Terms of Business of IFG Financial Meagher

 

These Terms of Business is valid from 06/03/2023 and set out the general terms under which IFG Financial Meagher will provide business services to you and the respective duties and responsibilities of us 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.

Authorised Status & Codes of Conduct

Turlough Meagher Financial Services Ltd T/A IFG Financial-Meagher is regulated by the Central Bank of Ireland.  We are subject to the Consumer Protection Code, Minimum Competency Code and Fitness & Probity Standards which offer protection to consumers. Confirmation of our authorisation and these Codes can be verified on the Central Bank’s website www.centralbank.ie or call on 01-224 4000, our reference code is C35870.

Services

We are an Insurance, Investment and Mortgage Credit Intermediary. Our principal business is to provide advice and arrange transactions on behalf of our clients in relation to life, pensions and mortgages products.  IFG Financial-Meagher is an authorised agent of Broker Assist Ltd who provides outsourced services to us and with whom we hold an agency appointment, this allows us to give our clients access to a selection of mortgage providers and mortgage products. 

We are not under a contractual obligation to conduct Insurance distribution business exclusively with one or more Insurance Undertakings and do not give advice on the basis of a fair and personal analysis, we do however provide advice from the selection of products provided by the Companies and Lenders we have agencies with.  We recommend the product that, in our professional opinion, is best suited to your needs and objectives from this selection of products.  

As part of the process when giving our clients advice on Investments we will need to gather information with regards your investment knowledge and experience, if this information is not provided we will not be in a position to determine whether the product is appropriate for you.

Disclosure of Information

We act as your representative to the companies we have agencies with, and 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. Material information about medical history, non-smoker status, occupation category and any hazardous pursuits are central to underwriting decisions and it is imperative that all information you provide to the insurer is accurate and complete.  Any failure to disclose material information may invalidate a claim and render your policy void. You must inform and disclose any material information including any material changes that might take place between the time you complete an application form and the time your pay the first premium. To assist us in providing you with a comprehensive service and to keep our records as up-to date as soon as possible, please notify us of any changes to your personal circumstances, e.g., name change, change of address, etc.

Mortgages

Through the lenders or other undertakings with which we hold an agency, we can provide advice on and arrange mortgage products. We will need to collect sufficient information from you before we can offer any advice on housing loans. This is due to the fact that a key issue in relation to mortgage advice is affordability. Such information should be produced promptly upon our request. Where the creditor is unable to carry out an assessment of creditworthiness because the consumer chooses not to provide the information or verification necessary for an assessment of creditworthiness, the credit cannot be granted.

The following is a list of companies we have agencies with or have access to through Broker Assist Ltd:

Life and Investments Companies
Aviva Life & Pensions Ireland Dac	New Ireland Assurance Co plc.
BCP Asset Management Dac	Permanent TSB plc.
Conexim Advisors Ltd	Quest Retirement Solutions Ltd
Independent Trustee Co Ltd	Royal London
Irish Life Assurance plc.	Standard Life
Newcourt Retirement Fund Managers Ltd	Zurich Life Assurance plc.
Mortgages
AvantCard Dac	Permanent tsb plc.
Dilosk Dac	Seniors Money Mortgages (Ireland) Dac
Finance Ireland Credit Solutions Dac	The Governor and Company of the Bank of Ireland
Haven Mortgages Ltd

Disclosure of Information

We act as your representative to the companies we have agencies with, and 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 you understand the nature of the policy cover. Material information about medical history, non-smoker status, occupation category and any hazardous pursuits are central to underwriting decisions and it is imperative all information you provide to the insurer is accurate and complete.

You are under a duty to answer all questions posed by the insurer or us on your behalf, honestly and with reasonable care. It is presumed, unless the contrary is shown, you would know all questions in an application or at renewal are material to the risk undertaken by the insurer or the calculation of the premium by the insurer, or both. Any failure to disclose material information may invalidate a claim and render your policy void.

You must inform and disclose any material information including any material changes that might take place between the time you complete an application form and the time you pay the first premium.

