Lo-Call: 1890 333 400
Email: financialservices
@heffernan.ie

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TERMS OF BUSINESS

Heffernan Insurances and Investments Limited

t/a Heffernan Insurances & Heffernan Mortgage Solutions

 

Heffernan Insurances and Investments Limited of 35 Morgan Street, Waterford specialise in the provision of Mortgage Services, Life Assurance and General Insurance services to consumers.

Authorised Status:

Heffernan Insurances and Investments Limited is deemed authorised as a multi agency intermediary pursuant to Section 26 of the Investments Intermediaries Act, 1995 to receive and transmit orders or units of shares in undertakings for collective investment in transferable securities within the meaning of the Regulations of 1989, units in a unit trust, other collective investment scheme instruments, or shares in a company which are listed on a stock exchange or bonds so listed or prize bonds, tracker bonds, insurance policies or Personal Retirement Savings within the meaning of the Pensions Act, 1990 . Our firm is also registered as an insurance/reinsurance intermediary under the European Communities (Insurance Mediation) Regulations, 2005 (as amended). We are an authorised mortgage intermediary under the Consumer Credit Act, 1995, as amended. Our firm is also authorised as a deposit broker. The Financial Regulator holds registers of regulated firms. You may contact the Financial Regulator on (01) 4104000 or alternatively visit their website on http://www.financialregulator.ie/ to verify our credentials.

Heffernan Insurances and Investments Limited is a member of the IBA.

Regulatory Status:

Heffernan Insurances and Investments Limited t/a Heffernan Insurances & Heffernan Mortgage Solutions is regulated by the Financial Regulator. Our regulator number is 2189.

Services:

Heffernan Insurances and Investments 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.

Life & Pensions

As a Multi-Agency Intermediary, we can provide advice in relation to products for which we hold an agency, and can place business on your behalf with those product producers. Heffernan Insurances & Investments Ltd can provide advice on and arrange products from the following range: life cover, serious illness cover, income protection, savings, investments and pensions. With your agreement, we may review the policies you take out on a periodic basis to ensure that you are kept informed as to their benefits and to check whether they are still suitable for 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. It is however, 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.

 

Non-Life

As a Multi-Agency Intermediary, we can provide advice in relation to products for which we hold an agency, and can place business on your behalf with those product producers. Heffernan Insurances & Investments Ltd. can provide advice on and arrange products from the following range: household, motor, commercial, public liability, employer liability, travel insurance, health insurance and personal accident. 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. To ensure continuity of cover, where you have an existing policy which is due to expire and where we have been unable to contact you, we may put continuing cover in force whilst awaiting your instruction. You will be liable for any premiums payable to the relevant insurer for the period of time between renewal and when we receive your instruction. You have the right not to avail of this service.

Mortgages

In respect of mortgage undertakings, Heffernan Insurances & Investments Ltd holds a letter of appointment from IFG Investment & Mortgage Services Ltd t/a IFG Mortgage Broker Solutions. Through IFG Mortgage Broker Solutions, Heffernan Insurances & Investments Ltd can provide advice on and arrange products from the following range: fixed-rate loans, variable rate mortgages, capital & interest mortgages, interest only mortgages, endowment mortgages, pension mortgages, and residential investment property. We will need to collect sufficient information from you before we can offer any advice on housing loans. This is due to the fact that a key issue in relation to mortgage advice is affordability. Such information should be produced promptly upon request

Remuneration Policy

Heffernan Insurances and Heffernan Mortgage Solutions are remunerated on a commission basis for orders transmitted. Heffernan Insurances & Heffernan Mortgage Solutions may also opt to charge a fee in certain circumstances. If this occurs, you will be fully apprised of the cost involved and a signed authority form will be obtained from you. In respect of mortgage undertakings Heffernan Mortgage Solutions is in receipt of mortgage commissions from IFG Investment & Mortgage Services Ltd t/a IFG Mortgage Broker Solutions at a rate of up to 0.65 of 1% of the amount borrowed. A full list of Mortgage & Insurance Undertakings is listed in this document.

Commission Sharing Agreement

Heffernan Insurances & Investments Ltd can and do offer introducers commission to regulated entities in respect of business introduced to our company.

Conflict of Interest Policy

It is the policy of the firm to avoid any conflict of interest when providing business services to its clients. However, where an unavoidable conflict may arise we will advise you of this in writing before proceeding to provide any business service.

Default on Payments

Heffernan Insurances & Investments Ltd will, if necessary exercise its legal rights to receive any payments due to it from clients for business services provided by it and, to be reimbursed for any value obtained by the firm on behalf of clients who subsequently default in any payment due to the firm. Product producers may withdraw benefits or cover on default of any payments due under any products arranged for your benefit. Details of these provisions will be included in your product terms and conditions. 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.

 

Client Premium

Heffernan Insurances & Investments Ltd will accept payments in respect of a premium from clients in circumstances where Section 25(G) of the Investment Intermediaries Act, 1995 applies. Payments must represent premium in respect of either a renewal of a policy, which has been invited by an insurance undertaking or a product producer or a proposal accepted by an insurance undertaking or product producer. Where applicable fees are charged on a time spent / disbursement basis and our current standard hourly rates are €75-€150 for Advisors and €30-€50 for support staff. Additional fees may be payable for complex cases or to reflect value, specialist skills or urgency. In the event of cancellation of a policy we do not return any commissions or brokerages that have been paid. Return premiums generated will be issued to client less the appropriate fee calculated on a percentage basis in accordance with the arranged structure at inception with the underwriter concerned.

Receipts

Heffernan Insurances & Investments Ltd will issue receipts for each payment received pursuant to Section 30 Investment Intermediaries Act, 1995.

Complaints

We ask that you make any complaint against our firm relating to services provided by us in writing. We will acknowledge your complaint within 5 business days and we will fully investigate it. 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 Ombudsman or the Pensions Ombudsman. A full copy of our complaints procedure is available on request.

Investor Compensation Scheme

We are members of the Investor Compensation Scheme operated by the Investor Compensation Company Ltd. 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) 410 4955

Heffernan Insurances and Investments Limited t/a Heffernan Insurances & Heffernan Mortgage Solutions, 35 Morgan Street, Waterford Phone: 051 871444 Fax: 051 871427 Email: insurance@heffernan.ie
Heffernans, 35 Morgan Street, Waterford. Lo-Call: 1890 333 400 Email: financialservices@heffernan.ie
Heffernan Insurances & Investments Limited t/a Heffernan Insurances, Heffernan Mortgage Solutions & Life Time Loans is regulated by the Central Bank of Ireland. (Company No.: 134974)