Terms of Business
This Terms of Business is an important document and has been designed to provide you with all of the information you need in order to decide whether you would like to do business with our Company.
The Terms of Business contains information about:
- IPS Financial Advice Limited t/a Mortgage123 and MadeSimple and our relationship with Financial Product Providers.
- Our Financial Planning Process
- How you can contact us.
- How we are remunerated for the advice we provide to you.
- Who we are regulated by, and what we are authorised to discuss with you.
- How we manage the personal data we collect from you as part of the Financial Planning Process
- Who to contact should you need to register a complaint or concern about any of the services we offer to you.
1. WHO WE ARE
IPS Financial Advice Limited t/a Mortgage123 and MadeSimple was first established in 2001 as Irish Pension Solutions to provide advice to Irish public sector employees regarding superannuation and employment benefits. Our company has grown since and expanded its portfolio of services to include life assurance, pensions, investments, mortgages and general insurance.
We offer a range of financial services including asset protection, tax planning, investments, transfer of ownership and retirement planning.
Our team of 16 Financial Advisors is assisted by administrative, technical and managerial support based in our offices at 64 O’Connell Street, Limerick.
We are members of several professional bodies including the Irish Brokers Association (IBA), Professional Insurance Brokers Association (PIBA) and the Trusted Advisor Group.
Our primary service is the Personal Financial Review. This is a “One to One” review of your major financial decisions. This often arises because of a meeting or presentation to your work team colleagues. Presentations give a brief overview of the main changes that are occurring and allows you to complete a registration card to request a Personal Financial Review.
Alternatively, in the first instance, we can meet to specifically review your Retirement Provisions (Superannuation & AVCs) or we can focus on protecting you and your family’s lifestyle in the event of accident, illness or death.
It is our belief that the best way to help our clients is through a thorough financial review to identify what is most important to you.
How and Why
Our Advisors are charged with the task of bringing your financial goals to life and will deliver you a Financial Plan. The two key components of our recommendation will be:
- How you can meet your financials goals.
- Why our recommendations will help you reach your goals.
Market Research
We provide advice based on a “fair analysis” of the marketplace. In other words, we do not have “tied” relationships with a single Life Assurance Company.
IPS Financial Advice Limited t/a Mortgage123 and MadeSimple is a member of the Professional Insurance Brokers Association (PIBA). As a member of PIBA we must be able to place insurance with at least five insurers of the relevant form (life/non-life offices) and therefore can generally give consumers greater choice than agents and tied agents. This enables us to place your business with the most appropriate Provider that suits your specific needs.
Our principal business is to provide advice and arrange transactions on behalf of clients in relation to financial products. A full list of insurers, product producers and lending agencies with which we deal is available on request. IPS Financial Advice also offers an administrative service for selected third party providers.
Conflicts of Interest
IPS Financial Advice Limited t/a Mortgage123 and MadeSimple will always seek to avoid situations where a conflict of interest may arise. Should such a situation arise or be perceived to arise, we will declare it to you as soon as it is practicable. Where an unavoidable conflict of interest arises, we will advise you, in writing, before providing any business services to you. If you have not been advised on any such conflict you are entitled to assume that none arises.
Our Team of Financial Advisors are all salaried employees of IPS Financial Advice Limited t/a Mortgage123 and MadeSimple and are fully qualified to provide you with financial advice in accordance with the Central Bank of Ireland guidelines.
2. REGULATORY STATUS
IPS Financial Advice Limited t/a Mortgage123 and MadeSimple is authorised by the Central Bank (reference number C152900). We are licenced to provide advice on a range of financial services and products which include:
- Life Assurance products
- Investments & Savings
- Mortgages
- Shares and Bonds registered on a stock exchange
IPS Financial Advice Limited t/a Mortgage123 and MadeSimple is subject to the Central Bank of Ireland’s Consumer Code, Minimum Competency Code and Fitness & Probity Standards. These Codes and Standards are in place to protect the consumer against the possibility of poor practices and processes. Details about them can be found on the Central Bank’s website www.centralbank.ie.
IPS Financial Advice Limited t/a Mortgage123 and MadeSimple is registered as an Insurance Intermediary under the European Communities (Insurance Mediation) Regulations, 2005.
