TERMS OF BUSINESS
These terms of business set out the general terms under which we, ODCL Financial Services & ODCL Mortgages, will provide the following products and services to you and the respective duties of both the company and you in relation to such services:
a) Life & Pensions
b) Savings & Investments
c) Mortgages & Protection
d) General Insurance
Please ensure you read these terms thoroughly and if you have any queries please contact the undersigned who will be happy to clarify any queries raised. If any material changes are made to these terms, we will notify you as soon as possible.
Gerry Moran QFA, Director, ODCL Financial Services.
(T) 061 411000 (F) 061 411001 (E) gmoran@odcl.ie THORISED STATUS
Mantra Consultants Ltd., t/a ODCL Financial Services and t/a ODCL Mortgages is regulated by the Central Bank of Ireland. ODCL Financial Services is regulated by the Financial Regulator as a Multi-Agency Intermediary under the Investment Intermediaries Act, 1995 and as an Insurance Intermediary registered under the European Communities (Insurance Mediation) Regulations, 2005. ODCL Mortgages is authorised as a mortgage intermediary, under the Consumer Credit Act, 1995. The Financial Regulator holds registers of regulated firms. You may contact the Financial Regulator on (01) 410 4000 or alternatively visit their website on www.financialregulator.ie to verify our credentials.
ODCL Financial Services & ODCL Mortgages are registered trading names of Mantra Consultants Ltd and the company trades under these names.
ODCL Financial Services & ODCL Mortgages are both members of the Professional Insurance Brokers Association (PIBA). ODCL Financial Services and ODCL Mortgages are authorised to act on your behalf in receiving and transmitting orders in relation to one or more investment instruments with companies from whom we hold a written letter of appointment. Currently this list includes:-
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Life, Pensions & Investment Companies |
Aviva Life & Pensions, BCP Asset Management, Caledonian Life & Pensions, Canada Life, CHC Asset Management Ltd, Friends First, Global Reach Securities, IIB Bank Ltd., Irish Life, Liberty Asset Management, New Ireland, Standard Life, Wealth Options Ltd, Wealth Options Trustees Ltd, Zurich Life (Eagle Star). |
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Mortgage Companies |
KBC Homeloans Ltd., Permanent TSB, ICS Building Society, PIBA Mortgage Services, Assurant Intermediary Ltd. |
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Stockbroking Firms |
Bloxham Stockbrokers, Merrion Stockbrokers, Citigroup Quilter. |
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Bank Deposits |
Anglo Irish Bank, Irish Life & Permanent |
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General Insurance |
Tied Agents of Hibernian Insurance for household insurance. |
We will act as your agent in advising you and arranging protection products, pension products, savings, investments and mortgages with the companies listed. We do not provide any advice in relation to specific shares or stock selection.
Where we have arranged an investment on your behalf with one of the above companies, we may provide an ongoing advisory service in relation to that investment.
It is in your best interests however that you review, on a regular basis, the products which we have arranged for you. As your circumstances change, your needs will change and 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 of changes in your circumstances, or request a review, may result in you having insufficient insurance cover and/or inappropriate investments.
We never own the investments that you arrange through us and all investments will be registered in your name. We will forward to you all documents showing ownership of your investments as soon as we receive them.
We will keep records of all business transactions for at least 6 years after the date of the transaction. We will retain all other documentation concerning your account for 6 years from the date the relationship ends.
You, or we, may terminate our authority to act on your behalf at any time, without penalty. Notice of this termination, must be given in writing.S & CHARGES
ODCL Financial Services and ODCL Mortgages operate a transparent charging structure for the different products and services we provide. In general, the first consultation is free. Thereafter, we will agree an appropriate charging structure based on the service or product you wish us to provide.
If we transact business with one of the companies listed, we may be remunerated by way of commission or other payments for placing this business with them on your behalf. The level of commission varies from product to product and we will advise you of the amount payable prior to you undertaking the transaction.
If you elect to avail of our services on a fee only basis, the following is indicative of our rates:
Mortgage Processing: €500
Investment/Pension Reporting: €500
Consultancy/Advice €150-€200 per hour
Administration/Secretarial €60-€80 per hour
You must advise the basis on which you wish to proceed prior to us providing any advice or undertaking any service on your behalf. Please note that it is our practice to charge fees on a rate per hour basis for consultations and reports, particularly where no/insufficient supporting business is completed. A copy of our Commission/Fee Agreement and an indicative schedule of commission payable on various products is available through our office, upon request.CONFLICT OF INTEREST
It is the policy of the firm to avoid any conflict of interest when providing business services to its clients. Where this is unavoidable, we will not transact any business on your behalf in which we, or one of our customers, has an interest without prior written notice and your consent to proceed.
