Terms of Business

Terms of Business

Authorised Status:

Gerard Ryan Financial Services Ltd is registered to undertake insurance mediation under the European Communities (Insurance Mediation) Regulations, 2005 and is authorised under Section 10 of the Investments Intermediary Act, 1995 (as amended). Gerard Ryan Financial Services Ltd is also authorised to engage in the business of being a mortgage intermediary. The Financial Regulator holds registers of regulated firms. You may contact the Financial Regulator on (01) 2246000 or alternatively visit their website on www.centralbank.ie to verify our credentials.

Regulatory Status:

Gerard Ryan Financial Services Ltd is regulated by the Central Bank of Ireland. Our regulator number is 32005.

Gerard Ryan Financial Services Ltd is a member of Brokers Ireland.

Services:

Gerard Ryan Financial Services Ltd is authorised to offer advice in relation to:

Mortgages, Life Assurance, Serious Illness, Income Protection, Pensions, PRSA’s, Home Insurance, Savings, Investments, Tracker Bonds.

Gerard Ryan Financial Services Ltd is authorised to offer this advice only in relation to product producers from whom a written letter of appointment is held.

Investor Compensation:

Gerard Ryan Financial Services Ltd is a member of the Investor Compensation Scheme established under the Investor Compensation Act 1998. This legislation provides for the establishment of a compensation scheme and 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 client’s loss, which is recognised as being eligible for compensation or €20,000.

Gerard Ryan Financial Services Ltd is bonded through membership of Brokers Ireland for €250,000 in aggregate with a maximum of €100,000 per client.

Remuneration Policy:

Gerard Ryan Financial Services Ltd 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 Gerard Ryan Financial Services Ltd hold agencies with is listed in this document.

Gerard Ryan Financial Services Ltd is remunerated by insurance undertakings and product producers on a commission basis by those it holds a written letter of appointment from. This payment is taken into account in any quotation provided to you. Full details of this will be provided in a cooling-off letter issued by the insurer/product producer.

Gerard Ryan Financial Services Ltd. 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 fee: € …150…per hour

Administration Fee: €…..75….per hour

All fees will be agreed in writing with the consumer prior to providing a service.

Gerard Ryan Financial Services Ltd 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.

Conflict of interest:

It is the policy of Gerard Ryan Financial Services Ltd 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. At all times Gerard Ryan Financial Services Ltd endeavours to act to the best advantage of its customers in recommending the most suitable solution to each individual.

Complaints Procedure:

Gerard Ryan Financial Services Ltd 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 complaint within 40 business days.

All complaints should be directed in writing to Ms Lynn Buckley, Complaints Officer, Gerard Ryan Financial Services Ltd. 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, Lincoln House, Lincoln Place, Dublin 2.

Data Protection:

Gerard Ryan Financial Services Ltd collects your personal details in order to provide the highest standard of service to you. We take great care with the information provided, taking steps to keep it secure and to ensure it is only used for legitimate purposes. To fulfil these objectives, we may share information with other affiliated professionals. The information and other data provided to our office may be used to advise you of products and services we may offer from time to time. You have the right at any time to request a copy of any “personal data”, within the meaning of the Data Protection Act 1988 and 2003, as amended, updated or replaced from time to time and includes the EU General Data Protection Regulation (GDPR), that our office holds about you and to have any inaccuracies in that information corrected.

Default Remedies:

Gerard Ryan Financial Services Ltd 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 insurer’s obligation under the policy will be terminated.

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 producer’s policy document.

Clients money:

When receiving and transmitting orders in relation to insurance policies, PRSAs, Pension plans and Investment products, Gerard Ryan Financial Services Ltd may only accept credit/debit card, cheques or bank drafts from clients payable to the product provider. Gerard Ryan Financial Services Ltd does not operate a clients account.

Receipts:

Gerard Ryan Financial Services Ltd will issue receipts for each payment received pursuant to Section 30 of the Investors Intermediaries Act 1995 and these should be retained in a safe place.