Terms of Business

Our status

We at Foresthill Financial Planning Limited (FFP) are regulated by Central Bank of Ireland as an Authorised Advisor under the Investment Intermediaries Act 1995; as a mortgage intermediary authorised under the Consumer Credit Act, 1995 and as an insurance intermediary registered under the European Communities (Insurance Mediation) Regulations, 2005. The Central Bank of Ireland holds  registers of regulated firms. You may contact the Central Bank of Ireland by telephone on (01) 410 4000 or visit their website on www.financialregulator.ie to verify our credentials.

We have entered into agency agreements with a variety of product providers, insurance undertakings and lenders, a list of each being set out in Appendix I to these terms. As an Authorised Advisor we do not have a ‘tied’ relationship with any of these institutions, which would compromise our ability to offer our clients independent advice. FFP is also a member of the Professional Insurance Brokers Association Ltd (PIBA). Our PIBA reference number is 200573.

Our services

We provide you with broad based advice for the purpose of personal financial planning to include:

  • Life assurance protection products (e.g. term cover, serious illness and income protection)
  • Pensions and retirement planning
  • Savings and Investments
  • UCITS & Tracker Bonds
  • Deposits
  • Mortgages on domestic, residential and investment properties

Where we have identified a suitable product or investment we will transmit orders on your behalf to the relevant institution as set out in Appendix I from whom we hold letters of appointment. Please note that for those institutions from which we do not hold such a letter of appointment, you are free to communicate with them at your own discretion, having regard to the advice we have given you. For small to medium sized corporates, we offer additional financial advice to help with balance sheet and treasury management, raising finance, manufacturing models, budgeting and cash flow forecasting.

Commissions and Charges

We at FFP are remunerated by way of fees for advice, which will carry VAT. In addition we will earn commissions from product providers, arrangers and lenders (Appendix I) for receiving and transmitting business. Where a suitable product is identified and commissions become payable, then some or all of this may be offset against any advisory fee charged directly to you. Additional fees may be payable for complex cases or to reflect value, specialist skills or urgency. In certain circumstances,commission may be payable in the form of an ongoing “trail” payment expressed as a % of assets under management within the product. This will vary depending on the type of transaction, the product and the institution involved. The hourly rate model for all advisory services, new business implementations and financial planning review programmes is as follows:

Advisor Fees: €200 per hour plus VAT @ 23.0%

Support Staff: €100 per hour plus VAT @ 23.0%

Any changes to these rates will be notified to you in a timely manner.

We in FFP, as Mortgage Intermediary, expect to be in receipt of mortgage commissions at a rate of up to 0.5% of the value of the amount borrowed. A list of lenders is in Appendix I. We in FFP act as a deposit agent for a number of institutions, for which we can receive a deposit commission based on all balances placed with a particular institution. This commission can be at a rate of circa 0.25% of the average balances, depending on the institution. For corporate advisory services, it may be possible to charge a fee at lower than the rate model above and to agree a success fee based on specific criteria within the individual case.

Actions and Remedies

Foresthill Financial Planning Ltd will, if necessary, exercise its legal rights to receive any payments due to it from clients for business services that have been provided.

Conflict of Interest

It is our policy at FFP to avoid conflicts of interest when providing financial planning advice to you, the clients. Where an unavoidable conflict arises, we will advise you of this in writing before providing any business service, or as soon as is practicable upon our becoming aware of the conflict. If you have not been made aware of any such conflict then you may assume that none arises but rest assured that you will be treated fairly where such a conflict is unavoidable.

Complaints Procedure

We at FFP have a written procedure in place for the handling of any complaints that are made against our firm for services provided by us. This procedure ensures that all complaints are recorded and acknowledged within 5 business days and are fully investigated. We will provide you with a written report of the outcome of this investigation and should this take some time, you will be updated at least on a monthly basis. You should address your complaint to:

Brian Culliton, Compliance Officer,

Foresthill Financial Planning Ltd,

Unit J2, Maynooth Business Campus,

Maynooth,

Co Kildare

 

In the event that you are dissatisfied with our handling of, or response to, your complaint, you are entirely free to refer the matter to relevant Ombudsman at:

The Financial Services Ombudsman

Floor 3

Lincoln House

Lincoln Place

Dublin 2

Or

The Pensions Ombudsman

36 Upper Mount Street

Dublin 2

Client’s Money

We at FFP do not handle client money. We will only accept your cheques or bank drafts made payable to the product provider to whom an order is being transmitted. Equally, payments passing from the product provider will be done by way of cheque or bank transfer addressed directly to you or your bank account.

