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.
These Terms of Business are effective from 26/10/2021 until further notice.
Authorisation & Codes of Conduct
Morrissey Wealth Management (CBI Ref. No. C493138) is regulated by the Central Bank of Ireland. Copies of our regulatory authorisations are available on request. The Central Bank of Ireland holds registers of regulated firms. We are subject to the Consumer Protection Code, Minimum Competency Code and Fitness & Probity Standards which offer protection to consumers. 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 and locate the above codes. We are a member of Brokers Ireland.
Our Services
We are an Insurance, Investment and Mortgage Credit Intermediary. Our principal business is to provide advice and arrange transactions on behalf of our clients in relation to life, pensions, investments & mortgage products. We are not under a contractual obligation to conduct Insurance distribution business exclusively with one or more Insurance Undertakings and do not give advice based on a fair and personal analysis, we do however provide advice from the selection of products provided by the Companies and Lenders we have agencies with. We recommend the product that, in our professional opinion, is best suited to your needs and objectives from this selection of products.
As part of the process when giving our clients advice on Investments we will need to gather information with regards your investment knowledge and experience, if this information is not provided, we will not be in a position to determine whether the product is appropriate for you.
See list below companies we have an agency with:
| Life Companies | |
|---|---|
| Aviva Life & Pensions Ireland Dac | Standard Life |
| New Ireland Assurance Co plc | Zurich Life Assurance plc |
| Royal London | Irish Life |
Mortgages
Through the lenders or other undertakings with which we hold an agency, Morrissey Wealth Management can provide advice on and arrange mortgage 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 hold agencies with:
- Brokers Ireland Network Services Limited t/a Brokers Ireland Mortgage Services
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 our request. Where the creditor is unable to carry out an assessment of creditworthiness because the consumer chooses not to provide the information or verification necessary for an assessment of creditworthiness, the credit cannot be granted.
Disclosure of information
We act as your representative to the companies we have agencies with, and 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 you understand the nature of the policy cover. Material information about medical history, non-smoker status, occupation category and any hazardous pursuits are central to underwriting decisions and it is imperative all information you provide to the insurer is accurate and complete.
You are under a duty to answer all questions posed by the insurer or ourselves on your behalf, honestly and with reasonable care. It is presumed, unless the contrary is shown, you would know all questions in an application or at renewal are material to the risk undertaken by the insurer or the calculation of the premium by the insurer, or both. Any failure to disclose material information may invalidate a claim and render your policy void.
You must inform and disclose any material information including any material changes that might take place between the time you complete an application form and the time you pay the first premium.
To assist us in providing you with a comprehensive service and to keep our records as up-to date as soon as possible, please notify us of any changes to your personal circumstances, e.g., name change, change of address, etc.
Although we will not be considering adverse impacts of investment decisions on sustainability factors in our investment and insurance-based Investment advice, we will keep an eye on the changes the Product Providers put in place and note any adverse effect on the cost to you if any.
Adverse Sustainability Impacts Statement
After due consideration with regards the legislation on Sustainable Finance Disclosure Regulation, due to our size and the type of business we transact with our clients, we have decided not to consider adverse impacts of investment decisions on sustainability factors in our investment and insurance-based investment advice. The reason we have decided this course of action is because we do not produce these investments, it is the Product Producers we have agencies with who build the Investment Products we advise on. Within the next year we will consider whether we will continue with this view, to ensure we stay within the guidelines of the legislation. All information re Sustainable Finance Disclosures will be adhered to by the Product Producers and their brochures and documents will outline their disclosures.
If any of the investments we provide advice on have a Sustainability Finance Disclosure, these investments will be produced by the product providers we have agencies with, and their brochures and documents will have full details of the areas that are considered.
Remuneration
We are remunerated by commission and other payments from product producers and lenders on the completion of your business. You may choose to pay for our services by means of fee. Where we receive recurring commission, this forms part of the remuneration for ongoing advice with regards to the business we advise you on and we will provide you with an annual update on your investment business. We reserve the right to charge additional fees if the number of hours relating to on-going advice/assistance exceeds 3 hrs. A summary of the details of all arrangements for any fee, commission, other reward or remuneration paid or provided to Morrissey Wealth Management which have been agreed with product producers is available in our office.
If we receive commission from a product producer, this may be offset against the fee that 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.
Additional fees may be payable for complex cases or to reflect value, specialist skills or urgency. We will give an estimate of this rate in advance of providing you with services.
