Terms of Business

Version 5.0 Effective from 17th November 2020

Neiland Financial Services Ltd trading as Neiland Financial Services, Ace Mortgage Solutions

Neiland Financial Services Ltd trading as Neiland Financial Services, Ace Mortgage Solutions is regulated by the Central Bank of Ireland

These Terms of Business set out the general terms under which my firm will provide business services and investment business services to you and the respective duties and responsibilities of both the firm and you in relation to such services. Please ensure to 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.

Contact: Kenneth Neiland: Neiland Financial Services Limited trading as Neiland Financial Services, Ace Mortgage Solutions, Carrig House, Roche’s Road, Wexford, Y35 X06K.

Tel: 053 9146592 Website: www.nfs.ie or E-mail: ken@nfs.ie

Authorisation with the Central Bank of Ireland:

Neiland Financial Services Limited trading as Neiland Financial Services, Ace Mortgage Solutions (C46923) is regulated by the Central Bank of Ireland as an investment intermediary registered under the European Union (Insurance Distribution) Regulations 2018; as an Insurance Intermediary authorised under Investment Intermediaries Act, 1995. Copies of our regulatory authorisations are available on request. The Central Bank number is C46923 for Neiland Financial Services trading as Neiland Financial Services, Ace Mortgage Solutions. 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.

Codes of Conduct

Neiland Financial Services 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

Our Services:

Neiland Financial Services is a member of Brokers Ireland.

Our principal business is to provide advice and arrange transactions on behalf of the clients in relation to life and pension products. A full list of insurers and product producers with which we deal is available on request.

We hold written appointments for the product providers set out in Appendix 1 to this document.

Insurance Intermediary Services (except for Insurance based Investment Products (IBIPS))

Neiland Financial Services Ltd acts as a Broker which means that:

  1. a) The principal regulated activities of the firm are provided on the basis of fair and personal analysis of the market; and
  2. b) You have the option to pay in full for our services by means of a fee.

Fair and Personal Analysis

The concept of fair and personal analysis describes the extent of choice of products and providers offered by an intermediary within a particular category of life assurance, general insurance and/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 providers 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 size of the customer order
  • The number of providers in the market that deal with brokers
  • The market share 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 services provided by the provider
  • Cost and any other relevant consideration

 

Investment Intermediary Services

We are remunerated by commission for our investment intermediary Services.

Insurance based Investment Products

We are remunerated by commission or we may be remunerated on a fee basis for the advice we provide on our insurance based investment products.

Life & Pensions/Deposits & Life Wrapped Investments:

Neiland Financial Services Ltd provides life assurance, investments and pensions on a fair and personal analysis basis i.e. providing services on the basis of a sufficiently large number of contracts and product producers available on the market to enable us to make a recommendation, in accordance with professional criteria, regarding which contract would be adequate to meet your needs.

We can give you a choice of a wide range of different Life, Pension & Investment products from the insurers listed in Appendix 1 and, on your instruction; we can receive and transmit orders for such products on your behalf to these insurers.

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; particularly in relation to the PHI and Specified illness policies.

Specifically on the subject of permanent health insurance (PHI) policies it is our policy to 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 Specified illness policy, we will provide you with the restrictions, conditions and general exclusions that attach to that policy.

Non-Life

Neiland Financial Services can provide advice and arrange health insurance. We provide Health Insurance advice on a limited analysis basis (providing services on the basis of a limited number of contracts and product producers available on the market). We provide advice on the following product provider:

  • Irish Life Health Designated Activity Company

 

We will also offer assistance to you in relation to processing claims on policies taken out with us and in seeking renewal terms on your cover.

To ensure continuity of cover, where you have existing policy which is due to expire and where we have been unable to contact you, we may put continuing cover in force whilst awaiting your instruction. You will be liable for any premiums payable to the relevant insurer for the period of time between renewals and when we receive your instruction. You have the right not to avail of this service.

Deposits

Neiland Financial Services provides advice on Deposits on a limited analysis basis (providing services on the basis of a limited number of contracts and product producers available on the market). We provide advice on the following product provider:

  • Irish Life & Permanent PLC

 

Statement of Charges

We may earn our remuneration on the basis of fee, commission and any other type of remuneration, , including a non-monetary benefit or on the basis of a combination of these methods. A non-monetary benefit will only be accepted if it enhances the quality of the service to our clients.

You may choose to pay in full for our services by means of a fee. Where we receive recurring commission, this forms part of the remuneration for initial advice provided. We reserve the right to charge additional fees if the number of hours relating to on-going advice/assistance exceeds 10 hours, these fees will be in line with the charges below; we will notify you when these fees are applicable.

