CP116 – Under this legislations we are oblidged to provide you with a comprehensive outline of all the commission variations available to us on a product by product and company by company basis. You will have been directed to this link when you completed the fact find which was the basis of the product you have chosen to take out with CORMAC FARRELL FINANCIAL PLANNING.
Our Terms of Business
Authorised status
Our trading name is Cormac Farrell Financial Planning (CFFP). Our registered office is at 17 Victoria Road, Clontarf, Dublin 3, Telephone No. (01) 8186915.
Email address cormac.farrell@cffp.ie.
CFFP is regulated by the Central Bank of Ireland. A copy of the official statements of our status are available on request.
Services
CFFP offer advice in relation to all classes of Life Assurance products including Whole of Life, Term Cover, Serious Illness, Pensions, Savings & Investments and also Mortgage Protection cover based on a fair analysis of the market rates available at the time of proposal. In addition CFFP transmits orders on behalf of consumers to insurance undertakings and product producers.
The Regulator surveys the market on a regular basis and the results of these surveys together with general information on life assurance and mortgages can be found on their website at www.financialregulator.ie.
Cormac Farrell is a Qualified Financial Advisor (QFA) and a member of the LIFE INSURANCE ASSOCIATION of Ireland (LIA), and holds the designation of Retirement Planning Advisor (RPA).
We provide advice and execute our orders in relation to the following:
- Life Assurance (Mortgage Protection, Term Assurance, Whole of Life Cover)
- Permanent Health Insurance / Income Protection
- Serious Illness Cover
- Retirement Planning
- Lump Sum Investments
- Savings Oriented Life Assurance Products
- Mortgages
- Tracker Bonds
Complaints
Any complaint that you may have in relation to the business services provided should be made in writing to the firm outlining the nature of your complaint. Any such complaint will be acknowledged within five working days, and you will receive updates regarding the status of your complaint at intervals of not grater that 20 days. The complaint will be fully investigated by CFFP and a full response will be provided to you. If after forty days you remain dissatisfied with our firms handling and response to your complaint you are entitled to refer your complaint to the Financial Services Ombudsman Bureau or the Pensions Ombudsman where appropriate.
Handling Errors
In the event of an error being made by the company which affects our clients we will follow the following procedure. We will endeavour to identify the cause of the error as soon as possible, and we will contact all of the customers who are affected. We will proceed to resolve any issues caused by the error within the 40 day deadline stipulated by the Consumer Protection Code 2012. Clients will be informed in writing of any negative impact which occurs as a result of the error, and the steps which the company is taking to rectify the matter. Correct procedures will be put in place to ensure that the error never occurs again, and finally we will oversee the timely refund of all premiums/contributions/investments where they are due.
Consumer Protection
CFFP is a member of the Investor Compensation Scheme established under the Investor Compensation Act 1998. The legislation provides for the establishment of a compensation scheme and to the payment in certain circumstances of compensation to clients of firms covered by the act. However you should also be aware that a right to compensation will only arise where money or investment instruments held by CFFP on your behalf cannot be returned either for the time being or for the foreseeable future and where the client falls within the definition of eligible investor as contained in the act. CFFP holds Professional Indemnity Insurance in accordance with the Financial Regulators requirements.
Receipts
CFFP will issue receipts for third party cheques received for Life Assurance made payable to an Insurance Company pursuant to Section 30 of the Investment Intermediaries Act 1999. Clients should retain this in a safe place. We do not hold clients monies under any circumstances and as such we do not have a client account.
Insurance Undertakings
The following are a list of Insurance Undertakings and Product Producers from which letters of appointment are held:
- BCP Asset Management
- Friends First Life Assurance Company Limited
- New Ireland Assurance Company Limited
- Aviva Life and Pensions PLC
- ITC Ltd.
- Zurich Life Assurance Company Limited
- Irish Life Assurance Company PLC
- Royal London Life Assurance Company Limited
- Standard Life Assurance Company.
- Wealth Options
- Cantor Fitzgerald Ireland
Remuneration
Cormac Farrell Financial Planning is remunerated through payment of commission by the insurance companies with which we hold written agencies. The commissions payable are subject to the Rules of Disclosure and details will be provided for your information before the issuing of any policy or policies in your name.
CFFP also charges fees for providing financial reviews for clients. The amount of this fee is agreed at the outset. It will be a minimum of €240.00 and a maximum of €340 for a review relating to pensions, savings and investments. If the review leads directly to the provision of a product which generates commission, the client will be offered a choice of paying the fee, or having the commission generated from the product. If they elect to have commission paid from the product provider, then the fee will not be payable.
Fees for Pension and Investment Business.
In the case of Pension / Investment Contracts where the firm is not in receipt of commission we may charge a service fee agreed with clients in advance depending on the complexity of the transaction, and the time spent, and nature and extent of the transaction. The full amount of this fee will be agreed with the client before any contract of business is entered into.
Mortgage Business
Through our agency with Faulkner Finance CFFP is in receipt of Mortgage commissions at a rate of up to 0.25% of the amount borrowed. Agency agreement is available on request.
We are subject to the provisions of the Irish Data Protection Act 2018 and also the GDPR Regulations introduced in 2018. We are committed to protecting your privacy and will only ever process your data in manner consistent with the reason that you provided us with your information. Our Data Privacy Notice and GDPR policy is available on our website or by request to cormac.farrell@cffp.ie
Conflicts of Interest.
It is our policy to avoid conflicts of interest, but where they unavoidably arise we will advise you of this in writing before providing you with any products advice or service.
Vulnerable Customers
“vulnerable consumer” means a natural person who:
a) has the capacity to make his or her own decisions but who, because of individual circumstances, may require assistance to do so (for example, hearing impaired or visually impaired persons); and/or
b) has limited capacity to make his or her own decisions and who requires assistance to do so (for example, persons with intellectual disabilities or mental health difficulties).
Where we identify that a customer fits the description above and should be considered vulnerable the Company will endeavour to ensure that the necessary arrangements are made to facilitate the customers understanding of the recommended product. Specifically, for hearing and visually impaired clients we will attempt to provide the details in a medium which they can access. In the case of persons with intellectual or mental health difficulties it is our policy to have a third party known by and trusted by the vulnerable customer present at all meetings and copied in on all relevant correspondence.
Cormac Farrell t/a Cormac Farrell Financial Planning is regulated by the Central Bank of Ireland.
