Terms of Business
(These terms of business are effective from 1st October 2023)
McGeough Financial Consultants Ltd. of Market Square, Letterkenny, Co. Donegal specialises in the provision of Life Insurance, Investment and Pension services to consumers.
Authorised Status:
McGeough Financial Consultants Ltd. is authorised by the Central Bank of Ireland as an Investment Intermediary under the Investment Intermediaries Act, 1995 to provide advice on, and arrange Tracker Bonds, PRSA’s and Bank Deposits. Our firm is also registered as an Insurance Intermediary under the European Union (Insurance Distribution) Regulations, 2018 (as amended). 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 on www.centralbank.ie to verify our credentials.
Our firm is subject to the Central Bank’s Consumer Protection Code 2012, the Fitness & Probity Standards, and the Minimum Competency Code. These codes offer protection to our clients and can be found on the Central Bank’s website www.centralbank.ie.
Regulatory Status:
McGeough Financial Consultants Ltd. is regulated by the Central Bank of Ireland. Our regulator number is C44617.
Services:
McGeough Financial Consultants Ltd is authorised to offer advice and place business on your behalf in relation to all aspects of life insurance (mortgage protection, term assurance, whole of life, serious illness), savings, investments, pensions and deposits.
Our firm provides life, investment and pension services to our clients on a “fair and personal analysis basis” for insurance based products. “Fair and personal analysis of the market” means that our firm provides its services on the basis of a sufficiently large number of contracts and product producers available in the market to enable our firm to make a recommendation, in accordance with professional criteria, regarding which contract would be adequate to meet our consumer’s needs.
In relation to non-insurance based investment products, other than bank deposit accounts, we provide advice on a limited analysis and non-independent basis, as we may receive remuneration from the product providers of such products.
These products include structured products which may typically be listed bonds and shares, collective instruments, unit trusts and tracker bonds. The product providers with which we currently hold agencies for these products are BCP Asset Management, Bespoke Investments, Cantor Fitzgerald, J & E Davy and Merrion Stockbrokers.
Remuneration Policy:
McGeough Financial Consultants Ltd. is remunerated by commission from the product providers we deal with, details of which are available on our website. We may receive renewal commissions on an ongoing basis – these contribute to our administration costs in providing you with services.
Sustainable Finance Disclosure Regulation (‘SFRD’)
Sustainable investing is the process of incorporating environmental, social and governance factors into investment decisions.
Sustainability is a broad term with many branches. The key legislative background is derived from EU Taxonomy regulation, the Sustainable Finance Disclosure Regulation (‘SFDR’) and the Insurance Distribution Directive (‘IDD’).
The key product providers with which we engage have developed responsible investment as part of their investment philosophies and sustainability polices. These providers are obliged to specify certain classifications of funds identifying whether or not they meet sustainability characteristics. Some funds have very clear sustainability characteristics, with potential Principle Adverse Impacts also identified. However, some funds may not meet the sustainable investing standards for various practical and technical reasons.
We will engage with you to identify your attitude towards sustainable investing. We aim to provide you with investments to match your sustainable investment preferences and we will explain alternative options.
We take due care so that our internal remuneration policy with respect to investment or insurance advice on insurance-based investment products (‘IBIPs’) promotes sound and effective risk management in relation to sustainability risks and does not encourage excessive risk-taking with respect to sustainability risks.
Conflict of Interest:
It is the policy of McGeough Financial Consultants Ltd. to avoid a conflict of interest when providing services to clients. Where an unavoidable conflict arises we will advise you of this in writing before providing any business services. If you have not been made aware of any such conflict you may assume that none arises.
We do not have a holding, direct or in-direct, representing 10 percent or more of the voting rights or of the capital in any insurance undertaking and likewise no insurer has such a holding in McGeough Financial Consultants. We represent our customers when dealing with insurers.
Complaints Procedure:
McGeough Financial Consultants Ltd. has in place a written procedure for the handling of complaints. This procedure ensures that all complaints are recorded and acknowledged within 5 business days. All complaints are fully investigated and the complaint updated at intervals of not greater than 20 business days. We will attempt to investigate and resolve a complaint within 40 business days.
In the event that a client remains dissatisfied with the handling of and/or response to a complaint they may refer the matter to The Financial Services and Pensions Ombudsman, Lincoln House, Lincoln Place, Dublin 2, D02 VH29.