A summary of the details of all arrangements for any fee, commission other reward or remuneration paid or provided to us which have agreed with product providers is available in our office or on our website – www.nfs.ie

In certain circumstances, it will be necessary to charge a fee for services provided. These are listed below. In other circumstances where fees are chargeable or where you choose to pay in full for our service by fee; we will notify you in writing in advance and agree the scale of fees to be charged if different from the fees outlined below. Where it is not possible to provide the exact amount, we will provide you the method of calculation of the fee.

If we receive commission from a product provider, this may 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 the firm unless an arrangement to the contrary is made. Life and Pensions

You may elect to deal with us on a fee basis:

Directors: €300 per hour Consultant: €150 per hour

Support Staff: €75 per hour

We will notify you in advance and agree the scale of fees to be charged before the provision of any service.

Based on certain circumstances, it is at the discretion of the company to reduce these fees. This will be agreed with you upfront and before the provision of any service.

Additional fees may be payable for complex cases or to reflect value, specialist skills or urgency, our scale of fees for such cases range from a minimum of €75 per hour to a maximum of €300 per hour. We will notify you in advance and agree the scale of fees to be charged.

Personal Retirement Savings Accounts (PRSA) Fees

Where advice is requested for PRSAs, the following hourly fees will apply:

Directors: €300 per hour Consultant: €150 per hour

Support Staff: €75 per hour

Additional fees may be payable for complex cases or to reflect value, specialist skills or urgency, our scale of fees for such cases range from a minimum of €75 per hour to a maximum of €300 per hour. We will notify you in advance and agree the scale of fees to be charged.

If we receive commission from a product provider, this will be offset against the fee which we charge you. Where the commission is greater than the fee due, the commission will become the amount payable to the intermediary unless an arrangement to the contrary is made.

Non-Life Remuneration (Health Insurance)

Neiland Financial Services Ltd is remunerated by commission from insurers on completion of business. Details of the commission arrangements are available on our website, www.nfs.ie. Where an override commission is received, this will be disclosed to you in general terms. We will inform you if a fee is to be charged to you. Where it is not possible to provide the exact amount, we will provide you the method of calculation of the fee.

Ongoing Suitability:

Investments (MIFID Structured Products) Neiland Financial Services Ltd services do not include ongoing suitability assessments.

Insurance Based Investment Products

We will provide periodic assessments of the suitability of the insurance based investment product which we have recommended to you.

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. 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 advise and products best suited to your needs. Failure to notify us of changes in your circumstances, or request a review, may result in you having insufficient insurance cover and / or inappropriate investments.

Disclosure of Information

Any failure to disclose material information may invalidate your claim and render your policy void. Conflicts of interest:

It is the policy of our firm to avoid conflicts of interest in providing services to you. However, where an unavoidable conflict of interest arises we will advise you of this in writing before providing you with any service. A full copy of our conflicts of interest policy is available on request.

In some cases, we may be a party to a profit-share arrangement with product producers where we provide extra services for the provider. Any business arranged with these providers on your behalf is placed with them as they are at the time of placement the most suitable to meet your requirements taking all relevant information, demands and needs into account

Default on payment by clients:

We will exercise our legal rights to receive payments due to it from clients (fees and insurance premiums) for services provided. In particular, without limitation of the generality of the foregoing, the firm will seek reimbursement for all payments made to insurers on behalf of clients where the firm has acted in good faith in renewing a policy of insurance for the client.

Product providers may withdraw benefits or cover in the event of default on payments due under policies of insurance or other products arranged for you. We would refer you to policy documents or product terms for the details of such provisions.

Data Protection:

We are subject to the requirements of the General Data Protection Regulation 2018 and the Irish Data Protection Act 2018

Neiland Financial Services Ltd is committed to protecting and respecting your privacy. We wish to be transparent on how we process your data and show you that we are accountable with the GDPR in relation to not only processing your data but ensuring you understand your rights as a client. We receive referrals from associated companies and may advise them of any transactions arranged for you.

The data will be processed only in ways compatible with the purposes for which it was given and as outlined in our Data Privacy Notice, this will be given to all our clients at the time of data collection.

We will ensure that this Privacy Notice is easily assessable. Please refer to our website www.nfs.ie , if this medium is not suitable, we will ensure you can easily receive a copy by hard copy.

Please contact us at dataprotection@nfs.ie if you have any concerns about your personal data.

Consumer Insurance Contracts Act 2019

New consumer responsibilities arising out of the Consumer Insurance Contracts Act 2019 which was implemented to protect consumers.

