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
JOS Financial Services Ltd (C565884) is regulated by the Central Bank of Ireland as an insurance
intermediary registered under the European Union (Insurance Distribution) Regulations 2018, and as a
Mortgage Credit Intermediary under the European Union (Consumer Mortgage Credit Agreements)
Regulations
2016. Our authorisation permits us to provide advice and arrange products only within the scope of
the
permissions granted by the Central Bank of Ireland and subject to holding appropriate written
appointments with product providers/lenders. 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 0818 681 681 or alternatively visit their website at
www.centralbank.ie
to verify our credentials.
Codes of Conduct
JOS Financial Services Ltd is subject to the Minimum Competency Code and Regulations, the Standards
for Business and Consumer Protection Regulations 2025 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
JOS Financial Services Ltd is a member of Brokers Ireland. Our principal business is to provide
advice and arrange transactions on behalf of clients in relation to life assurance products and
mortgages, where we hold the appropriate authorisation and written appointments. A full list of
insurers, product producers and lending agencies with which we deal is available on request.
Insurance-based Investment Products
Where we are authorised and appointed to do so, we are remunerated by commission for the advice we
provide on insurance-based investment products.
Life Assurance & Pension Products
JOS Financial Services Ltd holds written appointments with a number of insurance undertakings,
lenders and product producers; however, JOS Financial Services Ltd has selected one preferred
product
producer, Irish Life Assurance plc for life insurance plans (including life
assurance,
specified illness cover, income protection, unit linked savings, investments, and pension plans),
tracker bonds, and Personal Retirement Savings Accounts (PRSAs). Analysis of the market will be
limited to products provided by Irish Life Assurance plc except in circumstances where Irish Life
does
not provide a suitable product for your needs, in which case JOS Financial Services Ltd will analyse
products provided by other insurance companies with whom we have an agency. These are as follows:
Royal London, Standard Life & Zurich Life.
Specifically on the subject of permanent health insurance policies we will 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.
Mortgages
Through the lenders or other undertakings with which we hold an agency, JOS Financial Services Ltd
can provide advice on and arrange mortgage products from the following range: fixed-rate loans,
variable rate mortgages, capital & interest mortgages, interest only mortgages, endowment
mortgages, pension mortgages and residential investment property.
Through our appointment with Brokers Ireland Network Services Limited t/a Brokers Ireland Mortgage
Services, we have access to the majority of mortgage lenders on the market.
We provide mortgage advice on a fair analysis basis (providing services on the basis of a
sufficiently large number of contracts and product producers available in 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.
Sustainability Factors – Investment / IBIPs / Pension Advice
In accordance with the Sustainable Finance Disclosure Regulation (‘SFDR’), we inform
you that when providing advice on insurance-based investment products/Investments, we assess, in
addition to relevant financial risks, relevant sustainability risks as far as this information is
available in relation to the products proposed/advised on. This means that we assess environmental,
social or governance events/conditions that, if they occur, could have a material negative impact on
the value of the investment.
We integrate these risks in our advice in the following ways: We review product provider literature
in relation to sustainability risks, we liaise with the providers in relation to any queries in
relation to the funds. This information is reviewed by the firm on an ongoing basis.
When providing advice on insurance-based investment products (‘IBIPs’) or investment
advice we do not consider the impacts of our advice that result in negative effects on
sustainability
factors (namely environmental, social and employee matters, respect for human rights,
anti-corruption
and anti-bribery matters), because currently there is limited relevant products on the market which
meet these criteria. The area of sustainability is relatively new and as the issue progresses, we
will
review our position. The firm will review this approach on an annual basis in January.
Impact on Return
We also assess the likely impacts of sustainability risks on the returns of the IBIPs on which we
advise. The likely impact of sustainability risks on the returns of pensions and investment products
will depend on the underlying investments held within the product and the extent to which those
investments are exposed to environmental, social or governance events. We rely on the information
provided by product manufacturers in their product documentation and sustainability disclosures when
considering these risks.
Statement of Charges
We may earn our remuneration on the basis of fee, commission and any other type of remuneration,
including a non-monetary benefit or on the basis of a combination of these methods. A non-monetary
benefit will only be accepted if it enhances the quality of the service to our clients.
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 20 hrs.
