TERMS OF BUSINESS (effective March 2021)
Our firm is authorised as an Investment Business firm in Ireland to provide the investment instrument insurance policies, listed Shares and Bonds, Collective Investments, Tracker Bonds and PRSA’s under Section 10 of the Investments Intermediaries Act, 1995, as amended. Our firm is also registered as an insurance / reinsurance intermediary under the European Communities (Insurance Distributions) Regulations, 2005 (as amended).
Our firm is subject to the following Codes of conduct issued by the Central Bank of Ireland. These codes offer protection to our clients and all of the Codes can be found on the Central Bank’s website www.centralbank.ie
Consumer Protection Code 2012, Minimum Competency Code 2018, Handbook of Prudential Requirements for Investment Intermediaries 2014, Fitness & Probity Standards 2014.
Maher & Richardson Life & Pension Ltd is regulated by the Central Bank of Ireland – 48656
This firm does not have any “tied” relationships with any institution that would compromise our ability to offer you advice within the market on a fair analysis basis. Maher & Richardson Life & Pensions Ltd is also a member of Brokers Ireland.
Maher & Richardson Life & Pensions Ltd is authorised to provide the following services: –
- Offer advice in relation to all classes of life insurance: life, serious illness, income protection
- Offer advice on investment products
- Receive and transmit orders on your behalf for a product (s) to one or more of the Product Producers listed in Appendix 2
Our firm provides its life, pension, investment services to our clients on a fair analysis basis. “Fair analysis of the market” means that our firm provides its life, pension and investment services on the basis of a sufficiently large number of contracts and product producers available on the market to enable our firm to make a recommendation, in accordance with professional criteria, regarding which contract would be adequate to meet our clients consumer’s needs.
Remuneration Policy & Sustainability
Maher & Richardson Life & Pensions Ltd may apply an administration charge for the provision of advice regarding Insurance business. Rates and fees are agreed with clients in advance.
The Fee structure is as follows: Managing Director- €300.00. Directors – €175.00. Insurance Staff – €80.00.
Please note that our firm is remunerated by commission and other payments from product producers. When assessing products, we will consider the different approach taken by product providers in terms of them integrating sustainability risks into their product offering. This will form part of our analysis for choosing a product provider. Details of remuneration are available on request or can be viewed on our website.
Conflict of Interest
- It is the policy of Maher & Richardson Life & Pensions Ltd 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 providing any business service. If you have not been advised of any such conflict you may assume that none arise.
Maher & Richardson Life & Pensions Ltd has a written procedure in place for the effective consideration and handling of complaints. Any complaints should be addressed in writing to the Managing Director, Maher & Richardson L&P Ltd. Each complaint will be acknowledged by us with in 5 working days of receipt. Updates will be advised in intervals of not more then 20 working days. We will endeavour to resolve the complaint within 40 business days and findings will be furnished to you within 5 working days of completion of the investigation. In the event that you are not entirely satisfied with the firms handling of and response to your complaint contact may be made with the Irish Brokers Association, 87 Merion Sq, Dublin 2 and ultimately you have the right to complain to the Financial Services Ombudsman, 3rd Floor, Lincoln House, Lincoln Place, Dublin 2. Low call 1890 88 20 90 or email email@example.com
Sustainable Finance Disclosure Regulation (SFDR):
We consider the adverse impacts of investment decisions on sustainability factors in our Investment Advice and our Insurance Based Investment Advice both at the initial stages of our research, in our recommendations and annually* as part of the investment services we provide to our clients.
*Product Producers & Insurers will have to provide Periodic updates from Jan 2022.
As assessment of sustainability risks are integrated into our Insurance Based Investment Advice through the following means:
The product information provided to us by the Product Producers and Insurers on the integration of sustainability risks.
Our professional interrogation of the information provided by the Product Producers and Insurers.
Our in house Investment research as we keep our Investment knowledge current and relevant.
We will advise you of the likely impacts of sustainability risks on the returns of the financial products we may recommend. This will be advised to you in your Statement of Suitability.
Consumer Protection: Compensation Scheme
Maher & Richardson Life & Pensions Ltd is a member of the Investor Compensation Scheme established under the Investor Compensation Act 1998. This legislation provides for the establishment of a compensation scheme and to payment, in certain circumstance, of compensation will only arise where money or investment instruments held by Maher & Richardson Life & Pensions Ltd on your behalf cannot be returned either for the time being of for the foreseeable future and where the client falls with in the definition of eligibility 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 the client’s loss, which is recognised as being eligible for compensation, or €20,000.00. In addition to the Compensation available under the “Investor Compensation Act, 1998” Maher & Richardson Life & Pensions Ltd, is bonded through its membership of IBA for €250,000.00, with an inner limit of €100,000.00, per client.
Where the Client fails to pay
In the event that a client fails to pay within the terms agreed when cover is arranged, Maher & Richardson Life & Pensions Ltd will advise the Product Producer involved and cover will be cancelled. We will also exercise our legal right to receive any payment due to us for business services provided in the event of a default in payment.
Duty to Disclose Information
It is your responsibility to provide complete and accurate information for insurers in arranging Insurance policy. Failure to disclose your medical details or history and any previous Insurance claims may invalidate your Insurance cover and could mean that part or all the claims may not be paid, you may also have difficulty in obtaining Insurance elsewhere. Please note that failure to have property Insurance in place could lead to a breach of the terms and conditions attaching to any loan secured on your property.
The firm complies with the requirements of the General Data Protection Regulation 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 and as outlined in our Privacy Notice which is given to all clients at the time of data collection, our privacy notice is also available on our website. You have the right at any time to request a copy of any ‘personal data’ within the meaning of the GDPR that our office holds about you and to have any inaccuracies in that information corrected. Please contact us at firstname.lastname@example.org if you have any concerns about your personal data.