Terms and Conditions

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

P. Dempsey Financial Ltd t/a Dempsey Financial Solutions is regulated by the Central Bank of Ireland as an Investment Intermediary authorised under the Investment Intermediaries Act 1995, as an Insurance Intermediary registered under the European Communities (Insurance Mediation) Regulations 2005, as a Mortgage Intermediary authorised under the Consumer Credit Act 1995 and as a Debt Management Firm authorised under Part V of the Central Bank Act, 1997 (as amended by the Central Bank (Supervision and Enforcement )Act, 2013). 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

P. Dempsey Financial Ltd is subject to the Consumer Protection Code, the Authorisation Requirements and Standards for Debt Management Firms, 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.

P. Dempsey Financial Ltd is a member of the Professional Insurance Brokers Association (PIBA). As a member of PIBA we must be in a position to place insurance with at least five insurers of the relevant form (life) and therefore can generally give consumers greater choice than agents and tied agents.

Our Services

Our Principal business is to provide advice and arrange transactions on behalf of clients in relation to Life & Pensions/Investments & Deposits/Mortgages products and Debt Management. A full list of insurers, product producers and lending agencies with which we deal with is available on request.

P. Dempsey Financial acts as an Independent Broker which means that;

The principal regulated activities of the firm are provided on the basis of a fair analysis of the market; and
You have the option to pay in full for our service by means of a fee. .

Fair Analysis

The concept of fair analysis is derived from the Insurance Mediation Directive. It 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 be reasonably 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 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.

Life & Pensions/Deposits & Investments

P. Dempsey Financial Ltd provides life assurance and pensions on a fair analysis basis i.e. providing services on the basis of a sufficiently large number of contracts and product producers available on 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 policies 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 it is our policy to 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.

Debt Management

P Dempsey Financial Ltd will negotiate with the Credit Institutions on your behalf in order to agree acceptable terms on existing and new debt.

Disclosure of Information

Any failure to disclose material information may invalidate your claim and render your policy void.

P. Dempsey Financial Ltd is remunerated by commission and other payments from product producers or lenders on the completion of business. Details of this remuneration are available on request and in a product information document which you are legally entitled to receive before an application for a product is completed. Where we receive recurring commission, this forms part of the remuneration for initial advice provided

P. Dempsey Financial Ltd may also charge you a fee for the services provided. Our fee structure is detailed in our Fee Schedule below. This fee will be based on the complexity of the task, the personnel involved and the expected time to complete the task. If we receive commission from a product provider, this may 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.

**See Note 2 and 3

**See Note 2 and 3

Notes to Above Schedule

1. All the prices are exclusive of VAT @ 23%.
2. Work done for the initial representations includes preparation of initial analysis and presentation of best case scenario to the creditor. Any work done after this will be charged at our Time Based fees.
3. If the Debt Restructure is unsuccessful with the Creditors, there is no refund in fees charged.
4. The Annual Fee is based on the value of the fund under management. In some instances we may receive a Trail Fee from the product provider. These usually range between 0.25% and 0.50% per annum and will be offset against your annual fee.
5. Please note that there is a minimum fee of €500 attached for this process which will be exercised to cover our costs in the event of non-completion by the client or non-approval by the Revenue Commissioners.

TIME BASED FEES

Time spent in monitored and correlated on a weekly basis and recorded on a time management system. The hourly rates charged are dependent on the complexity and urgency of the work and the seniority and expertise of the persons carrying out the work. The typical hourly rates are illustrated below:

OVERRIDE PAYMENTS

Transparency has been and will continue to be one of the most important aspects of our business. It is important therefore that clients are aware of a further remuneration system used by product providers. This arrangement, known as an override payment, is negotiated with each insurer and paid from their profit margin. Therefore, it does not interfere with or effect the terms and conditions of the contract being implemented.

FINALLY

This Fee Schedule reflects the charging structure of Dempsey Financial Solutions at this moment in time. At any stage we reserve the right to alter our charging structure as we see fit. It is the common practice of Dempsey Financial Solutions to issue each of our clients with an updated Fee Schedule when alterations are made.