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
Riordan Financial Brokers Ltd trading as Riordan Financial (C30375) is regulated by the Central Bank of Ireland as an insurance intermediary registered under the European Union (Insurance Distribution) Regulations 2018; and as an Investment 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 on 1890 777 777 or alternatively visit their website www.centralbank.ie to verify our credentials.
Codes of Conduct:
Riordan Financial Brokers Ltd. is subject to and complies with the Consumer Protection Code, Minimum Competency Code and the Fitness and Probity Standards as laid down by the Central Bank of Ireland. These Codes can be found on the Central Bank’s website www.centralbank.ie.
CONSUMER INSURANCE CONTRACTS ACT 2019
New Business and Renewal
i) 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 Assurance and Personal Pension policies, irrespective of whether the sale took place on a non-face to face basis, and 14 days in respect of general policies only on sales that took place on a non-face to face basis (distance sales). 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 assurance 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.
ii) 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
iii) A court of competent jurisdiction can reduce the pay-out to you where they are in breach of their duties under the Act, in proportion to the breach involved
Post Contract Stage and Claims
i) 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.
ii) 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 contracting parties when the contract was concluded.
iii) You must cooperate with the Insurer in an investigation of insured events including responding to reasonable requests for information in an honest and reasonably careful manner and must notify the Insurer of the occurrence of an insured event in a reasonable time.
iv) You must notify the Insurer of a claim within a reasonable time, or otherwise in accordance with the terms of the contract of insurance
v) If you become aware after a claim is made of information that would either support or prejudice the claim, they are under a duty to disclose it. The Insurer is under the same duty.
vi) If you make a false or misleading claim in any material respect (and knows 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.
vii) Where an Insurer becomes aware that a Consumer has made a fraudulent claim, they may notify the Consumer advising that they are avoiding 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.
Riordan Financial Brokers Ltd. is a member of Brokers Ireland.
Our principle business is to provide advice and arrange transactions on behalf of clients in relation to life & pensions products. A full list of life companies and product producers with which we deal is available on request.
Insurance Intermediary Services:
Fair and Personal Analysis
The concept of fair and personal analysis describes the extent of the choice of products and providers offered by us, as an intermediary, within a particular category of life assurance and/or specialist area. The number of contracts and providers considered must be sufficiently large to enable us 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:
Investment Intermediary Services:
We are remunerated by commission for our investment intermediary services, or you may choose to pay in full for our services by means of a fee.
Insurance based Investment Products:
We are remunerated by commission for the advice we provide on our insurance based investment products, or you may choose to pay in full for our services by means of a fee.
Life & Pensions:
We provide life assurance 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 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 PHI and serious illness policies.
Specifically, on the subject of 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 that policy.
Statement of Charges:
We may earn our remuneration on the basis of fee, commission and any other type of remuneration, including an economic benefit of any kind offered or given with the insurance contract.
A summary of the details of all arrangements for fee, commission, other reward or remuneration paid or provided to us which we have agreed with product producers is available on our Charges page.
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 ongoing advice/assistance exceeds 2 hours.
In certain circumstances, it will be necessary to charge a fee for services provided. These are listed below for Life / Pensions & Investments and where advise is requested in relation to Personal Retirement Savings Accounts (PRSA’s). 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. 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/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 firm unless an arrangement to the contrary is made.
Life / Pensions and Investments
Personal Retirement Savings Accounts
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 €150 per hour to a maximum of €250 per hour. We will notify you in writing in advance and agree the scale of fees to be charged. 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.
Riordan Financial do not conduct a periodic assessment of the suitability of insurance-based Investment Products or Non-Life Financial Instruments on an ongoing basis unless instigated at your request. However, 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 or investment 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 investment
Sustainability Factors – Investment / IBIPS / Pension Advice
When providing advice, Riordan Financial does not consider the adverse impacts of investment decisions on sustainability. The firm will review this approach on an annual basis in March.
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.
Defaults on payments by clients
Our firm will exercise its 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 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.
While we are happy to receive verbal complaints, it would be preferable that any complaints are made in writing. We will acknowledge your complaint in writing 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 our 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.
We are subject to the requirements of the General Data Protection Regulation 2018 and the Irish Data Protection Act 2018.
Riordan Financial Brokers 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.
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.riordanfinancial.ie. If this medium is not suitable we will ensure you can easily receive a copy by hard copy upon request.
Please contact us at [email protected] 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 Company 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:
In the event that a right to compensation is established, the amount payable will be the lessor of:
For further information, contact the Investor Compensation Company Ltd., at (01) 224 4955.
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.
These terms of Business including Schedule of Fees and Charges are valid from March 2021 until further notice.