J. J. FLOOD & SONS
Main St, Granard, Co Longford
Tel.: 043-6686060, Fax: 043-6686616, E-mail: info@jjfloodandsons.ie
Paul Flood trading as J.J. Flood & Sons.
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
Paul Flood trading as J.J. Flood & Sons (C8780) is regulated by the Central Bank of Ireland as an insurance intermediary registered under the European Union (Insurance Distribution) Regulations 2018 ; as an Investment Intermediary authorised under the Investment Intermediaries Act, 1995 and as a Mortgage Intermediary authorised under the Consumer Credit Act, 1995, and as a Mortgage Credit Intermediary under the European Union (Consumer Mortgage Credit Agreements) Regulations 2016. 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
J.J. Flood & Sons 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
J.J. Flood & Sons is a member of Brokers Ireland.
Our principal business is to provide advice and arrange transactions on behalf of clients in relation to life & pensions/mortgages/general insurance products. A full list of insurers, product producers and lending agencies with which we deal is available on request.
Insurance Intermediary Services/Mortgage Intermediary Services (except for Insurance based Investment Products (IBIPs))
We act as an Independent Broker which means that:
a) the principal regulated activities of the firm are provided on the basis of a fair and personal analysis of the market; and
b) you must pay for our services by means of a fee. We provide our services on the basis of independent advice. This means that the firm does not accept any third party payments (i.e. commissions) from Providers.
Fair and Personal Analysis
The concept of fair and personal analysis describes the extent of the choice of products and providers offered by an intermediary within a particular category of life assurance, general insurance, mortgages, 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 reasonably be 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 service provided by the provider,
- cost, and
- any other relevant consideration.
Investment Intermediary Services
We are renumerated by commission for our investment intermediary services.
Insurance based Investment Products
We are remunerated by commission for the advice we provide on our insurance based investment products
Life & Pensions/Deposits & Life Wrapped Investments
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 in 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 policy 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 we will 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.
Non-Life
We can provide advice on and arrange products from the following range: household, motor, commercial, public liability, employer liability, farm, travel, professional Indemnity and cyber-risk insurance.
We provide general insurance on a fair and personal analysis basis (providing services on the basis of a sufficiently large number of contracts and product producers available in the market to enable the firm to make a recommendation, in accordance with professional criteria, regarding which contract would be adequate to meet your needs).
In some cases we may be granted authority from an insurance undertaking to conduct tasks on their behalf, for which we will be remunerated. Where we place your business with this insurance undertaking under this authority you will be notified in advance of the placement.
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.
Statement of Charges
We are remunerated by commission and other payments from product producers or lenders on the completion of business and by broker fees.
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 12 hrs.
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.xxxxxx.ie
(Note: If you have a website the document must be displayed on the website. If you do not have a website, the above summary must be available in your office. It does not have to be in printed format – You must amend the wording of the above paragraph accordingly).
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 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 and Pensions
You may elect to deal with us on a fee basis. (It is common to distinguish on the basis of the seniority of the person and between advisers and support staff.)
e.g.:
Principles / Directors €X
Senior Advisers €x
Associates €x
Support staff €x
(*Note: Each intermediary must calculate his/her own rate based on the firm’s individual circumstances. As a guideline to help you calculate your hourly rate, target fee income to include overhead – divide by 44 weeks/divide by 20 hours (there would be a maximum of 15-20 billable hours in a week, the rest would be “time overhead” – general administration of your business, research/education, compliance and marketing – which cannot be billed to individual clients. It is usual to charge travel time at half normal rate. For support staff an estimate is 3 x hourly rate – annual salary/46 weeks/35 hours x3).
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 €X per hour to a maximum of €X per hour. We will notify you in advance and agree the scale of fees to be charged.
Investment Fees (If using the term Independent)
e.g.:
Principles / Directors €X
Senior Advisers €x
Associates €x
Support staff €x
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 €X per hour to a maximum of €X per hour. We will notify you in advance and agree the scale of fees to be charged.
Personal Retirement Savings Accounts (PRSAs) – Fees
Where advice is requested for PRSAs, the following hourly fees will apply:
Advisor fees: €x – €x per hour.
Support staff: €x – €x per hour.
Additional fees may be payable for complex cases or to reflect value, specialist skills or urgency. We will notify you in advance of providing you with these services. Our scale of fees for such cases range from a minimum of €X per hour to a maximum of €X per hour. 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 will become the amount payable to the intermediary unless an arrangement to the contrary is made.
Insurance Based Investment Products (If using the term ‘independent’)
We will return to customers or offset against fees to be paid by the customer, any fees, commissions or non-monetary benefits paid or provided by any third party or person acting on behalf of a third party in relation to the services provided to that customer as soon as reasonably possible after receipt.