Fees
You may elect to deal with us on a fee basis.
- Director and Senior Advisers €500 per hour.
- Advisers €150 per hour
We will notify you in advance and agree the scale of fees to be charged.
Mortgages – Fees
We may receive up to 1% (or whatever maximum amount is applicable) of the loan for arranging mortgage finance. This commission is paid by the mortgage lender. The actual amount of commission will be disclosed at a later stage in the ESIS (European Standardised Information Sheet) which will be forwarded to you by the Lender. We charge a fee of €250 per application submitted through Brokers Ireland Mortgage Services, this fee is non- refundable. This is not in any way an indication of mortgage/loan approval. Please note that lenders may charge specific fees in certain circumstances and if this applies, these fees will be specified in your Loan Offer.
You have the right to pay a fee separately and not include it in the loan. Typically, this situation arises in relation to specialist lending. A full list of lenders and remuneration is available on request.
If we provide mortgage advice and obtain a Loan Offer for you and you subsequently do not proceed with your mortgage application through our firm, we will charge you an arrangement fee of €495 for our services unless otherwise agreed in writing.
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.
Please 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.
Conflicts of Interest
When Morrissey Wealth Management deals with clients, the company, an associate or some other person connected with the company may have an interest, relationship or arrangement that is material in relation to the transaction/investment recommendation concerned. We have put in place a Conflicts of Interest Policy to protect the interest of our clients. Morrissey Wealth Management takes all reasonable measures to manage its conflicts of interest.
Default on payments by clients
We will exercise our legal rights to receive payments due to us from clients (fees) for services provided. 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.
Client Monies & Receipts
We request that all cheques or negotiable instruments are made payable to the appropriate Product Provider for Life, Pensions, Investment business and to lenders. We shall issue a receipt for each payment received. These receipts are issued with your protection in mind and should be stored safely. Every effort is made to ensure that clients’ money is transmitted to the appropriate Product Provider without delay. We are not authorised to accept cash.
The acceptance by Morrissey Wealth Management of a completed proposal DOES NOT in itself constitute the effecting of a policy. It is only when the Provider or Lender confirms the policy is in place or loan is drawn down that your policy is live.
Complaints
We have a complaints procedure in place which is available on request. Your complaint can be in writing, email, telephone or face to face. If your complaint is face to face or by phone, we will write to you to confirm our understanding of your complaint. We will acknowledge your complaint within 5 business days, advising you of the name of the person dealing with your complaint on behalf of the company. If in the event, a complainant is dissatisfied with the outcome of our investigation, you are entitled to refer the matter to the Financial Services & Pensions Ombudsman, Lincoln House, Lincoln Place, Dublin 2, Lo call 01 5677000 or info@fspo.ie. Please send any complaint to Morrissey Wealth Management, 5 The Crescent, Semple Woods, Donabate, Co. Dublin.
Data Protection
Morrissey Wealth Management is subject to the requirements of the Data Protection Acts 1988-2018. We are committed to protecting and respecting your privacy. 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, a copy of which has been provided to you will these Terms of Business. Please contact us at dataprotection@afslimited.ie if you have any concerns about your personal data. We may receive referrals from partner firms and may advise them of any transactions arranged for you.
Governing Law and Business Succession
These Terms of Business shall be governed by and construed in all respects according to the laws of the Republic of Ireland and will be deemed to cover any successors in business to Morrissey Wealth Management.
Investor Compensation Scheme
We are members of the 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 investmentfirms, as defined in that Act. 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: a) 90% of the amount of the client’s loss which is recognised for the purposes of the Investor Compensation Act, 1998; or b) Compensation of up to €20,000. For further information, contact the Investor Compensation Company Ltd. at (01) 2244955.
Declarations
I/We acknowledge that I/We have been provided with Terms of Business and Data Privacy Notice for Morrissey Wealth Management and confirm I/We have read and understand them.
Direct Marketing
I/We consent to Morrissey Wealth Management making contact with me/us in relation to marketing for a range of services provided by ourselves or our associated or partnership companies which we feel may be of interest to you and to the sharing of relevant information. We will still be allowed to contact you in relation to the business we have advised you on, even if you opt out of marketing material. You have the right to be removed from our marketing lists in the future, by contacting us and requesting same.
We may also use automated data processing or profiling to allow us to give you quotes etc., and for marketing purposes, by signing these terms of business you are also agreeing to us using these systems on your data.