TERMS OF BUSINESS Effective May 2018
Authorised Status
Our firm is authorised as an investment business firm in Ireland to provide the investment instrument insurance policies 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 Mediation) Regulations, 2005 (as amended). Our firm is also authorised as a deposit broker.
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 2011, Handbook of Prudential Requirements for Investment Intermediaries 2014, Fitness & Probity Standards 2014
Maher & Richardson Ltd is regulated by the Central Bank of Ireland.
This firm does not have any “tied” relationships with any institution that would compromise our ability to offer you independent advice and choice. Maher & Richardson Ltd is also a member of the Irish Brokers Association (IBA).
- Maher & Richardson Ltd is authorised to provide the following services: –
- Offer advice in relation to all classes of non-life insurance: motor, property, liability, marine etc.
- 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 non-life services to our clients on a fair analysis basis. “Fair analysis of the market” means that our firm provides its life 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
Maher & Richardson Ltd may apply an administration charge for the provision of advice regarding General 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. Should an amendment or alteration to your existing Insurance Policy occur during the course of your Insurance Term, resulting in correspondence, paperwork, etc, Maher & Richardson Ltd will apply an administration charge of €25.00.
Please also note that our firm is paid by the Insurers for the service we provide to you by way of a remuneration agreement. Details of remuneration are available on request.
Conflict of Interest
It is the policy of Maher & Richardson 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
Complaints Procedure
Maher & Richardson 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 Ltd. Each complaint will be acknowledged by us within 5 working days of receipt. Updates will be advised in intervals of not more than 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 Merrion 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 enquiries@financialombudsman.ie
Consumer Protection: Compensation Scheme
Maher & Richardson 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 Ltd on your behalf cannot be returned either for the time being of for the foreseeable future and where the client falls within 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 Ltd, is bonded through its membership of IBA for €250,000.00, with an inner limit of €100,000.00, per client.
Handling Client’s Money
Maher & Richardson Ltd will accept payment in cash and by cheque in respect of all classes of Insurance in the circumstances permitted under section 25G of the investment Intermediaries Act, 1995.
Maher & Richardson Ltd is not authorised to accept cash or negotiable instruments in any other circumstances.
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 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 Maher & Richardson Ltd may apply an administration charge for the provision of advice regarding General 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. Should an amendment or alteration to your existing Insurance Policy occur during the course of your Insurance Term, resulting in correspondence, paperwork, etc, Maher & Richardson Ltd will apply an administration charge of €25.00.
Please also note that our firm is paid by the Insurers for the service we provide to you by way of a remuneration agreement.
Conflict of Interest
It is the policy of Maher & Richardson 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
Data Protection
Data Protection 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 barry.maher@maherrichardson.ie if you have any concerns about your personal data.