TERMS OF BUSINESS

SERVICES WE OFFER

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Vincent Casey Life and Pensions Co

Vincent Casey Life and Pensions Company Limited

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.

Authorisation with the Central Bank of Ireland

Vincent Casey Life and Pensions Co. Ltd (C1972) 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 www.centralbank.ie to verify our credentials.

Codes of Conduct

Vincent Casey Life & Pensions Co. Ltd is subject to the 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 Services

Vincent Casey Life & Pensions Co. Ltd is a member of Brokers Ireland.

Our principal business is to provide advice and arrange transactions on behalf of clients in relation to life & pensions/ deposit products. A full list of insurers & product producers with which we deal 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 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:

  • 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 / Deposits & Investments

Vincent Casey Life & Pensions Co. Ltd provides life assurance, deposit, investment & 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 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.

Share Dealing Services

We have in place an agreement with Redmayne Bentley Stockbrokers whereby clients can buy and sell shares. We do not give any advice on the buying or selling. We charge a minimum transaction cost of € 50 per transaction and can charge up to a maximum of € 100 if additional work needs to be done than just getting the transaction completed. We will advise clients of the charge before carrying out the transaction.

Disclosure of Information

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

Vincent Casey Life & Pensions Co. Ltd is remunerated by commission and other payments from product producers or lenders 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 hrs.

In certain circumstances, it will be necessary to charge a fee for services provided. These are listed below. 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 writing in advance and agree the scale of fees to be charged if different from fees outlined below.

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, Pensions & Life Wrapped Investment Fees

Our service proposition has changed over time to reflect an increasing demand for transparency and to facilitate a deeper understanding of our clients’ lifestyle objectives.

Commission earnings occur when a product sale is made, in view of the level of service and advice you will receive over the life cycle of that product.

Our model is based on charging for advice as you receive it rather than just taking commission on the product sale at the outset. In other words, we want to offer our clients impartial and ongoing advice on a regular basis and get remunerated for this without having to make a sale.

Financial services and products can be difficult to understand, yet we need them to make ourselves financially independent at various stages of our lives.

We will help you prepare for these important stages and create bespoke plans to achieve your financial objectives over an agreed timeframe and according to the level of risk you are willing to take. We will review these plans in line with your changing needs and you will benefit from increased transparency and 28 years of expertise and experience.

We are changing to what we believe is a partnership with our clients and we look forward to working with you based on our new service levels of which we have 3 options:

Service Levels

1) Five Star Service

  • Structured review of client’s portfolio twice yearly
  • Unlimited availability for additional reviews and queries over the year

2) Four Star Service

  • Structured review of client’s portfolio once yearly
  • Availability for additional reviews and queries up to 3 times per year

3) Three Star Service

  • Structured review of client’s portfolio annually
  • Additional reviews and queries available at a rate of € 200 per hour

Payments will be made predominantly through funds under management, where we will agree a percentage of funds that will be deducted on an annual basis, typically 0.5%.

This is the most tax efficient method of paying for clients. Clients will however have the choice of making payments by cheque or monthly by standing order.

We also have an additional service for clients who do not seek advice but who wish to do business on an execution only basis. The payment method for this is by means of commission from the sale of the product subject to a minimum of € 200 per hour and a maximum hourly rate of € 400.

A Full list of our fees is contained on the last page of this document.

What you can expect from us:

  • We will continue to monitor your investments, help you understand them and answer any queries you may have
  • We will use our expertise to help you achieve your financial goals and deliver them in a reasonable timeframe
  • We will continue to keep in touch with market movements and any changes in the financial world so that we can apply these insights and provide you with tailored investment advice

What we expect from you:

  • Input and commitment to the process
  • Honest Feedback on our service
  • Ask questions if anything doesn’t make sense and engage in the process so that you fully understand and together we can help you achieve your financial goals.

Additional fees may be payable for complex cases or to reflect value, specialist skills or urgency. Our scale of fees for such cases range from a minimum € 150 per hour to a maximum of € 250 per hour. 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 intermediary unless an arrangement to the contrary is made.

Personal Retirement Savings Accounts (PRSAs) – Fees

Where advice is requested for PRSAs, the following hourly fees will apply:
Advisor fees: € 200 per hour.
Support staff: € 40 to € 60 per hour.

Additional fees may be payable for complex cases or to reflect value, specialist skills or urgency. We will notify you in advance of providing you with these services, our scale of fees for such cases range from a minimum of €200 per hour to a maximum of € 400 per hour. 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 intermediary unless an arrangement to the contrary is made.

Ongoing Suitability: Investments (Mifid Article 3 Services – Investments)

Ongoing suitability assessments form part of the service to clients. On an annual basis the firm will issue a client report outlining changes in the services or instruments involved and/or the circumstances of the client.

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 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. A Full copy of our conflict of interest is available on request.

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 for you. We would refer you to policy documents or product terms for the details of such provisions.

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 within 5 business days and we will fully investigate it. We shall investigate the complaint as swiftly as possible, and, the complainant will receive an update on the complaint at intervals of not greater than 20 business 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. 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 & Pensions Ombudsman, Lincoln House, Lincoln Place, Dublin 2, D02VH29, Phone (01) 5677000. A full copy of our complaints procedure is available on request.

Data Protection

Vincent Casey Life & Pensions Co. Ltd. complies 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 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.

We may receive referrals from such firms and may advise them of any transactions arranged for you.

Compensation Scheme

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 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 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.

Brokers Ireland Compensation Fund
We are also members of the 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 compensate any client of the member. Further details are available on request.

Five Star Service
Phase 1 – Discovery, Advice and Establishment
A maximum of 3% on the amount invested
An amount equivalent to 25% of the first year’s premiums for regular premium investments
Special projects hourly rates: Financial Adviser – up to €200 Administrator – €80
Phase 2 – Ongoing Management
0.5% per annum of portfolio value subject to a minimum of €2,000 pa (payable monthly)
Four Star Service
Phase 1 – Discovery, Advice and Establishment
A maximum of 3% on the amount invested
An amount equivalent to 25% of the first year’s premiums for regular premium investments
Special projects hourly rates: Financial Adviser – up to €200 Administrator – €80
Phase 2 – Ongoing Management
0.5% per annum of portfolio value subject to a minimum of €1,200 pa (payable monthly)
Three Star Service
Phase 1 – Discovery, Advice and Establishment
A maximum of 3% on the amount invested
An amount equivalent to 25% of the first year’s premiums for regular premium investments
Special projects hourly rates: Financial Adviser – up to €200 Administrator – €80
Phase 2 – Ongoing Management
0.5% per annum of portfolio value subject to a minimum of €600 pa (payable monthly)
Additional reviews can be carried out with your adviser on and ‘as required’ basis charged at €200 per hour.

Vincent Casey Life and Pensions Co
8, Newmarket Lane, Killarney, Co. Kerry | Office: 064 663 6410 | Mobile: 087 246 1599
Email: vcasey@lifeandpensionsco.ie

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