Terms of Business For Lorcan Egan

LORCAN EGAN 

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

LORCAN EGAN  is regulated by the Central Bank of Ireland as a multi-agency intermediary au-thorised under the Investment Intermediaries Act, 1995; & as an insurance intermediary registered under the European Communities(Insurance Mediation) Regulations 2005. 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 200 469 or alternatively visit their website at www.centralbank.ie  to verify our credentials.

2.            Our Services

Lorcan Egan is a member of the Professional Insurance Brokers Association (PIBA). As a member of PIBA we must be in a position to place insurance with at least five insurers of the relevant form (life/non-life) and therefore can generally give consumers greater choice than agents and tied agents.

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.

Life:

 As a Multi-Agency Intermediary, we can provide advice in relation to products for which we hold an agency, and can place business on your behalf with those product producers. Lorcan Egan can provide advice on and arrange products from the following range: life cover, serious illness cover, income protection, savings, investments and pensions

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 policies and we will explain to you the various restrictions, conditions and exclusions attached to your policy. It is however, 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.

Non Life

As a Multi-Agency Intermediary, we can provide advice in relation to products for which we hold an agency, and can place business on your behalf with those product producers. Lorcan Egan can provide advice on and arrange products from the following range: household, motor, commercial, public & employer’s liability, health, professional indemnity, farm, contractors, retail, office and travel insurance.

Mortgages

Through the lenders or other undertakings with which we hold an agency, Lorcan Egan can provide advice on and arrange products from the following range: fixed-rate loans, variable rate mortgages, capital & interest mortgages, interest only mortgages, endowment mortgages, pension mortgages, residential investment property.

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 request.

 

 

3.            Our Charges/ Remuneration

Lorcan Egan is remunerated by commission & fees on non-life & life business. Fees for services are as shown on Renewal Notice/ Invoice and may vary depending on the amount of time dedicated to the product provided. The fees are payable at the same time as the policy premium - 

Fees charged for motor, home, travel, insurance administrations are: Policy set up and policy Renewal €40 (Motor & Home), Mid Term Adjustments €30. Request for duplicate documentation €20.

Fees for Corporate Insurance are charged based on complexity and level of administration required.

Premiums €0-5,999 €6-€10,999 €11-€16,000 €16,000
  Max Fee €750 Max Fee €1,500 Max Fee €2,250 Max Fee€3,000

 

In most cases, commissions are payable by the insurer, on a percentage basis, and are cost included by the insurance company, when quoting for your business

These commissions are paid, either annually by the insurers and/ or when premiums are due, and are at varying rates depending on the product. (Min. 5%) The fees that would otherwise be payable by you as described above will not be abated by such amounts.

You consent to such commission or their benefit being retained by us without our being liable to account to you for any such amounts.

We are an Independent Mortgage Broker and we will take you through all the options available through the companies we hold letters of appointment (list available on request); we are in receipt of commission for business placed of between 0.4% and 0.8% of the amount advanced. (Or whatever maximum is applicable)We reserve the right to charge a processing fee of €250

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

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-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.

4.            Conflict 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.

5. Default on payments by clients

Our firm will exercise its legal rights to receive payments due to it from clients (fees and insurance premiums) for services provided. In particular, without limitation of 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.

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.

6.            Handling Clients Money

LORCAN EGAN will accept payments in cash by cheque in respect of all classes of insurance in the circumstances permitted under Section 10 of the Investment Intermediaries Act 1995

LORCAN EGAN is not authorised to accept cash or negotiable instruments in any other circumstances

Where the client fails to pay:

In the event that a client fails to pay within the credit terms agreed when cover is arranged, the firm will advise the Product Producer involved and cover will be cancelled

7. Data Protection

Lorcan Egan complies with the requirements of the Data Protection Acts, 1998 and 2003.

The data which you provide to us will be held on a computer database and paper files for the purpose of arranging transactions on your behalf.

We would also like to keep you informed of mortgage, insurance, investment, and any other services provided by us or associated companies with which we have a formal business arrangement, and which we think may be of interest to you. We would like to contact you by way of letter, email, telephone call or personal visit. If you do not wish to receive such marketing information please let us know.

 

8.            Complaints Procedure

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.

LORCAN EGAN