To assist us in providing you with a comprehensive service and to keep our records as up-to date as soon as possible, please notify us of any changes to your personal circumstances, e.g., name change, change of address, etc.

Sustainable Investing

We will consider adverse impacts of investment decisions on sustainability factors in our investment and insurance-based Investment advice.

We will gather your preferences of Sustainable Investing and build them into our Statement of Suitability for you. Ultimately, it is the Product Producers we have agencies with that build the Investment Products we advise on, and it will be their documentation we are relying on when advising you on Sustainable investments.

All information re Sustainable Finance Disclosures will be adhered to by the Product Producers and their brochures and documents will outline their disclosures.

Remuneration

IFG Financial-Meagher is remunerated by commission and other payments from product producers, lenders and Broker Assist Ltd on the completion of your business. Where we receive recurring commission, this forms part of the remuneration for ongoing advice with regards to the business we advise you on and we will provide you with an annual update on your investment business. You may choose to pay in full for our services by means of a fee. IFG Financial-Meagher may opt to charge a fee in certain circumstances.  If this occurs, you will be fully appraised of the cost involved and a signed agreement will be obtained from you.

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 us unless an arrangement to the contrary is made.  All commissions and charges information will be outlined in the product information document distributed to you, where applicable, prior to a proposal being completed.

If by investing in sustainable investment products there are any differences in charges etc., we will advise you of this in advance of advising you on your investment.

A summary of the details of all arrangements for any fee, commission, other reward or remuneration paid or provided to us by the product producers” is available in our office. If you need further explanation on this information, please do not hesitate to call us.

Fees on Mortgages

In some cases, lenders may not pay any commission for applications submitted and we may charge you a fee which will be agreed in writing prior to giving you any advice.  We may receive up to 1% (or whatever maximum is applicable) of the loan for arranging mortgage finance. This commission is paid by the mortgage lender. The actual amount of commission will be disclosed at a later stage in the ESIS (European Standardised Information Sheet) which will be forwarded to you by lender at loan offer stage.  A fee of €250 may be charged for arranging your mortgage application, which is not offset against the commission we receive from Lenders.  Please note that lenders may charge specific fees in certain circumstances and if this applies, these fees will be specified in your Loan Offer. You have the right to pay a fee separately and not include it in the loan. Typically, this situation arises in relation to specialist lending. A full list of lenders and remuneration is available on request.

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. Please 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.

Conflict of Interest Policy

It is the policy of IFG Financial-Meagher to avoid any conflicts of interest when providing business services to our clients. However, where an unavoidable conflict may arise, we will advise and agree with you in writing before proceeding to provide any business service.  If you have not been advised of any such conflict you are entitled to assume that none arises. As per above remuneration policy we receive payment from Providers and Lenders for your business.

Handling Clients’ Money

Every effort is made to ensure that clients’ money is transmitted to the appropriate Financial Institution /Product Provider without delay.  IFG Financial-Meagher will issue receipts for each payment received.  All cheques or negotiable instruments are to be made payable to the appropriate Financial Institution/Product Provider.

Default on payments by clients

IFG Financial-Meagher will exercise its legal rights to receive payments due to it from clients (fees etc.) for services provided. Product producers may withdraw benefits or cover in the event of default on payments due under policies of assurance or other products arranged for you. We would refer you to the policy documents.  

Mortgage lenders may seek early repayment of a loan and interest if you default on your repayments. Your home is at risk if you do not maintain your agreed repayments.

Complaints

IFG Financial-Meagher has a complaints procedure and is available on request.  Complaints can be by telephone, in writing, email or face to face. If the complaint is not in writing or by email, we will write to you to confirm our understanding of your verbal complaint. We will acknowledge your complaint within 5 business days, and we will fully investigate it. 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, Tele: 01 5677000 email info@fspo.ie. All complaints should be made to Turlough Meagher, Unit 6a Phibsboro Plaza, Dublin 7.

