Terms of Business

Terms of Business – One Quote Financial Brokers Ltd t/a One Quote, 11 James’s Terrace, Malahide, Co Dublin Tel: 01 845 0049

Email: [email protected]

The following terms of business agreement outline the terms and conditions on which we will provide services to you. It is important that you read this document carefully. 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 update this page and we will notify you.

One Quote Financial Brokers provide trusted financial advice based on best value market comparison with minimum protection premiums and investment product charges. We conduct fact-finds, financial reviews, and investment risk assessments as appropriate and to match client needs.

• We offer full-term policy discounts on all protection plans – see section 3 below.
• We minimize fund management charges on all Pension, Investments & AMRF/ARF’s.
• Advisory fees are limited to certain specialist services as described in section 8 below.
• Administration fees may only apply in very limited circumstances – see section 9 below.

1. Authorisation with the Central Bank of Ireland

One Quote Financial Brokers Ltd, trading as One Quote is registered with the Central Bank as an Insurance Intermediary under the European Communities (Insurance Mediation) Regulations, 2005. 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 to verify our credentials.

2. Codes of Conduct

One Quote Financial Brokers 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.

3. Our Services

As a regulated financial broker, our principal business is to provide advice and arrange transactions on behalf of clients resident in the Republic of Ireland in relation to Life & Pensions and Investment products.

To your advantage and unlike other Financial Brokers, we not only compare the market for the most suited personal solutions but offer you full-term discounts on all direct priced protection (life insurance products), together with reduced investment charges on all pension & lump sum investment plans recommended. You can also choose between our smart online services or face to face consultation as required.

Our Insurance, Pension & Investments offering include:


  • Mortgage Protection
  • Life Assurance
  • Specified Serious Illness Cover
  • Income Protection
  • Inheritance Tax Insurance Provision
  • Business Protection – (Key Person, Co-Directors and Partnership Insurance).

Insurance Based Investments

  • Investment Bonds
  • Childrens Regular Savings Plans

Private Pensions

  • Executive Pensions & PRSA’s
  • Pensions Bonds
  • Approved Retirement Funds – AMFR’S & ARF’s

Group Pensions

  • PRSA Group Schemes
  • Occupational Group Pension Schemes

Life Insurance company agencies held at present include:

  • Aviva
  • Irish Life
  • New Ireland
  • Royal London
  • Zurich Life
4. Fair & Personal Analysis

The concept of fair analysis is derived from the Insurance Mediation Directive. It describes the extent of the choice of products and provider offered by an intermediary within a particular category of life assurance, 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 it 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 provider is sufficiently large to constitute a fair and personal analysis of the market, we will consider the following criteria:

  • The needs of the customer;
  • The number of providers in the market that deal with brokers;
  • The market shares 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.

We will provide assistance to you for any queries you may have in relation to the policies and at the point of sale or in the event of a claim during the life of your policy, we will explain to you the various conditions and any exclusions or restrictions that may be 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 Cover policies.

Specifically, on the subject of Income Protection policies we will 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 Cover policy, we will explain clearly to you any restrictions, conditions and general exclusions that attach to that policy and the importance of full and true disclosure at point of any existing health conditions you may already have.

5. Protection Quotations & Free Months Cover

All protection site discounted quotations (Mortgage Protection, Life Insurance, Serious Illness Cover, Income Protection) are valid for a minimum period of 30 days but may change due to the occurrence of a birthday, prior to the starting date.

Quotations for life insurance including serious illness cover and income protection insurance are indicative based on standard health rates and full policy term discounts. All quotations are subject to health underwriting and acceptance by the insurer concerned upon receipt of proposal forms and relevant documentation, including full application disclosure.

Please note full disclosure of all material facts should be made including medical history and claims. Failure to disclose all relevant information could result in your policy being canceled, claims not being paid, difficulty in getting insurance elsewhere.

You can complete your application form online once you have a PDF reader, you can also print sign and scan the declaration pages and direct debit mandates, or using a digital signature.

Telephone applications may also be made subject to a minimum quoted premium of €20.00 per month per application.

The offer of the first month free where applicable is subject to the insurer in question maintaining their free month offer and in accordance with their own company terms. Where free cover applies through Royal London your policy must issue within 30 days of application. Aviva policies you will be on free coverage for the first month from your chosen policy start date. For Zurich Life, the free cover period runs from the policy issue date to the first direct debit date. Zurich policies with a start date of the 1st of the subsequent month can enjoy free cover form policy issue date, right up to the 15th the following month. Currently, Irish Life nor New Ireland allows a free cover period.