IPS Financial Advice Limited t/a Mortgage123 and MadeSimple is authorised as an Investment Business Firm under Section 10 of the Investment Intermediaries Act, 1995 (as amended).
IPS Financial Advice Limited t/a Mortgage123 and MadeSimple is authorised as a Mortgage Intermediary under Section 116 of the Consumer Credit Act, 1995 (as amended) and Section 33C of the Central Bank Act, 1942 (as amended).
IPS Financial Advice Limited t/a Mortgage123 and MadeSimple is authorised as a Mortgage Credit Intermediary in accordance with the provisions of the Regulation 30 of the European Union (Consumer Mortgage Credit Agreements) Regulations 2016.
IPS Financial Advice Limited t/a Mortgage123 and MadeSimple holds its registered offices at 64 O’Connell Street, Limerick, V94 886V, Republic of Ireland.
IPS Financial Advice Limited t/a Mortgage123 and MadeSimple, being a firm authorised by the Central Bank of Ireland, does not give investment advice regarding unregulated products.
Copies of all our authorisations can be viewed at our registered offices upon request.
3. THE ADVISORY PROCESS
Our Advisory Process is a disciplined approach to clearly define your financial goals, gather information about your resources available to meet your goals, and developing a plan to achieve them.
3.1 Understanding You and Your Financial Circumstances
Helping you understand where you are and how we can assist you with your Plan.
- What’s important to you and your family?
- What are your most urgent needs?
- Where would you like to be in the future and how do you get there?
- Are you aware of what areas of your financial life you should be reviewing and what options are available to you in addressing them?
- Is there anyone else that needs to be involved in this process (spouse, partner, family, etc.)?
- What other issues might we need to consider in creating your Financial Plan?
- What policies do you currently have in place and when did you last review them?
To provide you with the most comprehensive advice, we may need to ask you to provide us with access to your Accountant, Solicitor, and Insurance Providers etc. We will only seek this level of contact should it be deemed necessary and only with your express written consent. If required, we will ask you to sign a Letter of Authority so we can gather information necessary to make our recommendation.
3.2 Bringing Your Plan to Life
Helping you understand the benefits of your Financial Review and how it will help you achieve your financial goals.
Identifying Your Needs
- Have your circumstances changed since you last underwent a financial review?
- Do your current policies match your present and future needs?
- Are your current policies priced at the most competitive, comparative rates?
- What areas have we identified as priorities for you.
Creating Your Plan
We will provide you with a written recommendation document called a Needs Analysis Report. This will form the basis of our ongoing service to you. We may include recommendations and strategies in the following areas, having undertaken your needs analysis:
- Mortgage Protection Life Assurance
- Term Life Assurance
- Serious Illness Protection
- Income Protection
- Savings
- Lump Sum Investments
- Personal Injury Cover
- Inheritance & Estate Planning
- Mortgage Advice
- Retirement Planning
Presenting Your Plan
- We will present our Plan to you in person when it is completed.
- We will help you understand our recommendations fully before asking you to make any decisions (How & Why)
- We will outline to you what needs to happen to move forward
- We will agree a process and timescale for reviewing any recommendations we implement
3.3 Putting Your Plan into Action
Helping you understand how you can achieve your plan and what’s required to implement your goals.
Our aim is to help you achieve your financial goals and, to do so, we will help you at every step of the way. We will explain what each product means and how it helps you to reach your goals. Starting with your main priority items, we will implement your plan in a timely manner.
Required Documentation
- You will need to complete Application Forms to your new Provider of Services
- You will be required to disclose any material information that may affect the underwriting decision(s) of your new Provider of Services
- You will be required to provide details of any ongoing and/or historical medical conditions you have
- You will be required to provide Anti Money Laundering identification.
- You will be required to provide your Bank account details to your new Provider of Services
- For protection policies, you may be required to attend a Private Medical should your new Provider of Services deem it necessary as part of their underwriting procedures.
Keeping You Informed
- We will keep you updated on the progress of any new applications you make with us.
- We will liaise, on your behalf, with the Life & Pension Companies regarding any applications you make to them as and when would be deemed appropriate by your Financial Advisor
- In certain circumstances, we will work with other professionals acting on your behalf (accountant, solicitor, etc.) to ensure the smooth implementation of your Plan
3.4 Holding Regular Reviews
Giving you the ongoing confidence that your Plan can help you achieve your objectives and meet your changing needs.
