Terms of Business – Version 15/05/2018
House Of Finance Advisory Services Ltd t/a House of Finance
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.
Authorisation with the Central Bank of Ireland
House of Finance Advisory Services Ltd t/a House of Finance is regulated by the Central Bank of Ireland as an insurance intermediary registered under the European Communities (Insurance Mediation) Regulations, 2005; as a Multi-Agency Intermediary authorised under the Investment Intermediaries Act, 1995 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 on1890 777 777 or alternatively visit their website at www.centralbank.ie to verify our credentials.
Codes of Conduct
House of Finance Advisory Services Ltd t/a House of Finance 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
House of Finance Advisory Services Ltd t/a House of Finance is a member of Brokers Ireland we must be in a position to place insurance with at least five insurers of the relevant form (life) and therefore can generally give consumers greater choice than agents and tied agents.
Our principal business is to provide advice and arrange transactions on behalf of clients in relation to life & pensions products. A full list of insurers, product producers with which we deal is available on request
The concept of fair analysis is derived from the Insurance Mediation Directive. It describes the extent of the choice of products and providers 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 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, considering the accessibility of information and product placement to intermediaries and the cost of the search.
To ensure that the number of contracts and providers is sufficiently large to constitute a fair 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 service provided by the provider, cost, and
any other relevant consideration.
House of Finance Advisory Services also provide recommendations on a limited analysis basis if there are restricting areas such as e-cigarette classification as smoker or non-smoker underwriting considerations or preference for provider or any other specific requirement not generally covered
Code of Ethics
At House of Finance Advisory Services Ltd t/a House of Finance we uphold three Ethical Principles:
- Promoting Individual Responsibility and Accountability- Directors and Employees will uphold the highest level of integrity and professionalism in carrying out their responsibilities and act
in the interest of the client.
- Maintaining Confidentiality – Directors and Employees shall treat as confidential all
information regarding the business or affairs of our client in the carrying out of their
- Managing Conflict of Interest –Each Director and Employee has a responsibility to avoid
conduct which places private gain above their duties to our clients.
Life & Pensions
House of Finance Advisory Services Ltd t/a House of Finance provides life assurance and pensions on a fair analysis basis i.e. providing services based on 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 will aid you with 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 PHI and Serious Illness policies.
Specifically, about permanent health insurance 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 serious illness policy, we will explain clearly to you the restrictions, conditions and general exclusions that attach to the policy.
We will need to collect sufficient information from you before we can offer any advice on Life, Specified illness, Investment and Pensions. This is since a key issue in relation to advice is affordability. Such information should be produced promptly upon our request.
Disclosure of Information
Any failure to disclose material information may invalidate your claim and render your policy void.
House of Finance Advisory Services Ltd t/a House of Finance is remunerated by commission from product producers or agreed Fees from clients on the completion of business. 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 where agreed.
In certain circumstances, it will be necessary to charge a fee for services provided. These are listed below for life and Standard PRSAs. 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 fees outlined below.
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 may become the amount payable to the firm unless an arrangement to the contrary is made.
You may elect to deal with us on a fee basis.
Directors €175 per hour Senior Advisers €150 per hour
Where advice is requested for Pensions and PRSAs, the following hourly fees will apply: Advisor fees: €150 per hour
Senior Advisers: € 200 per hour
Additional fees may be payable for complex cases or to reflect value, specialist skills or urgency. We will give an estimate of this rate in advance of providing you with services. 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 may become the amount payable to the intermediary unless an arrangement to the contrary is made.
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 advice and products best suited to your needs. Failure to contact us in relation to changes in your circumstances or failure to request a review may result in you having insufficient insurance cover and/or inappropriate investments.
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.
Default on payments by clients
Our firm will exercise its legal rights to receive payments due to it from clients in respect of fees for services provided.
Product producers 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.
We ask that you make any complaint against our firm, relating to services provided by us, in writing. 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. If you are still dissatisfied with our handling of or response to your complaint, you are entitled to refer the matter to the Financial Services Ombudsman or the Pensions Ombudsman. A full copy of our complaints procedure is available on request.
House of Finance Advisory Services Ltd t/a House of Finance complies with the requirements of the General Data Protection Regulation 2018 and the Irish Data Protection Act 2018.
House of Finance 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.
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 accessible. Please refer to our website www.houseoffinance.ie, if this medium is not suitable we will ensure you can easily receive a hard copy.
Please contact us at firstname.lastname@example.org if you have any concerns about your personal data.
We are members 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 that Act.
The Investor Compensation Company Ltd. (ICCL) was established under the 1998 Act to operate such a compensation scheme and our 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 where there is no reasonably 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 able 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
For further information, contact the Investor Compensation Company Ltd. at (01) 224 4955.
Terms of Business Acknowledgement Letter
Terms of Business Effective Date 15th May 2018
Client Name: __________________________________
House of Finance Advisory Services Ltd t/a House of Finance
(‘the Company’) is regulated by the Central Bank of Ireland.
Terms of Business
Attached are the Company’s Terms of Business, which outline the basis on which we provide services to our clients. Please ensure that you read this document carefully. These Terms of Business apply to all business transactions undertaken for you or services provided to you and will remain in force until further notice. Should we make any material changes to our Terms, we will advise you in advance of providing any further services to you.
Customer Signature 1…………………………………………………………………… Date…………………………………… Customer Signature 2…………………………………………………………………… Date……………………………………
Consent to Contact & Privacy Statement
Here at House of Finance Advisory Services Ltd t/a House of Finance
We take your privacy and data protection seriously and will only use your personal information to administer your account and to provide the products and services that have been agreed with you However, from time to time we may wish to contact you in relation to new developments in Protection Pensions and Investments which we feel may be of interest to you
If you consent to us contacting you for that purpose, please tick to confirm agreed method of contact:
☐ Please do not contact me
Customer Signature 1…………………………………………………………………… Date……………………………………
Customer Signature 2…………………………………………………………………… Date…………………………………. * Even if you do subscribe now you can always unsubscribe at any time.
*Even if you do subscribe now you can always unsubscribe at any time.