Terms of Business

Munster Insurances & Financial Ltd. t/a Munstergroup  t/a Payless Direct Home & Motor Insurance t/a Construction Broker t/a Brokers Solutions Ireland (MIFL) is a wholly owned Irish Company, established in May 2005 and specialising in the provisions of all classes of non life& life insurances.

Authorised Status:  MIFL t/a Munstergroup t/a Payless Direct Home & Motor Insurance t/a Construction Broker t/a Brokers Solutions Ireland are regulated by the Central Bank of Ireland under section 10 of the Investment Intermediaries Act 1995 (as amended).  A copy of the company’s Authorised Status is displayed at below address.  MIFL does not have any “tied” relationships with any institution that would compromise our ability to offer our clients fair advice.  MIFL is a member of the Brokers Ireland. MIFL operates on the basis of “fair analysis of the market”.  MIFL is subject to the Central Bank of Ireland Codes of Conduct; The Consumer Protection Code, The Minimum Competency Code and The Fitness & Probity Standards. This firm must comply with these codes which offer protection to a consumer and these Code(s) can be found on www.centralbank.ie

Services:  MIFL offer advice in relation to all classes of non-life insurance (motor, property, liability, personal accident & marine) and also in relation to life assurance products (term cover, serious illness, pensions, savings, investments & mortgages) and to transmit orders on the clients’ behalf to any of the insurance undertakings or product producers from whom the Company hold letters of appointment.  There are insurance undertakings and product producers from which the Company does not hold letters of appointment and do not represent. Clients are entitled to communicate with such entities at their own discretion. Coupled with all our private car and light commercial vehicle insurance is an option to include MIS legal protection personal accident and home/roadside assistance cover. This is a strong recommendation of MIFL. The cover is provided at a premium of €20.00 and is included as an optional extension on all renewal premiums.

Remuneration Policy:  MIFL is remunerated by commission on non-life insurance instruments and may charge a fee for arrangement/risk management/claim settlement/ advisory fee or a combination of all four. Remuneration details are available on request.  The term “Premium” is defined as “Instrument cost plus fees/charges” (and is set out in your addendum). Commission if any is received from Product/Credit Providers to whom orders are transmitted.  Commission is deemed fully earned by MIFL at inception/renewal of every policy.  A number of product/credit providers pay no commission, others remunerate based on levels of business introduced. Commission for credit is 3% and 6.5% for Commercial/Personal insurance respectively.  Fees are charged on all new business, renewals, instalment setup/default, duplicate documentation, amendments/endorsements of not more than 100% of the premium and subject to a minimum charge of €55. These charges cover various expenses including: Administration costs/risk management advice/claims handling assistance and general advice. These charges also partially cover the high cost of regulation namely: funding the office of the Central Bank of Ireland, funding the office of the Financial Services Ombudsman and payments to the Investor Compensation Fund maintained by the Investor Compensation Co Ltd. detailed under the consumer protection below. MIFL on occasion source clients’ insurance requirements through a wholesale broker. The wholesale broker may charge a fee for this service which will be reflected in the price of the product. MIFL incurs significant cost in processing premium rebates for clients and this service is subject to an administration charge/rebate fee of no more than 25% of the rebate amount and subject to a minimum charge of €55 – effective in each and every instance. MIFL reserves the right to offset premium rebates due to a client against any sums outstanding from that client.  Where applicable fees are charged on a time spent/disbursement basis and our current standard hourly rates are €750 for Directors, €500 for senior management and €250 for other staff.  In determining the hourly rate any additional factors such as urgency, complexity and specialist skills will be taken into account and the standard rate will be increased accordingly.

Premium Finance Administration Fee:  Where premiums are financed by Premium Credit Finance or Close Brothers Premium Finance details of interest rate and all charges will be separately provided in the credit agreement.  We may earn additional commission of up to 7% of the annual premium.  Should there be a default of a direct debit payment, a fee for recovery of the defaulted payment of up to €15.00 will apply.  In the event that a loan is to be reinstated following a default, a fee of up to €25.00 will apply.

Conflict of Interest:  It is the policy of MIFL to avoid conflict of interest when providing services to clients.  Where an unavoidable conflict arises we will advise you of this in writing before providing any business service.  If you have not been advised of any such conflict you may assume that none arises.