Keeping You Involved and Updated
- We will ask you to commit to meeting us at regular intervals (usually once a year) to review your personal circumstances and ensure that your Plan is still appropriate to meet your needs and objectives
- We will keep you updated on any new product(s) that may be suitable to your needs as identified by your Financial Advisor
- We will undertake to conduct regular price reviews of the products you hold in your portfolio to ensure you continue to receive best value for money in the marketplace
- You will undertake to inform us of any material changes to your lifestyle that affect the appropriateness of products that you hold in your portfolio and/or recommendations that we may have previously made to you
4. FEES AND REMUNERATION
Commissions
IPS Financial Advice Limited t/a Mortgage123 and MadeSimple is remunerated by way of commissions paid to us by Life Companies and other Product Providers in return for placing your business with them. These commissions vary from product to product and are set specifically based on the value of the investment or the monthly premiums charged to you. It is important to note that these commissions are included within the monthly premium quoted to you. IPS Financial Advice Limited t/a Mortgage123 and MadeSimple has a policy of showing you the value of these commissions before you commit to placing your business with any Life Company. These are shown in the detailed Disclosure Quotation that your Advisor will provide during the Recommendation process.
Fees
In certain circumstances, it will be necessary to charge a fee for services provided. These are listed below for life, pensions & investments, non-life business and Standard PRSAs. A separate fee structure is detailed below for mortgage advice. In other circumstances, where fees are chargeable or where you choose to pay in full for our service by fee, we will notify you in writing in advance and agree the scale of fees to be charged if different from fees outlined below.
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.
Where IPS Financial Advice undertakes the administration and servicing of applications on behalf of a third-party provider, The Company reserves the right to charge a fee to the provider. The fee will be commensurate to the work carried out and the ongoing service provided.
- Life, Pensions & Investment Fees
You may elect to deal with us on a fee basis instead. If this is your preference, applicable fees can be agreed in advance and will be calculated based on a quantum of an hourly rate as per the seniority/experience of the applicable adviser(s) e.g.
- Principals / Directors €200
- Financial Advisors €150
- Paraplanners & Associates €100
- Support & Administrative Staff €50
In some cases, additional fees may be required for complex cases or to reflect value, specialist skills or urgency. However, we will notify you in advance and agree the scale of any fees to be charged before commencement.
- Mortgages
We may receive up to 1% of the loan for arranging mortgage finance. This commission is paid by the mortgage lender. In certain circumstances, it will be necessary to charge a fee for services provided. We will notify you in advance and agree the scale of fees to be charged.
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.
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 €1,000 for our services.
Receipt of Payments
The Company will issue a receipt to you in recognition of any payment made directly to it by you pursuant to Section 30 of the Investment Intermediaries Act 1995 (as amended) and the Central Bank of Ireland Consumer Protection Code.
Fees to Referrers
Where you have been introduced directly by a third party such as an accountant or solicitor, IPS Financial Advice Limited t/a Mortgage123 and MadeSimple may pay a referral fee. This fee is paid to them directly from any net payments we receive from the Life Companies and is included in the fees /commissions quoted to you in the Disclosure Quotation explained to you in the Recommendation process. Commissions and fees are reviewed on a regular basis at the sole discretion of the Life Companies and/or the Company.
Default on payments by clients
IPS Financial Advice will, if necessary, exercise its legal rights to receive any payments due to it from clients for business services provided by the company.
Detail of the effects of any default on payments due under any products arranged for your benefit will be included in the product producer’s relevant policy terms and conditions.
5. CONTACTING IPS FINANCIAL ADVICE LIMITED T/A MORTGAGE123 AND MADESIMPLE.
In the first instance, you can contact your Financial Advisor directly relating to all queries or issues you may have regarding the services offered to you by the firm. You will have been provided with their contact details on their Business Card, which should have been handed to you at our first meeting. You will also receive contact details for a member of our administrative team who will look after you during the entire process.
Alternatively, you can contact IPS Financial Advice Limited t/a Mortgage123 and MadeSimple directly at:
IPS Financial Advice Limited t/a Mortgage123 and MadeSimple
64 O’Connell Street
Limerick
V94 886V
Email: [email protected]
Tel: 061 469884
Complaints Procedure
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. You will be provided with ongoing updates as to the status of your complaint at intervals of no longer than 20 working days. We will make every reasonable effort to close off and resolve any complaint within a maximum of 40 days. You will be notified of the result of our investigations within 5 working days of our decision.