Pursuant to Regulation 68 of the Consumer Protection Code, a summary of the details of all
arrangements for any fee, commission other reward or remuneration paid or provided to us which have
been agreed with product providers is available in our office or on our website –
www.josfinancial.ie.
In certain circumstances, it will be necessary to charge a fee for services provided. In other
circumstances where fees are chargeable or where you choose to pay in full for our service by fee,
we
will notify you in writing in advance and agree the scale of fees to be charged. Where it is not
possible to provide the exact amount, we will provide you the method of calculation of the fee.
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.
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 and Pensions
You may elect to deal with us on a fee basis.
| Principals / Directors |
€100 per hour |
Additional fees may be payable for complex cases or to reflect value, specialist skills or urgency.
Our scale of fees for such cases range from a minimum of €200 per hour to a maximum of
€300
per hour. We will notify you in advance and agree the scale of fees to be charged.
Personal Retirement Savings Accounts (PRSAs) – Fees
Where advice is requested for PRSAs, the following hourly fees will apply:
| Advisor fees |
€100 per hour |
Additional fees may be payable for complex cases or to reflect value, specialist skills or urgency.
We will notify you in advance of providing you with these services. Our scale of fees for such cases
range from a minimum of €200 per hour to a maximum of €300 per hour. If we receive
commission
from a product provider, this will be offset against the fee which we will charge you. Where the
commission is greater than the fee due, the commission will become the amount payable to the
intermediary unless an arrangement to the contrary is made.
Ongoing Remuneration
We wish to inform you that we receive ongoing remuneration from certain life assurance policies
arranged on your behalf. This remuneration may include an initial commission and, in some cases, an
ongoing commission, which is generally calculated as a percentage of the premium payable and is
intended to cover the ongoing service that we provide to you in relation to this product.
The nature of the service for which this remuneration is payable includes ongoing servicing of the
policy, which may include dealing with policy-related queries, assisting with policy alterations,
and
providing ongoing support to you during the lifetime of the policy.
Clawback
If we receive commission from a product provider but the commission is subsequently clawed-back by
the provider because of early encashment by you or because of the transferring of the assets or
business to another provider or in any circumstances consequent on your actions or omissions, we
will
charge a fee to you that is equal to 100% of the clawed-back commission. That fee will be owing in
simple contract upon the claw-back of the commission.
Mortgages
We may receive up to 1% 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. Information on the
variation
in levels of commission payable by the different creditors providing credit agreements being offered
are available on request.
We may charge a fee of €450 for advising on a mortgage application; this fee is
non-refundable. This is not in any way an indication of mortgage/loan approval. Please note that
lenders may charge specific fees in certain circumstances and if this applies, these fees will be
specified in your Loan Offer. You have the right to pay a fee separately and not include it in the
loan. If we provide mortgage advice and obtain a Loan Offer for you and you subsequently do not
proceed
with your mortgage application through our firm, we will charge you an arrangement fee of €450
for our services.
Ongoing Suitability
The firm’s services do not include ongoing suitability assessments. The rationale for this
decision will be provided to you, the client, through a separate communication.
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 which may result in you
having
insufficient insurance cover and/or inappropriate financial protection arrangements. We would
therefore
advise that you contact us to ensure that you are provided with up-to-date advice and products best
suited to your needs.
Consumers: Duty of Disclosure
You are required to answer all questions posed by us or the insurer honestly and with reasonable
care – the test will be that of the ‘average consumer’.1
Before renewal of the contract of insurance, specific questions will be asked. Again, you will be
required to answer honestly and with reasonable care. Where you do not provide additional
information
(after being requested to do so) it can be presumed that the information previously provided remains
unchanged.
Failure to answer all questions honestly and with reasonable care can result in the Insurer being
able to rely on proportionate remedies for misrepresentation, which include but are not limited to
the
insurer voiding the contract of insurance. If a policy is cancelled by an insurer for any reason
including payment default you may encounter difficulty in purchasing insurance in the future.
Completed proposal forms / statement of fact
Completed proposal forms or Statement of Facts will be provided to you; these are important
documents as they form the basis of the insurance contract between the insurer and you the consumer.
You should review and confirm that the answers contained within are true and accurate.
1 Average consumer as per Directive No. 2005/29/EC of the European Parliament and of
the Council of 11 May 2005 is reasonably well informed and reasonably observant and circumspect,
taking into account social, cultural and linguistic factors.