Complaints Procedure:  MIFL has in place a written procedure for the handling of complaints.  This procedure ensures that all complaints are recorded and acknowledged within 5 business days.  All complaints are fully investigated and the complainant updated (if relevant) at intervals of not more than 20 business days.  In the event that a client remains dissatisfied with the handling of and/or response to complaint they may refer the matter to the Financial Services Ombudsman, 3rd Floor, Lincoln House, Lincoln Place, Dublin 2, telephone 1890 88 20 90.  Our full complaints procedure is available on request. Full policy can be accessed on www.munstergroup.com

Consumer Protection:  MIFL is a member of the Investor Compensation Scheme established under the Investor Compensation Act 1998.  The legislation provides for the establishment of a compensation scheme and to the payment in certain circumstances, of compensation to clients of firms covered by the Act.  However, you should also be aware that a right to compensation would only arise where money or investment instruments held by this Company on your behalf cannot be returned either for the time being or for the foreseeable future and where the client falls within the definition of eligible investor as contained in the Act.  In the event that a right to compensation is established, the amount payable is the lesser of 90% of the clients’ loss, which is recognised as being eligible for compensation of €20,000.

Clients Money:  MIFL accept payments in cash/cheque/debit/credit card/direct debit/bankers credit for all classes of insurance in the circumstances permitted under Section 25G of the Investment Intermediaries Act 1995. Payments must represent premium for either a renewal of a policy, which has been invited by an insurance undertaking or product/credit provider or a proposal accepted by an insurance undertaking or product producer.  MIFL is not authorised to accept cash or negotiable instruments in any other circumstances.  On occasion product producers issue instrument documentation with minor premium discrepancies.  Where this occurs MIFL accept such discrepancies of +/- €20.00 without producing debit/credit documentation. This is deemed an internal administrative reconciliation between the product producer and MIFL. To reissue a cheque incurs a chargeable cost of €20.00.

Credit Policy:  We regret that credit cannot be extended to clients in respect of premiums, initial, renewal or additional.  Initial or first premiums must be paid at inception of cover and renewal premiums before the policy renewal date.

Receipts:  MIFL issue receipts for each payment received pursuant to Section 30 of the Investment Intermediaries Act 1995 and should be retained in a safe place.

Termination:  You or we may terminate our authority to act on your behalf at any time.  However, notice of this termination must be given in writing.

Changes in Terms of Business:  These Terms of Business are valid from February 2020 until further notice.  This Terms of Business supersedes all previous issues with immediate effect.

Money Laundering: MIFL reserves the right to request any facts about you which it reasonably believes it needs to know in order to comply with the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 (as amended).

Call Recording: MIFL may record telephone calls, inbound and outbound, for regulatory, quality, training and verification purposes.

A comprehensive list of product producers from which letters of appointment are held is available on request or on our website.

Data Protection: MIFL and its business partners collect your personal details in order to provide the highest standard of service to you and take great care with the information provided i.e. to keep it secure and to ensure it is only used for legitimate purposes.  To fulfil these objectives we may share information with other affiliated professionals. MIFL may record telephone calls, inbound and outbound, for regulatory, quality, training and verification purposes. All data captured by these facilities are managed in accordance with the Data Protection Acts. You confirm that MIFL is authorised to accept instructions on your policy/quotation from any person(s) whom MIFL may reasonably believe are acting on your behalf. Full policy can be accessed on www.munstergroup.com

Marketing:  MIFL and its business partners may contact you from time to time with regard to insurance and investment instruments that may be of interest to you.  If you wish to be contacted in this regard please tick here (     )

I/We accept this terms of business. I/We have read same and agree to be bound by the terms in all my/our dealings with MIFL My/our failure to return this document signed to MIFL. together with my/our continuing to conduct business with MIFL will be deemed as acceptance of the terms of business.

