Terms of Business
John Fogarty trading as Fogarty Financial, The Mortgage Team, regulated by the Central Bank of Ireland is authorised by the Central Bank of Ireland as an Investment Intermediary under the Investment Intermediaries Act 1995, as a Mortgage Intermediary under the Consumer Credit Act, 1995, and as an Insurance Intermediary under the Insurance Mediation Directive. Copies of our various authorisations are available on request.
Terms of Business
The attached Terms of Business sets out the general terms under which Fogarty Financial, The Mortgage Team, will provide mortgage, life assurance and investment advice. Fogarty Financial, The Mortgage Team, is also a member of Brokers Ireland.
We operate to the highest standards of client confidentiality and meet statutory requirements under the GDPR General Data Protection Regulation, Data Protection Bill 2018. Our staff and support service providers will only use your personal information to offer advice on suitable products, or as otherwise required by law. We may occasionally contact you with information about pertinent products and services. You have the right to ask us not to send this marketing information to you at any time.
Terms of Business – Version 1.0 Effective from 27th March 2020.
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.
Authorisation with the Central Bank of Ireland
John Fogarty trading as Fogarty Financial, The Mortgage Team C7490 is regulated by the Central Bank of Ireland as an insurance intermediary registered under the European Union (Insurance Distribution) Regulations, 2018; as an Investment Intermediary authorised under the Investment Intermediaries Act, 1995 and as a Mortgage Intermediary authorised under the Consumer Credit Act, 1995, and as a Mortgage Credit Intermediary under the European Union (Consumer Mortgage Credit Agreements) Regulations 2016. Copies of our regulatory authorisations 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
John Fogarty trading as Fogarty Financial, The Mortgage Team, 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
John Fogarty trading as Fogarty Financial, The Mortgage Team, is a member of Brokers Ireland. As a member of Brokers Ireland we must be in a position to place insurance with at least five insurers of the relevant form (life/non-life) and therefore can generally give consumers greater choice than agents and tied agents.
Our principal business is to provide advice and arrange transactions on behalf of clients in relation to life & pensions/mortgages/general insurance products. A full list of insurers, product producers and lending agencies with which we the following product producers with whom an agency is held:
- Irish Life Assurance - Royal London
- New Ireland Assurance - Zurich Life - BCP Asset Management
- Aviva Life & Pensions - KBC Bank - Bespoke
- Dolmen Stockbrokers - Wealth Options Limited - Independent Trustee Company
- Standard Life - Cantor Fitzgerald
Fogarty Financial, The Mortgage Team, Team Fogarty can arrange mortgages with the following lenders with whom an agency is held:
- KBC Mortgage Bank -Brokers Ireland Network Services Ltd
- Haven Mortgages Ltd -Finance Ireland Credit Solutions DAC
- Dolisk and ICS Mortgages -Permanent TSB
Fogarty Financial, The Mortgage Team, can arrange house and farm insurance covering property and contents with the following company:
The concept of fair analysis is derived from the Insurance Mediation Directive. It describes the extent of the choice of products and providers offered by an intermediary within a particular category of life assurance, general insurance, mortgages, and/ or a specialist area. The number of contracts and providers considered must be sufficiently large to enable an intermediary to recommend a product that would be adequate to meet a client’s needs.
The number of providers that constitutes ‘sufficiently large’ will vary depending on the number of providers operating in the market for a particular product or service and their relative importance in and share of that market. The extent of fair analysis must be such that could be reasonably expected of a professional conducting business, taking into account the accessibility of information and product placement to intermediaries and the cost of the search.
In order to ensure that the number of contracts and providers is sufficiently large to constitute a fair analysis of the market, we will consider the following criteria:
the needs of the customer,
the size of the customer order,
the number of providers in the market that deal with brokers,
the market share of each of those providers,
the number of relevant products available from each provider,
the availability of information about the products,
the quality of the product and service provided by the provider,
any other relevant consideration.
Life & Pensions/Deposits & Investments
John Fogarty trading as Fogarty Financial, The Mortgage Team, provides life assurance and pensions on a fair analysis basis i.e. providing services on the basis of a sufficiently large number of contracts and product producers available on the market to enable us to make a recommendation, in accordance with professional criteria, regarding which contract would be adequate to meet your needs.
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. However, it is 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 PHI and serious illness policies.
Specifically, on the subject of permanent health insurance policies it is our policy to explain to you a) the meaning of disability as defined in the policy; b) the benefits available under the policy; c) the general exclusions that apply to the policy; and d) the reductions applied to the benefit where there are disability payments from other sources.
For a serious illness policy, we will explain clearly to you the restrictions, conditions and general exclusions that attach to that policy.
John Fogarty trading as Fogarty Financial, The Mortgage Team. 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 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.
Through the lenders or other undertakings with which we hold an agency, Fogarty Financial, The Mortgage Team. can provide advice on and arrange mortgage products from the following range: fixed-rate loans, variable rate mortgages, capital & interest mortgages, interest only mortgages, and residential investment property.
John Fogarty trading as Fogarty Financial, The Mortgage Team, provides mortgage advice on a fair analysis basis (providing services on the basis of a sufficiently large number of contracts and product producers available on the market to enable the firm to make a recommendation, in accordance with professional criteria, regarding which contract would be adequate to meet your needs.
We will need to collect sufficient information from you before we can offer any advice on housing loans. This is due to the fact that a key issue in relation to mortgage advice is affordability. Such information should be produced promptly upon our request.
Disclosure of Information
Any failure to disclose material information may invalidate your claim and render your policy void.