One Quote Financial Brokers Ltd, reserve the right to amend our discounted percentage levels as they apply to market conditions at any time. Written proof must be provided of a cheaper like for like quote, for any additional discount to apply.

6. Regular Life Insurance Review

It is in your interest 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 to your circumstances or failure to request a review may result in you having insufficient insurance cover.

7. Regular Investment Product Review

We will provide annual assessments of the suitability of the insurance-based investment product which we have recommended to you. You will be personally assessed with regard to your attitude to investment risk on each and any lump sum investment or pension investment we arrange, but should your circumstances or risk attitude change you may also contact us anytime to discuss a free fund switch.

8. Financial Broker Remuneration

One Quote Financial Brokers Limited may receive remuneration by way of commission from the life insurance companies with whom we place protection (life insurance products), pension and investment business on your behalf. The only time a direct fee may be payable is for early cancellation of a discounted protection policy where the reduced commission paid by the provider is clawed back from us the broker resulting in non-payment.

No Fee Services

Online, Telephone & Email

We do not charge fees for you to obtain quotations, telephone or electronic advice or for arranging any new life insurance, individual pension plan or investment bond (subject to section 9 below).

Fee Based Services

Complex Health Application

Administration fees may apply for certain more complicated life insurance policies where serious health-related conditions exist. Dependent on the complexity and where applicable will be agreed in advance and charged at €150.00 per hour, payable by direct invoice.

Advice Based PRSA’s
For advising on the set up of an individual PRSA we offer a once-off fee-based option granting 100% investment allocation with the set 1% AMC. The fee for this service which includes provider comparison and personal investment risk profiling is €350.00 payable directly to One Quote.

Private Consultation

Our fee is €250.00 to have a face to face meeting with a Senior Qualified Financial Advisor to carry out an impartial full financial review, or to discuss any other specific financial requirements, regarding existing pension or investment plans, including post-retirement options.

Executive Pension Audits

Our fee to audit and advice with regard to any existing Executive Pension Arrangements is €350.00, with no additional fee for the set-up of an alternative arrangement.

Employer Consultation – Group Occupational Pensions
We provide a wide choice of leading investment managers, pension scheme administration and trustee services. These low-cost solutions save the employer money by way of maximum investment allocation and minimized investment costs. For this service, our fee is €500.00, inclusive of employee presentation, and scheme set-up.

Following scheme setup and dependent on Scheme size, One Quote may be remunerated by way of an annual fund based charge of 0.25% or on a direct fee basis of €150.00 per hour and a flat fee of €500.00 at annual renewal.

Employer Consultation – Group PRSA Scheme
We provide a wide choice of leading investment managers and pension administration. These low-cost solutions save the employer money by way of maximum investment allocation and minimized investment costs. For this service our fee €500.00, inclusive of follow up meetings, employee teleconference, and scheme set-up.

Reduced Commissions

Where provider commission is paid to us, it is on a reduced basis to allow us to pass on savings to you the client by way of cheaper protection and investment fund management charges.

Where we receive a recurring commission, this may form part of the standard remuneration for initial advice provided on Protection business (life insurance products) and for a comprehensive level of ongoing support provided to you on Investment and Pensions business.

Protection Advice

Any commissions we receive from our product providers are reduced by One Quote to allow for a reduction in the insurer’s standard cost. All protection products including Mortgage Protection, Life Insurance, Serious Illness Cover and Income Protection are offered on a fixed discounted basis for the full term of your policy.

Reduced Investment Charges

Executive Pension, Group Pension & ARF’s

All pension investments which we arrange are done so a low-cost basis, meaning no contribution related charges will exist. For advising and later setting up your pre or post-retirement investment, we will receive an initial once-off commission from the product provider. This commission will not be levied against your investment meaning a minimum of 100% investment allocation of your monies at all times!

Then for 24/7 online access, free fund switches, ongoing telephone, and email financial adviser access and automatic annual investment reviews and advice, a low-cost fund-based charge of 0.25% PA will apply levied directly against your fund value.

Personal Retirement Savings Account – (PRSA) Advice

All PRSA investments which we arrange are done so a low-cost basis advice basis, meaning non-restricted access to all fund managers is made available. For advising and later setting up your PRSA, we will receive an initial once-off commission from the product provider, with no ongoing charges. The total fund manager charge for advice based PRSA’s is 1% PA. Contribution charges of between 2-3% may, however, apply, dependent on the level of regular contribution.