Data Protection

IFG Financial-Meagher complies with the requirements of the Data Protection Regulations 1988-2018.  The data will be processed only for the purposes for which it was intended. We will not disclose such information except as permitted by you or as required by law. A separate Data Privacy Notice is at the end of these terms.

Compensation Scheme

We are members of the Investor Compensation Scheme which 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. Compensation may be payable where money or investment instruments owed or belonging to clients and held, administered or managed by us cannot be returned to those clients for the time being and where there is no reasonably foreseeable opportunity of us 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 we are 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. 01- 2244955.

Governing Law and Business Succession

These Terms of Business shall be governed by and construed in all respects according to the laws of the Republic of Ireland and will be deemed to cover any successors in business to IFG Financial-Meagher.

DECLARATIONS

I/We acknowledge that I/We have been provided with Terms of Business and Data Privacy Notice for IFG Financial-Meagher and confirm that I/We have read and understand them.

DIRECT MARKETING

I/We consent to IFG Financial-Meagher making contact with me/us in relation to the range of services provided by ourselves or our associated or partnership companies which we feel may be of interest to you and to the sharing of relevant information. We will still be allowed to contact you in relation to the business we have advised you on, even if you opt out of marketing material.  You have the right to be removed from our marketing lists in the future, by contacting us and requesting same. 

DATA PRIVACY NOTICE

This Privacy Notice sets out the bases on which we gather, use, process and disclose any Personal Data we collect about you, or that you provide to us. This Privacy Notice applies to you, whether you are a current, past or prospective customer.  It also applies to third parties whose Data you provide to us in connection with our relationship with you (for example, the names of relatives).  Please ensure that you provide a copy of this Privacy Notice to any third parties whose personal data you provide to us.

Who controls your Personal Data and how can you contact them?

We control your Personal Data to allow us to give you advice and recommendations on your financial affairs, your data is then passed on to the relevant company/companies we have agencies with by way of application forms, by post email or through their secure websites online.

Data we may collect about You.

In order for us to give you a recommendation and information on financial products, we need to collect and process personal information about you. If you do not provide the information we need, we may not be able to offer you advice or provide our services to you. The types of personal data that are processed may include:

• Individual details – Name, address (including proof of address), other contact details (e.g., email and telephone numbers), gender, marital status, date and place of birth, nationality, employer, job title and employment history, and family details, including their relationship to you.
• Financial detail – full details on any debts, loans assets you may own.
• Identification details – Identification numbers issued by government bodies or agencies, including your PPS Number, passport number, tax identification number.

Special Categories of Personal Data

• Health information which has additional protection under Data Protection Law. We do not process health information other than hold the information on application forms you have filled in. The Life Insurers process and control your health data to allow them to underwrite your policy or decide decline cover, they may have further information they have obtained with your approval from your doctor, but we are not privy to this information.
• Claims information – information you give us with regards claims you notify us about or ask for help on.
• Policy Information – Information about the quotes you receive and policies you take out

Where We May Collect Your Personal Data From

We may collect your personal data from various sources, including:

You, your employer or representative, Life Companies we have agencies with, any other records you have or had any other contracts of insurance with or sought a quote from a us on that is under our agencies, otherwise we will need a letter of authorisation from you to allow us contact other companies on your behalf. When you visit our website and input a request for us to contact you. Which of the above sources apply will depend on your particular circumstances and the product or service you are interested in, or your enquiry relates to

Legal Bases for Processing Your Information

We will only use your Personal Data for lawful reasons. These are: –

1. a) The use is necessary for the performance of a contract to which you are a party or in order to take steps at your request prior to entering a contract (such as providing a recommendation).
2. b) The use is necessary to comply with our legal obligations.
3. c) You have consented to us using your information in such a way.
4. d) The use is necessary for the purpose of our legitimate interests.
5. e) The use is necessary for the performance of a task carried out in the public interest, such as assisting a regulatory authority’s investigation of a criminal offence

The Purpose of Processing Your Information.