Consumer Protection:
McGeough Financial Consultants Ltd. is a member of the Investor Compensation Scheme established under the Investor Compensation Act 1998. The legislation provides for the establishment of a compensation scheme and to the payment in certain circumstances, of compensation to clients of firms covered by the Act. However, you should also be aware that a right to compensation would only arise where money or investment instruments held by this company on your behalf cannot be returned either for the time being or for the foreseeable future and where the client falls within the definition of eligible investor as contained in the Act. In the event that a right to compensation is established, the amount payable is the lesser of 90% of the clients loss, which is recognised as be eligible for compensation, or €20,000.
Ongoing Suitability:
We do not conduct a periodic assessment of the suitability of insurance-based investment products or non-life financial instruments on an ongoing basis unless instigated at your request.
Regular Reviews:
It is in your best interest 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 or investment so that we can ensure that you are provide with up to date advice and products best suited to your needs. Failure to contact us in relation to changes in your circumstances or failure to request a review may result in you having insufficient insurance cover and/or inappropriate investments.
Consumer Insurance Contracts Act 2019: The Consumer Insurance Contracts Act is aimed at enhancing consumer protection. Set out below are some specific points arising from the new legislation.
The consumer is under a duty to pay their premium within a reasonable time, or otherwise in accordance with the terms of the contract of insurance.
A court of competent jurisdiction can reduce the pay-out to the consumer where they are in breach of their duties under the Act, in proportion to the breach involved.
Post-Contract Stage and Claims: The consumer must cooperate with the insurer in an investigation of insured events including responding to reasonable requests for information in an honest and reasonably careful manner and must notify the insurer of the occurrence of an insured event in a reasonable time.
The consumer must notify the insurer of a claim within a reasonable time, or otherwise in accordance with the terms of the contract of insurance.
If the consumer becomes aware after a claim is made of information that would either support or prejudice the claim, they are under a duty to disclose it. (The insurer is under the same duty).
If, when making a claim, a consumer provides information that is false or misleading in any material respect (and knows it to be false or misleading or consciously disregards whether it is) the insurer is entitled to refuse to pay and to terminate the contract.
Where an insurer becomes aware that a consumer has made a fraudulent claim, they must notify the consumer on paper or on another durable means advising that they are avoiding the contract of insurance. It will be treated as being terminated from the date of the submission of the fraudulent claim. The insurer may refuse all liability in respect of any claim made after the date of the fraudulent act, and the insurer is under no obligation to return any of the premiums paid under the contract.
You will be asked specific questions prior to taking out a policy. You are required to answer all questions asked by us, or the insurer, honestly and with reasonable care.
An insurer may repudiate liability or limit the claim payment if it establishes that there has been non-disclosure of material information and that the insurer would not have issued a policy or issued a policy on the terms on which it did if that information had been known to the insurer. Likewise, where there has been misrepresentation by a consumer, an insurer may, depending on the type of misrepresentation, reduce the amount of a claim or refuse to pay a claim.
A copy of an application form or proposal form, where such is relevant to the particular contract, will be provided to you showing the insurers specific questions and information required for underwriting purposes. You must review the document(s) provided and check that the answers you provided to insurers, or to us when assisting you to complete the application form or proposal form, are accurate. If any information or answer provided is incorrect you must notify us immediately.
Product Producers:
A list of product producers from which our firm holds a letter of appointment is available on request.
Default Remedies:
An outline of the action and remedies which the relevant product producers may take in the event of default by a client is included in the product producers documents which are issued to you at inception. McGeough Financial Consultants Ltd. will exercise its legal rights to receive any payments due to it from clients for business services provided.
Data Protection:
McGeough Financial Consultants Ltd. complies with the requirements of the General Data Protection Regulation 2016 and the Irish Data Protection Act 2018. We are committed to protecting and respecting your privacy. We wish to be transparent on how we are accountable with the GDPR in relation to not only processing your date but ensuring your understand your rights as a client. 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 which will be given to all our clients at the time of data collection. We will ensure that this Privacy Notice is easily assessable. Please refer to our website www.mcgeoughfinancial.ie. If this medium is not suitable we can easily provide you with a copy of post or email.
If you have any concerns about your personal data you may contact us by post, phone or email info@mcgfinance.ie.
Disclosure Information
Any failure to disclose material information may invalidate your claim and render your policy void.
Client acknowledgement & Consent
I/We acknowledge and confirm that I/we have been provided with a copy of the Terms of Business for McGeough Financial Consultants Ltd. and that
I/we have read through and understand these terms.
I/We consent to McGeough Financial Consultants Ltd. and its associated forms contacting me/us by letter, email, SMS text or telephone regarding any products which may be of interest. Where a third party has introduced me to McGeough Financial Consultants Ltd., I/we also consent to the disclosure to that third party of information.
Where you have given us your email address, we take that as consent as an agreed method for forwarding to you any relevant documents in relation to providing you with our services.
Agreed Method of contact:
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