New Business & Renewal

Applicable to General Policies (Health Insurance) only

You may cancel a contract of insurance, by giving notice in writing to the insurer, within 14 working days after the date you were informed that the contract is concluded. This does not affect the notice periods already provided under European Union (Insurance and Reinsurance) Regulations 2015 ( S.I. No. 485 of 2015 ) or the European Communities (Distance Marketing of Consumer Financial Services) Regulations 2004 ( S.I. No. 853 of 2004 ) which is 30 days in respect of life policies, irrespective of whether the sale took place on a non-face to face basis, and 14 days in respect of general policies and only on sales that took place on a non-face to face basis (distance sales). If you have taken out a general insurance contract, and we have not met face to face during the process, you may cancel the contract by giving notice in writing to us within 14 days after the date you were informed the contract is on cover. If you have taken out a general insurance contract, and we have met face to face during the process, you may cancel the contract by giving notice in writing to the insurer within 14 working days after the date you were informed the contract is on cover. Applicable to all other Policies

If you have taken out a life insurance contract, you may cancel the contract by giving notice in writing to us within 30 days after the date you were informed the contract is on cover.

The giving of notice of cancellation by you will have the effect of releasing you from any further obligation arising from the contract of insurance. The insurer cannot impose any costs on you other than the cost of the premium for the period of cover.

This right to cancel does not apply where, in respect of life insurance the contract is for a duration of six months or less, or in respect of general insurance, the duration of the contract is less than one month.

You are under a duty to pay your premium within a reasonable time, or otherwise in accordance with the terms of the contract of insurance.

A court of competent jurisdiction can reduce the pay-out to you if you are in breach of your duties under the Act, in proportion to the breach involved.

An insurer may refuse a claim made by you under a contract of insurance where there is a change in the risk insured, including as described in an “alteration of risk” clause, and the circumstances have so changed that it has effectively changed the risk to one which the insurer has not agreed to cover.

Any clause in a contract of insurance that refers to a “material change” will be interpreted as being a change that takes the risk outside what was in the reasonable contemplation of the both you and the insurer when the contract was concluded.

You must notify the insurer of a claim within a reasonable time, or otherwise in accordance with the terms of the contract of insurance.

If you become aware after a claim is made of information that would either support or prejudice the claim, you are under a duty to disclose it. (The insurer is under the same duty).

If you make a false or misleading claim in any material respect (and know it to be false or misleading or consciously disregards whether it is) the insurer is entitled to refuse to pay and to terminate the contract.

Where an insurer becomes aware that a consumer has made a fraudulent claim, they may notify the consumer advising that they are voiding the contract of insurance, and it will be treated as being terminated from the date of the submission of the fraudulent claim. The insurer may refuse all liability in respect of any claim made after the date of the fraudulent act, and the insurer is under no obligation to return any of the premiums paid under the contract.

Compensation Scheme:

We are a member of the Investor Compensation Scheme operated by the Investor Compensation Company Ltd. See below for details.

Investor Compensation Scheme

The Investor Compensation Act 1998 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 the act. The Investor Compensation Company Ltd (ICCL) was established under the 1998 Act to operate such compensation and my firm is a member of this scheme.

Compensation may be payable where money or investment instruments owed or belonging to clients and held, administered or managed by the firm cannot be returned to those clients for the time being and there is no reasonable foreseeable opportunity of the firm 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 the firm is not in a position to return money or investment instruments owed or belonging to the client of the firm; and
  • To the extent that the client’s loss is recognised for the purpose of the Act.

 

Where an entitlement of 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 at (01) 224 4955

Complaints

While we are happy to receive verbal complaints, it would be preferable that any complaint be made in writing. We will acknowledge your complaint within 5 business days and we will fully investigate it. We shall investigate the complaint as swiftly as possible, and the complainant will receive an update on the complaint at intervals of not greater than 20 business days starting from the date on which the complaint is made. 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 and Pensions Ombudsman (FSPO). A full copy of our complaint’s procedure is available on request.

Brokers Ireland Compensation Fund

We are also members of the Brokers Ireland Compensation Fund. Subject to the rules of the scheme the liabilities of its members firms up to a maximum of €100,000 per client (or €250,000 in aggregate) may be discharged by the fund on its behalf if the member firm is unable to do so, where the above detailed Investor Compensation Scheme has failed to adequately compensate any client of the member. Further details are available on request.

Appendix 1

List of Product Providers:

Life & Pensions

  • Irish Life Assurance Plc
  • New Ireland Assurance Company plc
  • Zurich Life Assurance plc
  • Aviva Life & Pensions UK Limited
  • Scottish Provident Limited
  • Standard Life Assurance Company
  • Royal London Mutual Insurance Society Limited
  • BCP Asset Management DAC

Other

  • Blackbee Investments Limited
  • Irish Life Health Designated Activity Company
  • Permanent TSB plc
  • KBC Bank Ireland plc
  • Wealth Options Limited
  • Harcourt Life Ireland dac
  • Cantor Fitzgerald Ireland Limited
  • J & E Davy
  • Version 5.0 Effective from 17th November 2020 – Download PDF

    Terms of Business Acknowledgement Letter and Consent Form Nov 2020 – Download PDF