Commercial Customers: Non-Consumer Disclosure of Information
It is essential that you should bring to our attention any material alteration in risk such as
changes of address or use of premises. Any failure to disclose material information may invalidate
your claim and render your policy void.
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 and the firm will take all steps within its control to appropriately
manage the conflict and minimise the impact of the conflict on the consumer. Jude O’Sullivan
is
responsible for managing potential conflicts of interest. A full copy of our conflicts of interest
policy is available on request.
Default on Payments by Clients
We will exercise our legal rights to receive payments due to us from clients (fees and insurance
premiums) for services provided. In particular, without limitation to 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.
Complaints
Upon receipt of an oral complaint, we will provide the option to have the complaint addressed
through the firm’s established complaints procedure. We will permit and facilitate submission
of
complaints in writing by post and by electronic means. We will acknowledge your complaint in writing
within 5 working 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 working 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 complaint’s
procedure is available on
www.josfinancial.ie.
Data Protection
We are subject to the requirements of the General Data Protection Regulation 2018 and the Irish
Data Protection Act 2018. JOS Financial Services Ltd is committed to protecting and respecting your
privacy. We wish to be transparent on how we process your data and show you that we are accountable
with the GDPR in relation to not only processing your data but ensuring you 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, this will be given to all our clients at the time of data
collection.
We will ensure that this Privacy Notice is easily accessible. Please refer to our website
www.josfinancial.ie. If this
medium is not suitable, we will ensure you can easily receive a copy by hard copy, or telephonic
environment. Please contact us at
info@josfinancial.ie if you have any concerns about your
personal data.
The following sections only apply to consumer duties and rights
arising out of the Consumer Insurance Contracts Act 2019 which was implemented to protect consumers.
Non-Consumer Commercial clients have no duties and rights under this Act, and therefore the
following
sections do not apply to them.
New Business & Renewal
If you have taken out a life insurance contract, you may cancel the contract by giving notice in
writing to us within 30 days after the date you were informed the contract is on cover. The giving
of
notice of cancellation by you will have the effect of releasing you from any further obligation
arising
from the contract of insurance. The insurer cannot impose any costs on you other than the cost of
the
premium for the period of cover.
This right to cancel does not apply where, in respect of life insurance, the contract is for a
duration of six months or less.
You are under a duty to pay your 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 you if you are in breach of your duties
under the Act, in proportion to the breach involved.
Post-Contract Stage and Claims
An insurer may refuse a claim made by you under a contract of insurance where there is a change in
the risk insured, including as described in an “alteration of risk” clause, and the
circumstances have so changed that it has effectively changed the risk to one which the insurer has
not agreed to cover.
Any clause in a contract of insurance that refers to a “material change” will be
interpreted as being a change that takes the risk outside what was in the reasonable contemplation
of
both you and the insurer when the contract was concluded.
You 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.
You must notify the insurer of a claim within a reasonable time, or otherwise in accordance with
the terms of the contract of insurance.
If you become aware after a claim is made of information that would either support or prejudice the
claim, you are under a duty to disclose it. (The insurer is under the same duty).
If you make a false or misleading claim in any material respect (and know 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 may notify the
consumer advising that they are voiding the contract of insurance, and 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.
Compensation Scheme
We are members of the Investor Compensation Scheme operated by the Investor Compensation Company
Ltd. See below for details.
Investor Compensation Scheme
Participation in the Investor Compensation Scheme applies only to investment business conducted
within the scope of the firm’s authorisation.
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.
Brokers Ireland Clients’ Compensation and Membership Benefits Scheme (BIC)
We are also members of the Brokers Ireland Clients’ Compensation and Membership Benefits
Scheme (BIC). Subject to the rules of the scheme the liabilities of its member 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.
JOS Financial Services Limited is regulated by the Central Bank of Ireland. Details of our
authorisation can be verified on the Central Bank’s Register of Regulated Firms at
www.centralbank.ie.
JOS Financial Services Limited —
Registered address: 6 Taylor Hill View, Balbriggan, Co. Dublin, Ireland —
Regulated by the Central Bank of Ireland, Central Bank Number: C565884 —
Registered in Ireland No. 788046 —
Director: Jude O’Sullivan