Terms of BusinessLohan Financial Services
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
Lohan Financial Ltd (Ref No C.117746) 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.s authorised by the Central Bank of Ireland under Section 10 of the Investment Intermediaries Act, 1995 as amended, as a Mortgage Intermediary, Deposit Broker and is regulated to undertake insurance mediation. It is regulated by the Central Bank of Ireland and a copy of the Statement of Authorised Status is available on request.
Brian Lohan is a CFP Professional (Certified Financial Planner), a QFA (Qualified Financial Advisor) has a Graduate Diploma in Financial Planning (Hons) a BBS (Bachelor Business Studies) and is a LIB (Licencee Institute of Bankers).
Codes of Conduct
Lohan 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
Lohan Financial Limited provides a range of services, which are intended to give investment advice based on the products offered by the product producers from whom a written letter of appointment is held. A list of the product producers with which Lohan Financial Limited hold an agency appointment is noted below.
We are authorised to provide investment advice on a broad basis. Included in the advice offered is:
- Retirement Options: Annuities & ARFs/AMRFs
- Life Assurance – Level, Convertible and Decreasing Term, Income Protection
- Serious Illness.
- Home Insurance
Lohan Financial Limited has secured agencies with a number of product providers including:
- Irish Life
- Royal London
- New Ireland Assurance
- Friends First (Now trading as Aviva)
- Haven Mortgages
- PIBA Mortgages
Lohan 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/mortgages/general insurance products. A full list of insurers, product producers and lending agencies with which we deal is available on request.
Insurance Intermediary Services/Mortgage Intermediary Services (except for Insurance based Investment Products (IBIPs))
We act as an Independent Broker which means that:
- a) the principal regulated activities of the firm are provided on the basis of a fair and personal analysis of the market;
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, 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 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.
We are renumerated by commission for our investment intermediary services.
Insurance based Investment Products
We are remunerated by commission for the advice we provide on our insurance based investment products (or otherwise state how you are remunerated for providing IBIPs).
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.
We can provide advice on and arrange products from the following range: household, motor, commercial, public liability, employer liability, and travel insurance. (Intermediaries can tailor this to include any extra services offered.)
We provide general insurance advice on a limited analysis basis (providing services on the basis of a limited number of contracts and product producers available in the market), for whom we exclusively conduct insurance distribution business. We provide advice on the following product providers:
- Aiken Insurances
In some cases we may be granted authority from an insurance undertaking to conduct tasks on their behalf, for which we will be remunerated. Where we place your business with this insurance undertaking under this authority you will be notified in advance of the placement.
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.
Remuneration and Fees:
Lohan Financial Limited is paid a commission on business placed with each product provider it holds an appointment with. This payment is taken into account in the quotation provided to you and summary information is contained in the product information document. Before completion of your application it is important that you receive this information and that you understand the details contained. Full details will be included in the cooling-off letter issued by the product provider.
Lohan Financial Limited may also opt to charge a fee in certain circumstances.
Conflict of Interest:
It is our policy to avoid any conflict of interest when providing a service to our clients. Where an unavoidable conflict of interest arises, Lohan Financial Limited will make the customer immediately aware of the situation. However, it is the stated aim of Lohan Financial Limited not to engage in any conflict of interest. At all times Brian Lohan Auctioneers and Financial Services endeavours to act to the best advantage of its customers in recommending the most suitable solution to each individual need.
Failure to Pay/Default:
Should a customer default on a payment due to Lohan Financial Limited the legal right of the company to pursue such payment will be exercised. Reimbursement will be sought 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.
Please note that your insurer may cancel your policy in certain circumstances. These conditions are all clearly outlined on all policy documents.
Investor Compensation Act 1998:
Lohan Financial Limited contributes to the Investor Compensation Scheme. This provides payments to customers where a member firm defaults and the main conditions of the operation of the scheme are available on request.
Any monies paid directly to Lohan Financial Limited are placed in a ‘Client Premium Account’ and transmitted to the relevant product provider.
SCHEDULE OF FEES AND CHARGES
Lohan Financial Limited is remunerated by commission and other payments from product producers or lenders on the completion of business. 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. 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 services by fee, we will notify you in writing in advance and agree the scale of fees to be charges if difference from Fees outlined below.
In instances where the commission is greater than the fee due, the commission will become the amount payable to Lohan Financial Limited unless an arrangement to the contrary is made.
Our typical hourly rates are as follows:
Directors and Senior Advisers = €250
Administration/Secretarial = €75
We may receive a commission payment for arranging mortgage finance from lenders with whom we hold a formal agency. This commission is paid by the mortgage lender. We charge additional fees outlined below.
Our Mortgage Fees are broken down as follows:
Initial Meeting and Pre Application Queries = €100
Formal Application to Lenders = €250
Mortgage Approval = €250
Drawdown of Mortgage = €500
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. Typically this situation arises in relation to specialist lending.
If we provide mortgage advice and obtain a Loan Offer for you and you subsequently do not proceed with your mortgage though our firm we will charge you as outlined above.
Lohan Financial Limited reserves the right to charge a retrospective fee where our commission payment has been clawed back by a financial institution as a result of a mortgage or investment / life / general insurance product being cancelled / redeemed / switched / paid up.
In some instances we may offer a discount either on an upfront basis or as a rebate on first year premiums. We reserve the right to redeem this discount if it is cancelled or not paid fully within the agreed time frame.
I acknowledge that I have been provided with a copy of the Schedule of Fees and Charges of Lohan Financial Limited and confirm that I have read and understand them.
A product provider may withdraw benefits on a policy where non payment occurs. Details of such circumstances are contained in the policy terms and conditions of the product provider and issued to each client.
Any complaint made to Lohan Financial Limited is recorded and acknowledged to the complainant within a 14 day period. The outcome of any complaint will be communicated also in writing, within 7 days of completed investigations. Should the complaint take time to resolve, Lohan Financial Limited will keep the complainant informed on a regular basis of all progress being made.
Lohan Financial Limited is a Financial Broker and a member firm of Brokers Ireland..
These Terms of Business are valid from 31st March, 2020 until further notice.