Terms Of Business

1. INTRODUCTION

Wexford Financial Services Limited is a Multi Agency Intermediary in a position to place your business with leading insurers (and other financial institutions where relevant). This firm does not have any ‘tied’ relationships with any institution that would compromise our ability to offer you independent advice and choice. This firm is a member of the Irish Brokers Association (IBA) and the Professional Insurance Brokers Association (PIBA).

2. AUTHORISED STATUS

Wexford Financial Services Limited is regulated by the Financial Regulator as a Multi Agency Intermediary authorised under the Investment Intermediaries Act, 1995. The firm is also regulated 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. Copies of our regulatory authorisations are available on request. The Financial Regulator holds registers of regulated firms. You may contact the Financial Regulator on 1890 200469 or alternatively visit their website www.financialregulator.ie to verify our credentials.

3. DESCRIPTION OF SERVICES

As a Multi-Agency Intermediary, we can provide advice in relation to products for which we hold an agency, and can place business on your behalf with those product producers. Wexford Financial Services Limited can provide advice on and arrange products from the following range: life cover, specified illness cover, income protection, savings, deposits, investments, pensions and mortgages. 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. It is however, your responsibility to read the policy documents, literature and brochures to ensure that you understand the nature of the policy cover, particularly in relation to income protection and specified illness policies. WhileWexford Financial Services Limited endeavour to use the best quality, firmly established and competitive insurance product producers and lenders, we do not guarantee nor make representations in regard to, and expressly disclaim responsibility for the financial condition of insurers and lending agencies with whom we place business.

3 MORTGAGES

In conjunction with our mortgage partners we can arrange products from the following range: fixed-rate mortgages, variable rate mortgages, capital & interest mortgages, interest only mortgages, endowment mortgages, pension mortgages, residential investment property and commercial property. We may receive up to 0.7% (or whatever maximum is applicable) of the loan for arranging mortgage finance. This commission is paid by the mortgage lender. We charge an initial fee of €500 for processing your application. This initial fee is payable irrespective of whether a Loan Offer is obtained. An additional arrangement fee of €500 is payable when the Loan Offer is obtained and is payable irrespective of whether you take up the Loan Offer. 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. 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.

4. 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 regarding changes in your circumstances, or failure to request a review, may result in you having insufficient insurance cover and/or inappropriate investments. A full list of insurers, product producers and lending agencies with whom we deal is available on request.

5. DISCLOSURE OF INFORMATION

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

6. COMPENSATION SCHEME

We are members of the Investor Compensation Scheme operated by the Investor Compensation Company Ltd. 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 investment firms, 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; 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) 4104955.

7. CONFLICTS OF INTEREST

It is the Company’s policy to avoid any conflict of interest when providing business services to its clients. However, where unavoidable conflict of interest arises we will advise clients of this in writing before we provide any business service. If you have not been advised of any such conflict you may assume that none arises.

8. RECEIPTS

Wexford Financial Services Limited shall issue a receipt for cash or negotiable instruments (e.g. cheque) payment received. This is required pursuant to Section 30 of the “Investment Intermediaries Act, 1995”. We will also issue receipts in respect of completed Direct Debit Mandates. These are issued with your protection in mind and should be stored safely.

9. COMPLAINTS

The company has a written procedure in place for the
effective consideration and handling of complaints. This
procedure ensures:
All complaints are recorded. Written complaints are acknowledged in writing within 5 business days and regular updates provided. All complaints are fully investigated and the outcome of the investigation communicated to the person who raised the complaint.
Written complaints should be addressed to: David Maher, Director. 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 Ombudsman or the Pensions Ombudsman. A full copy of our complaints procedure is available on request.

10. REMUNERATION POLICY

Wexford Financial Services Limited is remunerated by both commission and fees. Our current basic hourly rate is €190 for Directors and Product Managers and €90 for support staff. In determining the rate and any additional charges, factors such as specialist skills, complexity, value, risk and urgency will be taken into account. The rates of fees charged are consistent with the rates recommended by our professional body, the IBA. We also enjoy over-ride commissions from some Insurance Undertakings. A flat fee of €750 is charged for an individual financial report produced in conjunction with a full financial review. Full details are available on request.

If we arrange a product for you with a Product Producer with whom the firm holds an agency appointment the hourly charge may be offset against commission payable by the Product Producer.

11. DEFAULT REMEDIES

Our firm will exercise its legal rights to receive fees due to it from clients 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.

12. DATA PROTECTION

We collect your personal details in order to provide the highest standard of service to you. We take great care with the information provided; taking steps to keep it secure and to ensure it is used only for legitimate purposes. To fulfill these objectives we may share information with our sister company Wexford Insurances Ltd. and other affiliated professionals. The information and other data provided to our office may be used to advise you of products and services we may offer from time to time.
You have the right at any time to request a copy of any ‘personal data’ within the meaning of the Data Protection Act 1988 (as amended or re-enacted from time to time) that our office holds about you and to have any inaccuracies in that information corrected.