Munster Money Matters Ltd t/a Munstergroup Life & Pensions Terms of Business –June 2021

Munster Money Matters Ltd. is a wholly owned Irish Company, established in May 2005 and specialising in the provision of all classes of non-life and life insurance. 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
Munster Money Matters Ltd is regulated by the Central Bank of Ireland as an insurance intermediary registered under the European Communities (Insurance Mediation) Regulations, 2005; as a Multi-Agency Intermediary/Authorised Advisor authorised under the Investment Intermediaries Act, 1995 and as a Mortgage Intermediary authorised under the Consumer Credit Act, 1995. 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.
Services:
Munster Money Matters Ltd. offers advice in relation to life assurance products (term cover, whole of life cover, income replacement, serious illness, pensions, savings, investments and mortgages) and to transmit orders on clients’ behalf to any of the insurance undertakings or product producers from whom the Company hold letters of appointment.
There are insurance undertakings and products from which the Company does not hold letters of appointment and do not represent. Clients are entitled to communicate with such entities at their own discretion.
Remuneration
Munster Money Matters Ltd is remunerated by commission from insurers on completion of business. Details of this remuneration are available on request.
Conflict of Interest:
It is the policy of Munster Money Matters Ltd. to avoid conflict of interest when providing services to clients. Where an unavoidable conflict arises we will advise you of this in writing before providing any business service. If you have not been advised of any such conflict you may assume that none arises.
Complaints
We ask that you make any complaint against our firm, relating to services provided by us, in writing. We will acknowledge your complaint within 5 business days and we will fully investigate it. 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.
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.
Client’s Money:
Munster Money Matters Ltd. will accept payments in cash, cheque, debit/credit card or bankers credit in respect of all classes of insurance in the circumstances permitted under Section 25G of the Investment Intermediaries Act 1995. Payments must represent premium in respect of either a renewal of a policy, which has been invited by an insurance undertaking or product producer or a proposal accepted by an insurance undertaking or product producer. Munster Money Matters Ltd. is not authorised to accept cash or negotiable instruments in any other circumstances.
Fair Analysis
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, cost, and any other relevant consideration.
Receipts:
Munster Money Matters Ltd. will issue receipts for each payment received pursuant to Section 30 of the Investment Intermediaries Act 1995 and should be retained by clients in a safe place.
Termination:
You or we may terminate our authority to act on your behalf at any time. However, notice of this termination must be given in writing.
A list of the insurance undertakings and product producers from which letters of appointment are held is available upon request.
Changes in Terms of Business: These Terms of Business are valid from the addition date until further notice. This Terms of Business supersedes all previous issues with immediate effect.
Sustainability Factors – Investment/IBIPS/Pension Advice: When providing advice, Munster Money Matters Ltd. does not consider the adverse impacts of any investment decisions on sustainability. The firm will review this approach on an annual basis.
Money Laundering: Money Matters Ltd. reserves the right to request any facts about you which it reasonably believes it needs to know in order to comply with the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 (as amended).
Call Recording: Munster Money Matters Ltd. may record telephone calls, inbound and outbound, for regulatory, quality, training and verification purposes.
A comprehensive list of product producers from which letters of appointment are held is available on request or on our website.
Data Protection: Munster Money Matters Ltd. and its business partners collect your personal details in order to provide the highest standard of service to you and take great care with the information provided i.e. to keep it secure and to ensure it is only used for legitimate purposes. To fulfil these objectives we may share information with other affiliated professionals. Munster Money Matters Ltd. may record telephone calls, inbound and outbound, for regulatory, quality, training and verification purposes. All data captured by these facilities are managed in accordance with the Data Protection Acts. You confirm that Munster Money Matters Ltd. is authorised to accept instructions on your policy/quotation from any person(s) whom Munster Money Matters Ltd. may reasonably believe are acting on your behalf. Full policy can be accessed on www.munstergroup.com
Marketing: Munster Money Matters Ltd. sister companies within the Group and its business partners may contact you from time to time with regard to insurance and investment instruments that may be of interest to you. If you wish to be contacted in this regard please tick here ( )
I/We accept this terms of business. I/We have read same and agree to be bound by the terms in all my/our dealings with Munster Money Matters Ltd My/our failure to return this document signed to Munster Money Matters Ltd. together with my/our continuing to conduct business with Munster Money Matters Ltd will be deemed as acceptance of the terms of business.


Signed: X                                                                    Date: X                       

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