COMPLAINTS
The firm has a written procedure in place for the effective consideration and handling of complaints. All complaints should be sent, in writing, to the Compliance Officer, Mr. Pat Lavin, at the above address. All complaints will be recorded and acknowledged in writing within 5 business days of the
complaint being received. All complaints will be fully investigated and regular written updates on the progress of the investigation of the complaint will be provided to you at intervals of not greater than 20 business days. The firm will endeavour to investigate and resolve a complaint as soon as possible and no later than 40 business days of having received the complaint. Where 40 business days have elapsed and the complaint is not resolved, we will inform you of the anticipated timeframe within which we hope to resolve the complaint. We will advise you in writing within 5 business days of the completion of our investigation of a complaint and of the outcome of that investigation. In the event that you remain dissatisfied with the outcome, you have the right to refer the matter to the Financial Services Ombudsman, contact details of which we will provide to you should you require them.CONSUMER PROTECTION
If you make a valid claim against the firm and we are unable to return your money or investment instruments, you may be eligible to obtain redress from the Investors Compensation Scheme, of which we are a member. You can confirm our membership of the Investor Compensation Scheme by contacting the Financial Regulator or the Investor Compensation Company Limited. We are required under Section 38(1) of the Investor Compensation Act, 1998 to inform you of the following information concerning investor compensation:
1) 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;
2) Compensation may be payable where money or investment instruments owed or belonging to clients and held, or in the case of investment instruments, administered or managed by the firm, cannot be returned to those clients for the time being and there is no reasonably foreseeable opportunity of the firm being able to do so;
3) A right to compensation will only arise:
- If the client is an eligible client as defined in the Act;
- If it transpires that the firm is not in a position to return client money or investment instruments owed or belonging to clients of the firm; and
- To the extent that the client’s loss is recognised for the purposes of the Act;
4) 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 Compensations Act, 1998; or
- Compensation of up to €20,000.
ODCL Financial Services and ODCL Mortgages also maintain Professional Indemnity Insurance which provides an additional safeguard to our clients, in certain circumstances.
DEFAULT ON PAYMENT
The firm will exercise its legal rights to receive payments due to it from clients for investment business services provided. In addition, insurers and product producers may withdraw benefits or cover in the event of default on payment due under policies of insurance or other products arranged for you. The firm will not take any responsibility for the lapse of a policy and will therefore have no further liability in relation to same. Individuals should refer to their policy conditions for the details of such provision.ANDLING CLIENTS’ MONEY
ODCL Financial Services and ODCL Mortgages will not accept payments in cash. All cheques and drafts should be made payable to the relevant financial institution.RECEIPTS
ODCL Financial Services and ODCL Mortgages shall issue a receipt for each negotiable or non-negotiable instrument presented by you as payment for a financial product or service provided. This is required pursuant to Section 30 of the Investment Intermediaries Act, 1995 and should be retained by you.
MONEY LAUNDERING
We are obliged by law to obtain certain client identification documents in respect of certain transactions, in accordance with anti-money laundering legislation. We may request from you, and retain, some information and documentation for these purposes. If satisfactory evidence of your identity is not provided within a reasonable timeframe, we may not be able to proceed with your instructions.DATA PROTECTION
ODCL Financial Services & ODCL Mortgages are registered under the Data Protection Acts 1988 and 2003 and are bound by the data protection responsibilities set out in the Acts. CLIENT ACKNOWLEDGEMENT
I / We acknowledge and confirm that I / we have been provided with a copy of the Terms of Business of Mantra Consultants Ltd, T/a ODCL Financial Services & ODCL Mortgages and that I / we have read through and understand these terms.
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Once these Terms of Business have been agreed, they shall remain in place unless subsequently altered and agreed in writing by both parties.
The Terms of Business shall be construed in accordance with Irish Law. The Courts of Ireland shall have exclusive jurisdiction in relation to any claim, dispute or difference concerning the terms of business and any matter arising as between the client and the company. Mantra Consultants Ltd., t/a ODCL Financial Services & t/a ODCL Mortgages is regulated by the Central Bank of Ireland.