investment instruments owned or belonging to the clients of the firm , and
III. to the extent that the clients loss is recognised for the purposes of the Act.
e) 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.
Fixed rate warning
Warning: You may have to pay charges if you pay off a fixed rate loan early.
Variable Rate Warning
The cost of your monthly repayments may increase - If you do not keep up your repayments you may lose your home.
Consolidated Debt warning
This new loan may take longer to pay off than your previous loans. This means you may pay more than if you paid over a shorter term.
Interest only warning
The entire amount that you have borrowed will still be outstanding at the end of the interest only period