• Tel: + 353 71-9159222
  • Fax: + 353 71-9145134
  • Property Services Licence Number: 003530

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TERMS OF BUSINESS


Multi Agency Intermediary


Flanagan Ford Limited of Shell House, Wine Street, Sligo specialise in the provision of Mortgage Services, Life Assurance and General Insurance services to consumers.



Authorised Status:

Flanagan Ford Limited is regulated by the Financial Regulator as a Multi-Agency Intermediary under the Investment Intermediaries Act, 1995; as a mortgage intermediary authorised under the Consumer Credit Act, 1995 and as an insurance intermediary registered under the European Communities (Insurance Mediation) Regulations, 2005. The Financial Regulator holds registers of regulated firms. You may contact the Financial Regulator on (01) 4104000 or alternatively visit their website on www.financialregulator.ie to verify our credentials.”

Flanagan Ford Limited is a member of the Professional Insurance Brokers Association.

Regulatory Status:

Flanagan Ford Limited t/a Flanagan Ford Financial Advisors is regulated by the Financial Regulator. Our regulator number is 8649.

Services:

Flanagan Ford Limited offer advice in relation to all aspects of mortgage finance and also in relation to life assurance products (Term Cover, Serious Illness and Permanent Health Insurance) and General Insurance. We also transmit orders on client’s behalf to any of the insurance undertakings or product producers from whom the Company hold letters of appointment. A list of all such entities is contained elsewhere in these Terms of Business.

Remuneration Policy:



Life Assurance

Flanagan Ford Limited, in the case of life assurance where the firm is not in receipt of commission, will charge a service fee, agreed with clients, depending on complexity of the transaction, time spent and nature and extent of the transaction. . Our fees are charged as follows: Advisor fees: €150 per hour Support Staff €65 per hour

Mortgage Business

Flanagan Ford Limited is in receipt of mortgage commissions from lenders at a rate of up to 1% of the value of the amount borrowed. A list of lenders whom Flanagan Ford Limited hold agencies with is listed in this document.

In certain circumstances we may charge a fee for providing your mortgage, our fees range from €500 - €2,000 depending on the type of mortgage required, the complexity of the case and the time spent on the mortgage. All fees will be agreed with the client before any advice is given.

Flanagan Ford Limited may make sub-commission payments to Introducers of mortgage business to the company. All recipients of such sub-commission payments must be registered by the Financial Regulator as a Mortgage Intermediary.

General Insurance

Where advice or service provided by the firm is in connection with a product (policy) arranged by us and through our agency we may, in addition to the commission receivable from the insurer, charge a fee of up to thirty five per cent of the premium including levy. In determining the fee applicable, factors such as specialist skills, complexity, value, risk, urgency and amount of commission receivable from the insurer will be taken into account. We may also charge a fee up to €50 for mid-term alterations to a policy for time and/or expenses incurred in resolving issues relating to payment clearances. Where we arrange for an external credit finance facility for lcients to assist in premium payment, we will receive up to 2.65% commission.

We have agencies with Hibernian Insurance for general insurance. We earn 15% commission on property policies that go through our office. We do not charge a fee for general insurance policies provided.

Conflict of interest:

It is the policy of Flanagan Ford Limited to avoid a conflict of interest when providing services to clients. Where an unavoidable conflict arises we will advise you of this in writing before providing any business services. If you have not been made aware of any such conflict you may assume that none arises.

Complaints Procedure:

Flanagan Ford Limited has in place a written procedure for the handling of complaints. This procedure ensures that all complaints are recorded and acknowledged within 5 business days. All complaints are fully investigated and the complainant updated at intervals of not greater than 20 business days. We will attempt to investigate and resolve a compliant within 40 business days.

All complaints should be directed in writing to Mr Ken O’Neil, Complaints Officer, Flanagan Ford Limited. In the event that a client remains dissatisfied with the handling of and/or response to a complaint they may refer the matter to The Financial Services Ombudsman.

Consumer Protection:

Flanagan Ford Limited 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 would only arise where money or investment instruments held by this company 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. In the event that a right to compensation is established, the amount payable is the lesser of 90% of the clients loss, which is recognised as being eligible for compensation or €20,000.

Client’s Money:

Flanagan Ford Limited will accept payments by cheque and cash in respect of all classes of insurance in the circumstances permitted under Section 25G of the Investment Intermediaries Act 1995. Payments must represent premium in respect of either a renewal of a policy, which has been invited by an insurance undertaking or product producer or a proposal accepted by an insurance undertaking or product producer.

Credit Policy:

We regret that credit cannot be extended to clients in respect of premiums, initial, renewal or additional. Initial or first premiums must be paid at inception of cover and renewal premiums before the policy renewal date otherwise the Company will advise the insurance undertaking or product producer involved and cover will be cancelled.