• To give you information on and provide you with recommended financial products.
• Disclose data to policyholder, life assured, beneficiary, trustee, assignee, successors, group company or to other parties.
• To comply with legal and regulatory requirements including Anti-Money Laundering and Sanctions compliance.
• To understand how people, interact with our websites (if applicable).
• To carry out and determine the effectiveness of advertising, and of marketing campaigns 

Who we share Your Information with

In order to provide our services and to comply with legal obligations imposed on us, we may share your information with:-

Pension Trustees, & beneficiaries of Pensions & other Financial Products, Relatives & guardians, (in certain circumstances and within the law)

Employers – past, present and prospective.

Legal, financial, investment, medical, & other professional advisors in the process of submitting your application.

Companies we may outsource our printing and posting to.

Businesses that refer your business to us.

Any business which we are required by law to share the information with, ie compliance resource companies.

Database provider all data encrypted

The Pensions Authority.

Stockbrokers we have agencies with

Insurance and Assurance companies we have agencies with

Investment Companies we have agencies with

An Garda Síochána. (Anti Money Laundering)

Central Bank of Ireland. We are authorised by Central Bank, and they have the right to inspect our files.

The Financial Services Ombudsman. In the event of a complaint.

Data Protection Commissioner

The Revenue Commissioners. Re pensions and Dirt tax

Lenders we have agencies with.

How long do we keep Your Information?

When providing products to you it may be necessary to retain your information for an extended period of time. We keep your information for as long as required by law for the purpose that you gave it to us for.  As a general rule for legal and best practice reasons we are required to keep your information for 6 years after the date on which our relationship with you ends.

Your Rights to Access, Transport, Correct, Delete and Restrict the Use of Your Personal Data

You have the right to access a copy of your Personal Data which we hold on you.  In the case of Personal Data, you provided to us to process on the basis of your consent or for automated processing, you have the right to have it provided in a commonly used electronic format to you or to another Data Controller (subject to applicable Data Protection Law).  If you would like a copy of your Personal Data, please contact us. Your request will be dealt with as quickly as possible and in any event within a month for us to respond. If at that stage, we are unable to provide the data you require (due to the complexity or number of requests) we may extend the period to provide the data by a further two months but shall explain the reason why. There is no charge for the request for your data, but it must be in writing, fax, email or text message.

Correcting Your Personal Data

You have the right to have your Personal Data corrected if you feel we have incorrect data held on you.

Deleting Your Personal Data:

Subject to any overriding legal obligation requiring us to retain it, you have the right to have your Personal Data deleted, however erasing your information may make it difficult or impossible for us to give you information on, provide you with, or administer our financial products. If you want your information deleted, please contact us. 

Restricting our use of your Personal Data

You have the right to restrict our use of your Personal Data in certain circumstances. If you wish to exercise your rights in this regard, please contact us.

Automated/Profiling Decision Making

Where we use automated decision-making, you will always be informed & you will be entitled to have a person review the decision so that you can contest it and put your point of view and circumstances forward. Eg. When we produce quotes for the business you are contacting us about. When we want to market to you, we may run a program which allows us to identify certain criteria of clients (all those with that fit within a certain criteria for example).

Your Right to Object and Withdraw your Consent to Data Processing

Where our lawful basis for processing your Personal Data is based on our legitimate interests, you have the right to object. You also have the right to withdraw your consent to any processing at any time. However, if we cannot process your data, it may make it difficult, impossible or unlawful for us to give you information on, provide you with, advice on financial products. If you want to object or withdraw your Consent to processing, please contact us.

Your Right to Make a Complaint

If you are dissatisfied about the way, we handle your Personal Data please contact us. We will do our best to address your concerns swiftly and resolve any issues you have. You have the right to complain to the Office of The Data Protection Commission, Canal House, Station Road, Portarlington, Co. Laois, R32 AP23. www.dataprotection.ie Tel.: +353 (0)761 104 800. Fax: +353 57 868 4757. E-Mail: info@dataprotection.ie