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 00049 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 notify you.
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. The products which we offer include:
- Mortgage Protection
- Life Assurance
- Specified Serious Illness
- Income Protection
- Inheritance Tax Provision
- Business Protection – (Key Person, Co-Directors and Partnership).
Insurance Based Investments
- Investment Bonds
- Private Pension Plans
- Pensions Bonds
- Approved Retirement Funds – AMFR’S & ARF’s
Life Insurance company agencies held at present include:
- Friends First
- 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 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 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 Cover
All protection site discounted quotations (Mortgage Protection, Life Insurance, Serious Illness Cover, Income Protection) are valid for a period of up to 30 days but may change due to the occurrence of a birthday, prior to starting date.
Quotations for insurance are indicative only. All quotations are subject to 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.
The offer of the first month free, where applicable is subject to the insurer in question maintaining the free month offer. Where free cover applies, with Royal London and Aviva policies you will be on free cover 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, Friends First nor New Ireland allow 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 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 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 periodic 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 to free fund switch.
8. Broker Remuneration
One Quote Financial Brokers Limited receives our remuneration by way of commission from the life insurance companies with whom we place protection, pension and investment business on your behalf. Where we receive a recurring commission, this may form part of the standard remuneration for initial advice provided on protection business and for a level of ongoing support on investment and pensions business, as outlined and agreed with you at the business outset.
Any commissions we receive from our product providers are reduced by One Quote to allow for a reduction in the insurers standard price. All protection products including Mortgage Protection, Life Insurance, Serious Illness Cover and Income Protection are offered on a fixed discounted price, as a result of our reduced commission payments.
Personal & Executive Pension – Advice
All pension investments which we arrange are done so a low-cost basis, meaning no contribution related charges and 100% net investment allocation at all times.
For advising on and later setting up your Executive Pension Plan, we will receive an initial once off commission from the product provider. Any ongoing commissions will be dependent on your need for regular monitoring and performance reviews and where applicable a fund based charge of 0.25% may apply, subject to a maximum total fund charge of 1.00% PA.
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 made available.
For advising on and later setting up your PRSA, we will receive an initial once off commission from the product provider, with no ongoing trail commission. The total fund manager charge for advice based PRSA’a is 1% PA. Contribution charges of between 2-3% may also apply.
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% actual net investment allocation at all times.
For advising on and later setting up your investment we will receive an initial once off commission from the product provider.
Any ongoing commissions will be dependent on your need for regular monitoring and performance reviews and where applicable a fund based charge of up to 0.25% may apply.
Existing Investment Audits
Where we are requested to carry out an audit of any existing pension, lump sum investment or ARF investments, this work will include arranging broker authority and gathering full product information, together with recommending and carrying out any alterations to amend risk and reduce ongoing charges as appropriate. Our fee for this audit service is €250.00 per hour and will be invoiced directly and accordingly.
Full Financial Review
A flat fee of €350 is charged if you require an individual detailed financial report produced in conjunction with a full financial review.
9. Non-policy Issue & Early Cancellation Fee’s
In circumstances where you the customer decide to proceed with a protection application, but then don’t proceed with your policy, cancel your policy within the first year or you are declined, or postponed by the life company due to personal medical issues, on completion of underwriting, a flat once off fee of €150.00 will be chargeable and invoiced for our time.
In circumstances where the sale of the proposed mortgaged property did not proceed through no fault of you the client, we must still be paid for our time, but charge a reduced cancellation fee of €100.00, subject to receipt of written confirmation from the auctioneer dealing with the said property or from your lender.
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 after 12 months from 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.
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.
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.