Receipts:

Flanagan Ford Limited will issue receipts for each payment received pursuant to Section 30 of the Investment Intermediaries Act 1995, as amended and such receipts will be retained in a safe place.

Default Remedies:

Flanagan Ford Limited actions in the event of default by the client are: Product providers are entitled to withdraw benefit or cover on default of any payments due under any products arranged for your benefit. It is therefore critical to the guaranteed continuance of your insurance that your premium is paid in full. Some insurers may include as a term of the insurance a settlement due date or in some cases a warranty under the terms of which the premium must be paid to them by a certain date. We inform our clients of such requirements and the relevant date in good time to allow the payment terms to be met. Failure to comply with the terms of the warranty may mean that the insurers obligation under the policy will be terminated. We will automatically advise you of any payments outstanding on your policy and the consequences of failure to pay premiums.

An outline of the action and remedies which the relevant product producers may take in the event of default by a client is included in the product producers policy document.

Insurance Undertakings:

The following are a list of insurance undertakings and product producers form which letters of appointments are held.

Non Life Insurance Appointments



  • Hibernian General Insurance


Life Assurance Appointments

  • Anglo Irish Bank Corporation plc
  • Bank of Scotland (Ireland) Limited
  • Caledonian Life
  • Canada Life
  • Dolmen Stockbrokers
  • Eagle Star Life Assurance
  • Friends First Life Assurance
  • Hibernian Life & Pensions Limited
  • New Ireland Assurance Company plc
  • Standard Life Assurance Company
  • BCP Asset Management Ltd
  • Irish Life Assurance Plc
  • Investec Bank (UK) Limited
  • Oregan Financial Limited
  • Wealth Options Limited


Lender Appointments

  • Bank of Scotland (Ireland) Limited
  • KBC Homeloans
  • General Mortgage Corp (Ire) Ltd
  • Allied Irish Banks plc
  • Haven Mortgages
  • ACC Bank plc
  • Irish Life & Permanent plc
  • Bank of Ireland Mortgage Bank
  • Start Mortgages Limited
  • Springboard Mortgages Limited



Bank Deposits


Flanagan Ford Ltd act as deposit agents for the following banks

  • Anglo Irish Bank
  • Permanent TSB
  • Bank of Scotland (Ireland) Ltd.
  • Investec Ltd.

 

Bank Deposit Guarantee

Following Ministerial Orders made on 24 October and 5 November 2008, the following credit institutions and subsidiaries are ‘covered institutions’ for the purposes the Credit Institutions (Financial Support) Scheme 2008:


Irish Government Bank Guarantee Scheme


Name of institution

Regulator

Allied Irish Banks plc (AIB)

Financial Regulator

Anglo Irish Bank Corp.

Financial Regulator

Bank of Ireland (The Governor and Company of Bank of Ireland)

Financial Regulator

Permanent TSB

Financial Regulator

EBS Building Society

Financial Regulator

ICS Building Society (also trades as The Mortgage Store)

Financial Regulator

Irish Life & Permanent plc (Permanent TSB)

Financial Regulator

Irish Nationwide Building Society

Financial Regulator

Postbank Ireland Limited

Financial Regulator



What about other deposit-taking institutions?


Credit Unions  

Financial Regulator

Irish Deposit Protection Scheme – 100% of deposits up to max. €100,000 Full details http://www.itsyourmoney.ie/index.jsp?1nID=93&2nID=100&nID=153&aID=620www

Post Office Savings Bank Note: See Postbank above

State body

Irish Government guarantees all deposits


Banks covered by the Irish Deposit Protection Scheme (max. €100,000)


ACC Bank plc

Financial Regulator

Irish Deposit Protection Scheme – 100% of deposits up to max. €100,000 Full details http://www.itsyourmoney.ie/index.jsp?1nID=93&2nID=100&nID=153&aID=620

Bank of Scotland (Ireland) Limited t/a Halifax

Financial Regulator

Irish Deposit Protection Scheme – 100% of deposits up to max. €100,000 Full details http://www.itsyourmoney.ie/index.jsp?1nID=93&2nID=100&nID=153&aID=620

First Active plc  

Financial Regulator

Irish Deposit Protection Scheme – 100% of deposits up to max. €100,000 Full details http://www.itsyourmoney.ie/index.jsp?1nID=93&2nID=100&nID=153&aID=620


There are other banks in the Irish Deposit Protection Scheme.

list of authorised credit institutions

www.itsyourmoney.ie

Banks covered by schemes in other countries


Investec Bank (UK) Ltd

The UK FSA

Financial Services Compensation Scheme www.fscs.org.uk 100% of the first £50,000 per person.



Flanagan Ford Limited, Shell House, Wine Street, Sligo.


Flanagan Ford Ltd t/a Flanagan Ford Financial Advisers are regulated by the Central Bank of Ireland.
Property Services are not regulated by the Financial Regulator | Terms of Business