General Insurance
We may be remunerated by commission from insurers on completion of business. Details of the commission arrangements are available on our website . Where an override commission is received, this will be disclosed to you in general terms.
(Note if you do not have a website the commission arrangements must be available in your office – on a PC – they do not have to be in printed format – the above paragraph will have to be amended if you do not have a website).
(Note: Brokerage fees are more common on the general side of the market and we recommend that you list these in your terms of business.)
Brokerage fee: €x – €x
Cancellation or Mid Term Alteration fee: x% of the premium, with a minimum of €x.
Claims handling: Depending on case.
Include others depending on your business.
We will inform you of the amount of fee to be charged. Where it is not possible to provide the exact amount, we will provide you the method of calculation of the fee.
Ongoing Suitability
Investments (IIA firms providing Article 3 services. Delete if not relevant)
Ongoing suitability assessments form part of the service to clients. On an annual basis the firm will issue a client report outlining changes in the services or instruments involved and/or the circumstances of the client.
OR
The firm’s services does not include ongoing suitability assessments.
Insurance based Investment Products (Delete if not relevant)
We will provide periodic assessments of the suitability of the insurance based investment product which we have recommended to you.
OR
The firm’s services does not include ongoing suitability assessments.
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 advice and products best suited to your needs. Failure to contact us in relation to changes in your circumstances, 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. Agreements to this effect are in place with the following: ETC ETC ETC 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 payments by clients
We will exercise our legal rights to receive payments due to us from clients (fees and insurance premiums) for services provided. In particular, without limitation to 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.
Mortgage lenders may seek early repayment of a loan and interest if you default on your repayments. Your home is at risk if you do not maintain your agreed repayments.
Complaints
Whilst 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 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 complaints procedure is available on request.
Data Protection
We are subject to the requirements of the General Data Protection Regulation 2018 and the Irish Data Protection Act 2018.
J.J. Flood & Sons 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 assessible. Please refer to our website (link), if this medium is not suitable we will ensure you can easily receive a copy by hard copy, or telephonic environment.
Please contact us at info@jjfloodandsons.ie if you have any concerns about your personal data.
The following are recommendations only. It is not stipulated in any legislation or Code that they should be included in the TOB, however, we suggest to members to include as appropriate. Not every heading is applicable to both life and general (for example, under “Post-Contractual Stage and Claims” the first paragraph is only relevant to general insurance) so please delete as applicable.
New consumer responsibilities arising out of the Consumer Insurance Contracts Act 2019 which was implemented to protect consumers.
New Business & Renewal
Applicable to life and general brokers, delete as applicable:
A consumer may cancel a contract of insurance, by giving notice in writing to the insurer, within 14 days after the date the consumer was informed that the contract is concluded. The insurer cannot impose any costs on the consumer other than the cost of the premium for the period of cover. (This does not affect notice periods already in place, i.e. 30 days in respect of life policies and 14 days in respect of general policies under respective pieces of legislation).
Applicable to life and general brokers, delete as applicable:
The consumer is under a duty to pay their premium within a reasonable time, or otherwise in accordance with the terms of the contract of insurance.
Applicable to life and general brokers, delete as applicable:
A court of competent jurisdiction can reduce the pay-out to the consumer where they are in breach of their duties under the Act, in proportion to the breach involved.
Post-Contract Stage and Claims
Applicable to general brokers only
If, in respect of the insurance contract the insurer is not obliged to pay the full claim settlement amount until any repair, replacement or reinstatement work has been completed and specified documents for the work have been furnished to the insurer, the claim settlement deferment amount cannot exceed
- 5% of the claim settlement amount where the claim settlement amount is less than €40,000, or
- 10% of the claim settlement amount where the claim settlement amount is more than €40,000.
Applicable to life and general brokers, delete as applicable:
An insurer may refuse a claim made by a consumer 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.
Applicable to life and general brokers, delete as applicable:
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.
Applicable to life and general brokers, delete as applicable:
The consumer 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.
Applicable to life and general brokers, delete as applicable:
The consumer must notify the insurer of a claim within a reasonable time, or otherwise in accordance with the terms of the contract of insurance.
Applicable to life and general brokers, delete as applicable:
If the consumer becomes 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).
Applicable to life and general brokers, delete as applicable:
If the consumer makes 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.
Applicable to life and general brokers, delete as applicable:
Where an insurer becomes aware that a consumer has made a fraudulent claim, they must notify the consumer advising that they are avoiding the contract of insurance. 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 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 in a position 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 €20,000.
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.
Shareholdings (Delete if not relevant)
ABC Ltd directly (or indirectly) holds XX per cent (which must be 10% or more) of the voting rights or of the capital in XXX insurance undertaking).
YYY insurance undertaking (or parent undertaking of YYY insurance undertaking) directly (or indirectly) holds XX per cent (representing 10% or more) of the voting rights or the capital in ABC Ltd.