talk financial ltd
Terms of Business - TALK FINANCIAL LTD. Version 4.0 (Effective 1st November 2023)
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
Talk Financial Ltd (C49940) is regulated by the Central Bank of Ireland as an insurance intermediary registered under the European Union (Insurance Distribution) Regulations 2018 and as an Investment Intermediary authorised under the Investment Intermediaries 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.
codes of conduct
Talk Financial Ltd 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.
our services
Talk Financial 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 & pensions products. A full list of insurers, product producers with which we deal is available on request.
Insurance Intermediary Services (except for Insurance based Investment Products (IBIPs))
Talk Financial Ltd. acts as a Financial Planning Broker whereby;
a) the principal regulated activities of the firm are provided on the basis of a fair and personal analysis of the market; and
b) you may have the option to pay for our services by means of a fee, offered at our discretion.
fair and personal analysis
The concept of fair and personal analysis describes the extent of the choice of products and providers offered by an intermediary within a particular category of life assurance, general insurance, 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 reasonably be 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 and personal 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
investment intermediary services
We can be renumerated by commission for our investment intermediary services.
Insurance based Investment Products
We can be remunerated by commission for the advice we provide on our insurance based investment products.
life & pensions/deposits & life wrapped investments
We provide life assurance and pensions on a fair and personal analysis basis i.e. providing services on the basis of a sufficiently large number of contracts and product producers available in 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 policy 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 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.
non-life
For general insurance/property insurance services, we do not provide any advice but we act as an Introducer for such services to the following firms:
• Aviva General Insurance
• Arachas Insurances (Incorporating Glennon Insurances)
We do not offer assistance to you in relation to processing non-life policy claims on policies taken out with us or in seeking renewal terms on your cover as this is the responsibility of the firms with whom we arrange such insurance. Should you need to submit a non-life claim, please contact either Aviva or Arachas directly and quote your policy number.
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, the insurer 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.
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 do not assess, in addition to relevant financial risks, relevant sustainability risks as far as this information is available in relation the products proposed/advised on.
This means that we do not assess environmental, social or governance events/conditions that, if they occur, could have a material negative impact on the value of the investment.
Considering Principal Adverse Impacts on sustainability factors in the advice:
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 we are not suitably qualified to make such judgement; our role is to offer the most appropriate, holistic advice and generally, we find that there is limited relevant products on the market which meet these criteria.
The firm will review this approach when/as required by regulation or statute.
Impact on Return
We have not assessed the likely impacts of sustainability risks on the returns of Investment/Pensions since we have not undertaken to identify any sustainability risks that are relevant. Generally, financial product documentation from insures will reference some information on this subject.
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 does not form 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 1 hour.
A summary of the details of all arrangements for any fee, commission other reward or remuneration paid or provided to us which have agreed with product providers is available in our office or on our website – www.talkfinancial.ie.
In certain circumstances, it will be necessary to charge a fee for services provided. These are listed below. 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 if different from fees outlined below. Where it is not possible to provide the exact amount, we will provide you the method of calculation of the fee.
If we receive commission from a product provider, this will not be offset against the fee we charge for advisory services. Where commission is greater than the fee due, the commission may or may not, become the amount payable to the firm, subject to the terms of any bespoke fee arrangement with our client.
life & pensions
You may elect to deal with us on a fee basis. If so, Talk Financial Ltd does not operate an hourly charge for advisory services, opting instead for a flat fee where possible. However, if for admin support services, we occasionally need to apply a fee, the following may apply:
Advisors / Directors €100.00-€150.00 per hour
Support Staff €50.00 per hour
Call-out-Charge €75.00-€150.00 depending on location
Additional fees may be payable for complex cases or to reflect value, specialist skills or urgency. Our scale of fees for such cases are not set by an hourly rate but by a flat rate, agreed in advance and notified to you in advance where possible.
PERSONAL RETIREMENT SAVINGS ACCOUNTS (PRSAs) - fees
Where advice is requested for PRSAs, we do not operate an hourly rate. Depending on the size of PRSA by premium or fund, our advisory/set-up fee is usually reflective of up to transfer value x 5% or annual premium x 10% subject to the following minimum fees:
- Setting up a new PRSA on a monthly basis: €500.00 (minimum)
- Transfer existing PRSA to a new provider: €1,000.00 (minimum)
- Future PRSA advisory/review service: Up to 0.5% x fund value subject to min €250.00pa
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 are not hourly-based, but based on a flat fee, pre-agreed where possible. If we receive commission from a product provider, this will not be offset against the fee which we charge. Where the commission is greater than the fee due, the commission may or may not become the amount payable to the intermediary, subject to the terms of any bespoke agreement with our client.
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 may 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.
General Insurance
We may be remunerated by commission from insurers on completion of business. Details of the commission arrangements are available on our website. Where an override commission is received, this will be disclosed to you in general terms.
Ongoing Suitability - Investments
The firms’ services does not include ongoing suitability assessments.
Insurance based Investment Products
The firms’ services does not include ongoing suitability assessments.
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 may change which may result in you having insufficient insurance cover and/or inappropriate investments.
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. Failure to engage with Talk Financial Ltd at least on an annual direct basis may lead to our advice/your policies no longer being entirely suitable to your changing needs. Once our firm is readily available, it is your responsibility to engage with us to review your ongoing financial needs, any policies in place and their suitability.
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. 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.
complaints
Whilst we are happy to receive verbal complaints, it would be preferable that any complaints are made in writing. We will acknowledge your complaint in writing 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 and Pensions Ombudsman (FSPO). A full copy of our complaint’s procedure is available on request.
data protection
We are subject to the requirements of the General Data Protection Regulation 2018 and the Irish Data Protection Act 2018.
Talk Financial 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 assessable. Please refer to our website (www.talkfinancial.ie), if this medium is not suitable, we will ensure you can easily receive a copy by hard copy, or by you collecting same from our offices.
Please contact us at admin@talkfinancial.ie if you have any concerns about your personal data.
Consumers: Duty of Disclosure when completing documentation for new business/renewals and midterm adjustments (as applicable/appropriate): the following sections 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.
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’.
Before renewal of a contract of insurance (where renewing is applicable), 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 Statements of Facts will be provided to you. These are important documents as they form the basis of insurance contract between the insurer and you the consumer. You should review and confirm that the answers/information contained within are true and accurate. 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.
Cancellation of a Contract of Insurance
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. If you have taken out a general insurance contract, and we have not met face to face during the process, you may cancel the contract by giving notice in writing to us within 14 days after the date you were informed the contract is on cover. If you have taken out a general insurance contract, and we have met face to face during the process, you may cancel the contract by giving notice in writing to the insurer within 14 working 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.
In the event of cancelling a contract with an investment value, you could receive less than you invested based on the underlying invested value, but there is no penalty imposed for the cancellation itself during the 30-day notice period. Thereafter, early exit penalties may apply and if so, will be disclosed at application stage and within your policy documents. This right to cancel does not apply where, in respect of life insurance, the contract is for a duration of six months or less, or in respect of general insurance, the duration of the contract is less than one month.
Post-Contract Stage and Claims
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
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 members 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.