Investor Compensation Scheme

We at FFP are members of the Investor Compensation Scheme established under the Investor Compensation Act 1998. This legislation provides for the establishment of a compensation scheme and for 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 client’s loss, which is recognised as being eligible for compensation, or €20,000. In addition FFP holds Professional Indemnity Insurance as required under the Insurance Mediation Directive up to the sum of €1,500,000.

Money Laundering

It is incumbent on us as a professional services provider, to identify clearly our clients and the source of our introduction to those clients. In complying with this anti-money laundering legislation, we will request from you such information and documentation as we deem necessary and to make searches where appropriate of relevant databases. Please co-operate with us in the completion of our files in this regard. Should satisfactory evidence of your identity not be provided within a reasonable time, we

may be unable to proceed with your business transaction. Please also note our obligations under the Criminal Justice Act 1994 to report all knowledge or suspicion that a criminal offence giving rise to any direct or indirect benefit from criminal conduct, has been committed by a client or a third party. If as part of our normal work we have knowledge or suspicion, or have reasonable grounds to know or suspect, that such offences have been committed, we are required to make a report to the Garda Siochana and the Revenue Commissioners. Under the “tipping-off” provisions of the above legislation, we are specifically prohibited from discussing this with you in such circumstances.

Data Protection

FFP is registered as a Data Controller under the Data Protection Act 1988 (amended 2003). We keep records of business transactions with you for at least six years, including personal data defined as sensitive under the Data Protection Acts. You have the right to inspect copies of all entries in files or computerised records relating to transactions with you. A fee may be charged for this request, and if so you will be notified advance.

Any requests should be forwarded to:

Brian Culliton, Data Protection Officer,

Foresthill Financial Planning Ltd,

Unit J2, Maynooth Business Campus,

Maynooth,

Co Kildare

Client Acknowledgement

I/We accept and return this Terms of Business confirming my/our agreement to Foresthill Financial Planning Limited acting as my/our Financial Adviser and I/we also authorise Foresthill Financial Planning Limited to hold my/our personal data on file, to contact me/us in writing, by telephone or by email in respect of financial services matters, and to obtain or provide any relevant information in respect of my/our existing policies or investments directly from or to the appropriate data processors, product or investment providers that I/we hold products with. By signing this Declaration I/we give my/our explicit consent to any information about me/us, including where relevant, any sensitive personal data (such as health records), being processed by Foresthill Financial Planning Limited for the purposes of advising me/us appropriately as to the product that will suit my/our needs based on the information I/we have given. This may include information about me/us being used where appropriate for underwriting, administration, advisory, customer service, business analysis and prevention of money laundering and fraud.

The information you provide may be used by us in deciding whether to send you details about other products or services we believe may be of interest to you. If you do not wish to avail of this service please tick this box:

 

 I/we confirm that I/we have read and understand these terms.

 

1. Print Name: _______________________

 

Signed: _______________________ Date: _________________

 

2. Print Name: _______________________

 

Signed: _______________________ Date: _________________

 

 

List of Product Providers

The following are a list of insurance undertakings, lenders and deposit takers from which letters of appointment are held:

  • Life Assurance Lender Appointments Other Product Providers
  • Aviva Life & Pensions KBC Homeloans Liberty Asset Managers
  • Caledonian Life Assurance Co. PIBA Mortgages BCP
  • Canada Life Assurance Co. Augusta Property Services
  • Zurich Life Jaguar Capital
  • Friends First KBC Bank
  • Irish Life Assurance Co. Dolmen Stockbrokers
  • Irish Life International Davy Stockbrokers
  • New Ireland Assurance Co.
  • Standard Life
  • Deposit Agent Appointment
  • Permanent TSB
  • KBC
  • EBS

 

01/07/2013