Alternatively, a fee-based option offering 100% allocation is available see point 8 fee-based services above.

Investment Advice – Lump Sums

All lump-sum investments which we arrange are done so a low-cost basis, meaning no contribution related charges and 100% investment allocation. For advising and later setting up your lump-sum investment we will receive an initial once-off commission from the product provider. Any ongoing commissions will be dependent on your need for monitoring and performance reviews and where applicable a fund-based charge of up to 0.25% may apply.

9. Cancellation & Alteration Charges

(A) Pre Policy Issue – Cancellation

In circumstances where you the customer receive your free on-line discounted quote and free initial application advice and then decide to engage our services by proceeding with your application, which will then involve;

(1) Inputting all details onto the chosen insurer’s platform

(2) Recording all correspondence on an in-house CMS

(3) Issuing statements of product suitability

(4) Liaising with the insurers new business administrators

(5) Liaising with the insurers underwriting team

but then choose not to proceed with your policy for reasons including delays with underwriting requests, cancellation within the first 18 months or you are declined or postponed by the life company, a flat one-off fee of €100.00 will be chargeable via direct invoice.

(B) Change in Application Details

Where a change of policy start date, cover amount or policy term occurs and revised policy documentation is requested, a flat one-off fee of €35.00 will be chargeable via direct invoice.

(C) Post Policy Issue – Cancellation

Where you instruct the issue of your policy documents post-application, but then provide to cancel your policy within 18 months of policy start date an administration fee of €100.00 will be chargeable.

These administration fees, which fall outside of the 30 days cooling-off period will be invoiced directly.

Full details of any known medical condition must be disclosed on any protection application and such issues may be discussed with a One Quote Financial Adviser in advance of application return for advice free of charge. No fee is chargeable for policy cancellation post issue, after 18 months from the policy start date.

10. Conflicts of Interest

It is the policy of One Quote Financial Brokers Ltd t/a One Quote to avoid a conflict of interest when providing services to clients. Where an unavoidable conflict arises we will advise you of this in writing before providing any business services. If you have not been made aware of any such conflict you may assume that none arises.

11. Default Remedies

Product providers are entitled to withdraw benefit or cover on default of any payments due under any products arranged for your benefit. It is therefore critical to the guaranteed continuance of your insurance that your premium is paid in full. Some insurers may include as a term of the insurance a settlement due date or in some cases a warranty under the terms of which the premium must be paid to them by a certain date. We inform our clients of such requirements and the relevant date in good time to allow the payment terms to be met. Failure to comply with the terms of the warranty may mean that the insurer’s obligation under the policy will be terminated. We will automatically advise you of any payments outstanding on your policy and the consequences of failure to pay premiums. An outline of the action and remedies which the relevant product producers may take in the event of default by a client is included in the product producer’s policy document.

12. Investors Compensation Scheme

One Quote is a member of the Investor Compensation Company Ltd (ICCL) Scheme established under the Investor Compensation Act, 1998 (as amended) (the “Act”). A right to compensation will only arise where money or investment instruments held by us on your behalf cannot be returned either for the time being or for the foreseeable future and where you fall within the definition of an eligible investor as contained in the Act. In the event that a right to compensation is established, the amount payable is the lesser of 90% of your loss, which is recognised as being eligible for compensation, or €20,000.

13. Confidentiality

We will use your personal information only for the purpose for which you provide it. All such information will be held in accordance with the Data Protection Acts. We will take all reasonable steps to ensure that persons employed by us are aware of and comply with such legislation. We would like to be able to contact you by way of telephone, letter or email, in relation to any products which we might consider to be of interest to you. If you do not wish us to provide you with details of possible additional products, please let us know.

14. Complaints Procedure

If you would like to talk to us about how we could improve our service, or if you are unhappy with the service you are receiving, please let us know by telephoning or writing to us. Any complaints will be responded to in writing. We will carefully consider any complaint as soon as we receive it and do all we can to explain the position to you. If we do not answer your complaint to your satisfaction, you may, of course, take up the matter with the Financial Services Ombudsman or the Pensions Ombudsman. We will respond to any compliant within 5 working days in writing.

15. Data Protection

We are subject to 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 or 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.

Client Acknowledgement

Terms of Business

In proceeding to transact business, you have acknowledged that you have been provided with a copy of the Terms of Business of One Financial Brokers Ltd t/a One Quote and confirm that you have read, accept and understand them.

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