John Fogarty trading as Fogarty Financial, The Mortgage Team, is remunerated by commission from product producers or lenders on the completion of business. Where we receive recurring commission, this forms part of the remuneration for initial advice provided.
We may receive up to 1% (or whatever maximum is applicable) of the loan for arranging mortgage finance. This commission is paid by the mortgage lender. The actual amount of commission will be disclosed at a later stage in the ESIS (European Standardised Information Sheet) which will be forwarded to you. A summary of the details of all arrangements for commission, other reward or remuneration paid or provided to the intermediary which it has agreed with product producers” is available on our website (or in our office.
Lenders Claw Back
Should the mortgage be redeemed within 3 years, the lender claws back commission from us and we reserve the right to charge this you this amount
Claw back can be up to 100% 0 to 12 months; 75%, 12 months to 24 months and 25% 25 months to 36 months. Mortgage arrears of 90 days in the first 12 months incur 100% claw back
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.
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.
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.
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 Ombudsman or the Pensions Ombudsman. A full copy of our complaints procedure is available on request.
John Fogarty trading as Fogarty Financial, The Mortgage Team, complies with the requirements of the General Data Protection Regulation 2018 and the Irish Data Protection Act 2018.
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 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. 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 tick the box in the Terms of Business acknowledgement letter.
We may receive referrals from such firms and may advise them of any transactions arranged for you.
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 authorised 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 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) 224 4955.
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 authorised 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 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) 224 4955.
Duty of Disclosure to Insurers and Duty of “Utmost Good Faith"
Insurance is deemed to be a special type of contract which imposes onerous duties upon prospective insured (clients) and their agents (us), who are obliged to act with "utmost good faith" towards insurers at all times. Prospective insured are obliged to disclose to insurers/underwriters, prior to formation of a contract, all material information which could be relevant to the insurer in accepting the risk or calculating the premium. The obligation of disclosure is not limited to material information of which you are aware. It extends to those matters of which you ought to be aware in the ordinary course of your business. If there is any breach of the duty to act with "utmost good faith" or failure to disclose any material information, the Insurers will be entitled to void the policy of insurance from inception. The duties of utmost good faith and disclosure apply when you take out your insurance policy, throughout the life of that policy, when you renew your insurance and also to the claims process and to any situations during the period of the policy in which you are required, under the terms of the policy or otherwise, to provide information to Insurer’s including the extension or amendment or renewal of any policy. In completing a proposal or claim form, or other documents relating to an insurance policy, the accuracy of all answers, statements and/or information will be your sole responsibility. If you are unsure whether something is a material fact or not, then it should be declared.
Where an existing policy is to be cancelled for whatever reason John Fogarty trading as Fogarty Financial, The Mortgage Team, will take no responsibility for its cancellation or any over payments of premiums or offer our services to aid possible refunds, it is the customer's responsibility to ensure a policy is stopped and future payments cancelled.
Policy Change, new Policies For Old
It is of vital importance were a customer requests a new policy to change from an old policy due to financial restrictions or circumstances and where life / specified serious illness or other benefits are been stopped, shortened or reduced that it is the customers responsibility to satisfy themselves fully that the new cover matches their financial / family responsibilities and John Fogarty trading as Fogarty Financial, The Mortgage Team, will not be liable for any financial shortfall due to these changes.
Withdrawal and Removal as Agent.
John Fogarty trading as Fogarty Financial, The Mortgage Team, exclusively reserves the right to remove itself as the appointed agent of a customer at any time and for whatever reason it deems necessary and it will inform all parties involved in writing of this action. Policy Alterations, Changes, Amendments & Additions
All policy alterations, additions, changes and amendments will only be completed by John Fogarty trading as Fogarty Financial, The Mortgage Team, when received in writing and signed by all insured parties for onward transmission to the insurance company for processing. There may be a charge for this service, if so we will advise you in writing of the costs / fees involved prior to undertaking the work.
INVESTMENT POLICY STATEMENT
Investing requires a clear strategy and an understanding of the time horizon to grow your investment for future spending. We will need to adopt an approach that suits your temperament. Linking your needs and circumstances to strategic asset allocation while matching your risk profile to the ESMA ratings (The European Securities and Markets Authority rating system) or similar risk rating approach Investments are a long-term approach and should be judged over a 5 yr term or longer. You will have been identified as to your tolerance to investment risk and loss and will have discussed this with us and agreed with a risk level. Yearly reviews will include the previous investment history and John Fogarty trading as Fogarty Financial, The Mortgage Team, has no duty to report performance of your investment at any particular frequency but normally it will take place at each financial planning meeting.
It is difficult to "beat" the market and will involve a high level of constant risk. The growth of investment funds managed on a passive basis highlights willingness among investors to seek the average market return rather than take on the added risk of trying to outperform or beat the market. Passive portfolio management takes away the risk of a fund manager making a wrong call, passive managers do not try and beat the market they try to mirror it. Our Investment Approach: through fundamental analysis our bias to our investment approach is passive, past long-term average equity returns are approximately 2.5%, using the multi asset approach satisfies this passive approach...we include a 00.5% trail in our charges.
YOUR HOME IS AT RISK IF YOU DO NOT KEEP UP PAYMENTS ON A MORTGAGE OR ANY LOAN SECURED ON IT. IF YOUR MORTGAGE LOAN IS AT ANY TIME AT A VARIABLE RATE, PLEASE NOTE THE LENDER MAY ADJUST THE PAYMENT RATES ON THIS HOUSING LOAN FROM TIME TO TIME.