A full copy of our complaints procedure is available on request. If you are not satisfied with our resolution to your complaint you are entitled to refer the matter to the Financial Services and Pensions Ombudsman:
Financial Services and Pensions Ombudsman
Lincoln House, Lincoln Place, Dublin 2, D02 VH29
Phone: +353 1 567 7000
Email: [email protected]
Website: https://www.fspo.ie/
6. OTHER IMPORTANT INFORMATION
Data Protection
IPS Financial Advice Limited t/a Mortgage123 and MadeSimple complies with the requirements of the EU General Data
Protection Regulation (EU) 2016/679 (‘GDPR’) and ePrivacy Regulations 2011. The data which you provide to us will be held on a computer database to arrange transactions on your behalf, and to comply with regulatory requirements. The data will be processed only in ways compatible with the purposes for which it was given. We retain client transaction records for a minimum period of six years.
We collect your personal details to provide you with the highest standards of financial advice. We take great care of the data provided and keep it secure to ensure it is only ever used for the purposes it was intended. To fulfil these objectives, we may need, from time to time, to share these details with other affiliated parties in the Advisory process.
The information you have provided to us may be used by us to promote other products and
services that we feel may be of benefit to you. This facility may also be carried out by Third Parties acting on our behalf. We would 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; which we think may be of interest to you. To such effect, we may contact you by way of letter, text messaging applications, social media, email or telephone call. You will be provided with a Marketing Consent Form where you can indicate your explicit consent and preferences to receive such marketing information.
You have the right to ask for a copy of your “personal data” record that we hold on file
within the context of the EU General Data Protection Regulation (EU) 2016/679 (‘GDPR’). You are also entitled to request that any inaccuracies or omissions are corrected immediately. Requests should be forwarded to:
Operations Manager
IPS Financial Advice Limited t/a Mortgage123 and MadeSimple
64 O’Connell Street
Limerick
V96 886V
Cooling Off Period
A consumer is legally entitled to withdraw from any insurance policy (as defined under SI No 853 of 2004) within 14 days of the proposed start date of the new policy without penalty or providing any reason. This known as the Cooling off Period. The right of withdrawal may be exercised by notice, in writing, to the Administration Manager at IPS Financial Advice Limited t/a Mortgage123 and MadeSimple (address as above) quoting the policy number issued by the Life Company and/or IPS Financial Advice Limited t/a Mortgage123 and MadeSimple.
For PRSA contracts the Cooling Off period is 30 days from the receipt of your first Statement of Reasonable Projection and Terms and Conditions
Quotations
All quotations provided to you are valid for a period of 7 days and are subject to underwriting criteria laid down and managed by the Life Companies. You should note that quotations are typically provided assuming “Normal Rates” – you are obliged to disclose any material facts that may mean you will not qualify for such rates. This will include, but not be limited to, any medical conditions, dangerous hobbies, smoker status, age, family genetic inherited conditions.
Anti-Money Laundering
IPS Financial Advice Limited t/a Mortgage123 and MadeSimple reserves the right to request any facts about a client which it reasonably believes it needs to comply with Anti-Money Laundering legislation.
Administration on behalf of 3rd party Product Providers
IPS Financial Advice Limited t/a Mortgage123 and MadeSimple provides administration services on behalf of Invest123 Limited.
As the beneficial owner of your portfolio, you may require the assistance of IPS Financial Advice Limited t/a Mortgage123 and MadeSimple in the administration of your portfolio of assets, to ensure compliance with current regulatory requirements. Where an investment is made by you in unregulated investment assets, IPS Financial Advice Limited t/a Mortgage123 and MadeSimple undertakes to carry out your instructions in the administration of the investment. You will be required to sign an Administration Agreement prior to The Company executing any unregulated investments on your behalf.
For the avoidance of doubt, IPS Financial Advice Limited t/a Mortgage123 and MadeSimple, being a firm authorised by the Central Bank of Ireland, does not give investment advice regarding unregulated products and the giving of such advice shall be the sole responsibility of Invest123 Ltd.
