Terms of Business - September 2009
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 to read these terms fully 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.

Tom Collins t/a Tom Collins Financial Services, Collins Financial (the firm) is regulated by the Financial Regulator as a Mortgage Intermediary and is registered to undertake insurance mediation under the European Communities (Insurance Mediation) Regulations, 2005.  

Tom Collins t/a Tom Collins Financial Services, Collins Financial is registered in the Companies Registration Office under Company No’s 257470 and 373508. The Company registered office is Dublin Road, Carrick-on-Shannon, Co Leitrim. The firm is subject to Codes of Conduct imposed by The Financial Regulator and these can be accessed on their website at www.ifsra.ie

Services
Our services include advice on all types of Mortgages, Non- Life insurance and Life Assurance products. We receive and transmit orders on your behalf to one or more of the product producers, a list of which is available upon request.
The firm does not have any “tied” relationship with any institution that would compromise our ability to offer you independent advice and choice. We are members of the Investor Compensation Scheme operated by the Investor Compensation Company Ltd. Details available on request. In addition Tom Collins Financial Services has €1.5 Million Professional Indemnity cover for errors and omissions.

Remuneration
We are remunerated by commission and/or brokerage fees for Non-Life and Life Assurance business. In relation to general insurance the total price to be paid for an insurance policy will be stated on the invoice issued to you.
In relation to Life Assurance business we are paid a commission by each provider we hold an appointment with.

A placement charge/renewal of €45.00 for Motor Insurance and €35.00 for household insurance applies.
These charges are based on providing the following, policy set-up, policy adjustments, sourcing the product, administration costs, claims handling and standard advice on product placement etc,. There is a standard charge of €25.00 for midterm alterations e.g. change of car or driver, change of sums insured, etc.
Commercial Motor €55.00, Motor fleet €250, Commercial Property, Liability etc, is subject to a minimum of €150. 
In the event of additional complexity or where a Product Producer does not grant us commission the premium will be subject to a commission rate of 15% max.

A handling fee of €25.00 will apply to any policy that is taken out with us and subsequently cancelled or not taken up because the information given to us was incorrect.
It is important that correct information is supplied at all times as this forms the basis of the contract with the insurance company.

Mortgages
We are an Independent Mortgage Broker and we will take you through all the options available through the companies we hold letters of appointment (list available on request); we are in receipt of commission for business placed of between 0.4% and 0.8% of the amount advanced. (Or whatever maximum is applicable)We reserve the right to charge a processing fee of €250.
Please note that lenders may charge specific fees in certain circumstances and if this applies, these fees will be specified in your Loan Offer. Typically, this situation arises in relation to specialist lending.
Warning
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.

Duty of Disclosure to Insurers and Duty of “Utmost Good Faith”
Insurance is deemed to be a special type of contract which imposes onerous duties upon prospective insureds (clients) and their agents (us) who are obliged to act with ” utmost good faith” towards insurers at all times. Prospective insureds are obliged to disclose to insurers/underwriters, prior to the formation of a contract all material information which could be relevant to the insurer in accepting the risk or calculating the premium. The obligation of disclosure is not limited to material information of which you are aware. It extends to those matters of which you ought to be aware in the ordinary course of your business. If there is any breach of the duty to act with “utmost good faith” or failure to disclose any material information, the insurers will be entitled to void the policy of insurance from inception.

The duties of “utmost good faith” and disclosure apply when you take out your insurance policy, throughout the life of that policy, when you renew your insurance and also to the claims process and to any situations during the period of the policy in which you are required, under the terms of the policy or otherwise, to provide information to insurers including the extension or amendment or renewal of any policy. In completing a proposal or claim form, or any other documents relating to an insurance policy, the accuracy of all answers, statements and/or information will be your sole responsibility. If you are unsure whether something is a material fact or not, then it should be declared.

Clients Money
We will accept payment in cash/cheque/bank draft or credit/ Lazer cards in respect of all classes of insurance in the circumstances permitted under Section 25G of the Investment intermediaries Act, 1995. This firm is not authorised to accept cash or negotiable instruments in any other circumstances. Any money paid directly to Tom Collins Financial Services/ Collins Financial are placed in a “Client Premium Account” and transmitted to the relevant product provider.

Receipts
We will issue receipts for each payment received, pursuant to Section 30 of the Investment Intermediaries Act 1995 and these should be retained in a safe place. A receipt will also be issued in respect of all completed direct debit mandates received.

Insurance-Proposals/Policy Documentation
It is the policy of the firm to issue a copy of the completed proposal to the client, together with the policy document, schedule and any other policy endorsements proper, subsequently issued by the insurance company, and motor certificates and disc, once the firm is in receipt of these documents from the insurance company (product producer) correctly issued. However the firm will not issue such documents until the relevant premium (s) is/are paid in full by the client.

Cooling Off Period
A consumer (as defined by SI No.853 of 2004) has the right to withdraw from an insurance policy within 14 days of the start date of the policy without penalty and without giving any reason. Right of withdrawal may be exercised by notice in writing to us quoting your policy number. Should this right be exercised the insurer will charge prorate premium for the period you were on cover. If the cover is motor insurance the premium cannot be refunded until the certificate of insurance and windscreen disc have been received by us.

You, the customer, can cancel your policy by notice in writing at any time. Provided that all reasonable charges pertaining to costs incurred by us have been paid and provided that no incident giving rise to a claim has occurred during the period of insurance, you will be entitled to a prorate return of the premium for the un-expired period of insurance, unless the policy is on a minimum & deposit basis, and if this is the case, no return premium will be allowed on the policy.
Should you cancel your policy in the first year of insurance (outside the cooling off period); insurers may apply short period rates or an administration charge.

In relation to motor insurance, the premium cannot be refunded unless the insurance certificate and disc have been returned to the insurer or us. Insurance companies normally reserve the right to cancel policies at any time by giving the appropriate notice to your last known address. Please refer to your policy terms and conditions.

Mortgage Services
The client undertakes to ratify all acts and everything done by the firm and to hold the firm indemnified against all calls, liabilities, costs, claims, or damages incurred by or made against the firm in connection with the mortgage application made by the company on the client’s behalf.
The client must complete the know your client form and sign the declaration contained therein.

Default on payments by clients
Our firm will exercise its legal rights to receive payments due to it from clients (fees and insurance premiums) for services provided. In particular, without limitation of 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.

Conflicts of interest and Complaints
We will make every effort to avoid conflicts of interest and when they cannot be avoided, we will ensure our clients are treated fairly. 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 Regulator or the Financial Services Ombudsman.

Money Laundering
We reserve the right to request information from a client which we deem necessary in pursuant of our obligations under the The Criminal Justice (Money Laundering & Terrorist Financing) Bill 2009.

Data Protection
Tom Collins t/a Tom Collins Financial Services and Collins Financial comply with the requirements of the Data Protection Acts, 1998 and 2003.
The data which you provide to us will be held on a computer database and paper files for the purpose of arranging transactions on your behalf.
We would also like to keep you informed of mortgage, insurance, investment, and any other services provided by us or associated companies with which we have a formal business arrangement, and which we think may be of interest to you. We would like to contact you by way of letter, email, telephone call or personal visit. If you do not wish to receive such marketing information please tick the box in the Terms of Business acknowledgement letter.

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 of changes in your circumstances, or request a review, may result in you having insufficient insurance cover and/or inappropriate investments.

The laws of Ireland form the basis for establishing relations between you and Tom Collins Financial Services/ Collins Financial. All contracts, terms, conditions and communications relating to any policies you may enter into with this firm will be in English.