TERMS OF BUSINESS
Philip O Reilly trading as Philip O Reilly Financial Services.

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.

Authorization with the Central Bank of Ireland

Philip O Reilly trading as Philip O Reilly Financial Services (Central Bank No. C27934) is regulated by the Central Bank of Ireland as an insurance intermediary registered under the European Communities (Insurance Mediation) Regulations, 2005; as an Investment Intermediary authorized under the Investment Intermediaries Act, 1995. Copies of our regulatory authorization 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

Philip O Reilly is subject to the Consumer Protection Code, 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 

Our Services

Philip O Reilly is a member of Brokers Ireland.

Our principal business is to provide advice and arrange transactions on behalf of clients in relation to life, investments and savings, pensions and household general insurance products. A full list of insurers, product producers with which we deal is outlined below

Philip O Reilly Financial Services is renumerated by commission for its investment intermediary services.

Life & Pensions/Deposits & Life Wrapped Investments

Philip O Reilly trading as Philip O Reilly Financial Servicesprovides life assurance, and pensions advice on a limited analysis basis (providing services on the basis of a limited number of contracts and product producers available on the market).

We provide advice on products from the following providers: 

•  Life, Pensions,  Investments & Savings

•   Aviva Life & Pensions

•   Royal London

•   Standard Life

•   Friends First

•   Wealth Options

Home Insurance

• Zurich General

We will provide assistance to you for with 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 

For a serious illness policy, we will explain clearly to you the restrictions, conditions and general exclusions that attach to that policy.

Non-Life

Philip O Reilly Financial Services can provide advice on household insurance.

Philip O Reilly Financial Services provides general insurance on a limited analysis basis (providing services on the basis of a limited number of contracts and product producers available on the market).

We provide advice on household insurance products for the following provider:

•  Zurich Insurance

We will also offer assistance to you in relation to processing claims on policies taken out with us and in seeking renewal terms on your cover.

To ensure continuity of cover, where you have an existing policy which is due to expire and where we have been unable to contact you, we may put continuing cover in force whilst awaiting your instruction. You will be liable for any premiums payable to the relevant insurer for the period of time between renewal and when we receive your instruction. You have the right not to avail of this service.

Disclosure of Information

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

Philip O Reilly Financial Services is remunerated by commission and other payments from product producers on the completion of business. You may choose to pay in full for our services by means of a fee. Where we receive recurring commission, this forms part of the remuneration for initial advice provided.  We reserve the right to charge additional fees if the number of hours relating to on-going advice/assistance exceeds 5 hrs.

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 (Household insurance)

          ·       Standard PRSAs.

In other circumstances where fees are chargeable, 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/will 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.

Life, Pensions & Life wrapped Investment Fees

You may elect to deal with us on a fee basis. (It is common to distinguish on the basis of the seniority of the person and between advisers and support staff.) Fees applicable will be as below.

Partner/Owner                          €350 per hour

Senior Advisers                          €250

Associates                                   €200                    

Support staff                              €100

Additional fees may be payable for complex or high value cases or to reflect value, specialist skills or urgency, our scale of fees for such cases range from a minimum of €100 per hour to a maximum of €500 per hour. We will notify you in advance and agree the scale of fees to be charged.

Non-Life Remuneration

Philip O Reilly Financial Services. is remunerated by commission from insurers on completion of business.  Details of this remuneration are available on request. Where an override commission is received, this will be disclosed to you in general terms. 

Additionally the following Brokerage fees will apply;

Brokerage fee on placing of business and renewal:           €20 – €100

Cancellation or Mid Term Alteration fee: 5% of the premium, with a minimum of €20.

Claims handling: Quoted for on a case by case basis.

Ongoing Suitability: Investments

The firms services does not include ongoing suitability assessments.

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. You must 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. 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.

Conflicts of interest

It is the policy of our firm to avoid conflicts of interest in providing services to you. However, where an unavoidable conflict of interest arises we will advise you of this in writing before providing you with any service. A full copy of our conflicts of interest policy is available on request.

Default on payments by clients

Our firm will exercise its legal rights to receive payments due to it from clients (fees and insurance premiums) for services provided. In particular, without limitation of the generality of the foregoing, the firm will seek reimbursement for all payments made to insurers on behalf of clients where the firm has acted in good faith in renewing a policy of insurance for the client.

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.

Complaints

Whilst we are happy to receive verbal complaints, it would be preferable that any complaints are made, in writing. We will acknowledge your complaint within 5 business days and we will fully investigate it. We shall investigate the complaint as swiftly as possible, and, the complainant will receive an update on the complaint at intervals of not greater than 20 business days starting from the date on which the complaint is made.  On completion of our investigation, we will provide you with a written report of the outcome. In the event that you are still dissatisfied with our handling of or response to your complaint, you are entitled to refer the matter to the Financial Services and Pensions Ombudsman (FSPO). A full copy of our complaints procedure is available on request.

Data Protection

Philip O Reilly Financial Services complies with the requirements of the Data Protection Acts, 1988, 2003 and subsequent acts and EU directives.

The data which you provide to us will be held on a computer database and paper files for the purpose of arranging transactions on your behalf. The data will be processed only in ways compatible with the purposes for which it was given. We would also like to keep you informed of 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.  We would like to contact you by way of letter, email or telephone call. If you do not wish to receive such marketing information please advise us.

Compensation Scheme

We are members of the Investor Compensation Scheme operated by the Investor Compensation Company Ltd. See below for details.

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 authorized investment firms, as defined in that Act.

The Investor Compensation Company Ltd. (ICCL) was established under the 1998 Act to operate such a compensation scheme and our firm is a member of this scheme.

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 recognized for the purposes of the Act.

Where an entitlement to compensation is established, the compensation payable will be the lesser of:

•  90% of the amount of the client’s loss which is recognised for the purposes of the Investor Compensation Act, 1998; or

• Compensation of up to €20,000.

For further information, contact the Investor Compensation Company Ltd. at (01) 224 4955.

Brokers Ireland Compensation Fund

We are also members of the Brokers Ireland Compensation Fund. Subject to the rules of the scheme the liabilities of its members firms up to a maximum of €100,000 per client (or €250,000 in aggregate) may be discharged by the fund on its behalf if the member firm is unable to do so, where the above detailed Investor Compensation Scheme has failed to adequately compensate any client of the member. Further details are available on request.