Terms of Business
The full name of our firm is Adelphi Financial Brokers Limited and the address of our registered office is 8 Adelphi Quay, Waterford.
These terms of business set out the basis on which Adelphi Financial Brokers will provide business services to you as a client of the firm. They also contain details of our regulatory and statutory obligations and the respective duties of both the firm and you in relation to such services.
Adelphi Financial Brokers is regulated by the Central Bank of Ireland and is a member of the Irish Brokers Association and the Professional Insurance Brokers Association.
Adelphi Financial Brokers Limited is regulated by the Central Bank of Ireland and is authorised as follows:
- Insurance/Reinsurance Intermediary under the European Communities (Insurance Mediation) Regulations, 2005 (as amended)
- Investment Business Firm under Section 10 of the Investment Intermediaries Act, 1995 (as amended)
- Investment Product Intermediary – an intermediary that may issue appointments appearing in the register maintained under Section 31 of the Investment Intermediaries Act, 1995 (as amended)
- Mortgage Intermediary, authorised under the Consumer Credit Act, 1995 (as amended)
- Product producer – an intermediary which may issue appointments to other intermediaries
Adelphi Financial Brokers Limited is subject to and complies with the Consumer Protection Code, Minimum Competency Code and the Fitness and Probity Standards as laid down by the Central Bank of Ireland.
As an independent professional financial services firm, we must consider more than one brand or range of products and advise you on what you need most.
We will act as your agent in any dealings with product suppliers and are responsible for the advice, which we give to you.
We will offer advice on a fair analysis basis in relation to all classes of insurance policies. This means we will research the market place and providers and recommend the best product to suit your needs.
We shall give advice and/or act as agent or arrange on your behalf for the purchase or sale of investments of the following types:
- Government securities and other investments for which there is a ready market;
- Life policies other than broker funds;
- Pensions & ARF’s;
- Deposits & tracker bonds;
- Unit linked & with profit bonds;
- Property bonds including syndicated property;
- Home loans and commercial loans;
- Employment and Investment Incentive Schemes (EIIS) formerly BES schemes;
- Unit Trusts / UCITS;
We do not give advice in respect of individual shares however, we shall act as your agent or arrange on your behalf to purchase or sell shares for which there is a ready market on regulated stock exchanges.
We will identify and select a suitable product producer and on receipt of your instructions we will transmit orders on your behalf to one or more product producers (a list of which is available on request).
This firm does not have a ‘tied’ relationship with any institution that would compromise our ability to offer you independent advice and choice.
If you want to restrict the type of investment or service covered by this engagement letter, please let us know in writing as soon as possible, or we shall assume that no restrictions apply.
Your Investment objectives
In order to offer you an advisory investment service we must obtain sufficient information to ensure that advice given is suitable. Specifically, we must obtain information relating to your investment knowledge and experience; investment objectives; attitude to risk; financial situation and investment preferences.
If you do not provide this information to us we may not be in a position to recommend a service or offer investment advice. We will rely on the information provided by you unless it is obvious that the information is out of date, inaccurate or incomplete.
It is your responsibility to inform us so that we can ensure that your investments remain suitable.
You may direct us to undertake an execution only transaction on your behalf. An ‘execution only’ transaction is a transaction executed by us on your specific instructions where we do not give advice on the merits of the transaction.
If you would like to discuss your investment objectives, please let us know as soon as possible.
It should be remembered that your objectives can change and we would like to conduct a regular review.
Based on the information available to us we have categorised you as a Retail Client. This categorisation affords you the highest available level of client protection.
You have a right, subject to meeting defined criteria, to request to be categorised as a Professional Client for a given product, service or transaction or in respect of all services which we provide to you. Any such requests will result in a lower level of client protection applying to your transactions. We reserve the right to refuse any such request for a change of categorisation.
Communicating with you and/or using third parties
We shall act on instructions given by you or any person you have nominated as long as you have written to us about that person. We can accept instructions over the telephone or in writing, which will not take effect until actually received by us. If we accept instructions over the telephone, we may act on them before we receive confirmation, unless you specifically tell us not to.
We shall keep you (or, if you want, the person you nominate) informed about transactions arranged for you. We will also send contract notes/policy documents to you or the person nominated by you. Any change in these instructions should be in writing.
If you have asked for our advice on any investments, we may give that advice to you over the telephone or in writing. Please note that if we think it is appropriate, we may take advice for you from another person authorised under the Investment Intermediaries Act, 1995 or an exempted person. (Please ask us to explain these terms if you are unsure of their meaning). If this happens we shall tell you that we have done so.
To enable us to provide a proper service to you, there may be occasions when we will need to contact you without your express invitation. For example, it may be in your interest to buy a particular investment and we would wish to be able to inform you of that fact. We therefore may contact you in such circumstances. We would, however, do so only between 9 a.m. and 9 p.m. on weekdays. We shall, of course, comply with any other restrictions you may wish to impose which you notify to us in writing.
Data Protection and Confidentiality of Information
Adelphi Financial Brokers is a Data Controller as defined in the Data Protection Act, 1988 and 2003.
We may use, store or otherwise process personal information provided by you in connection with the provision of services for the purposes of providing the services, administering your account or for the purposes ancillary thereto, including without limitation, for the purposes of credit enquiries or assessments.
The information we hold about you is confidential and will not be used for any purpose other than in connection with the provision of services. Information of a confidential nature will only be disclosed in the following circumstances:
- Where required by law or if requested by any regulatory or government authority or exchange having control or jurisdiction over Adelphi Financial Brokers Limited
- To investigate or prevent fraud or other illegal activity
- To any third party in connection with the provision of services to you by us
- For purposes ancillary to the provision of the services or the administration of your account, including, without limitation, for the purpose of credit enquiries or assessments
- If it is in the public interest to disclose such information
- At your request or with your consent
Please be advised that by signing this agreement, you are consenting to the transmission of your data outside of the EU/EEA where this is permitted under the Data Protection legislation in Ireland. In accordance with the Data Protection legislation in Ireland you are entitled to a copy of the information we hold about you on computer, on payment of a fee which is capped by the Data Protection Commissioner of Ireland. You should let us know if you think any information we hold about you is inaccurate so that we may correct it.
In accordance with the Record Retention statement below, you will not be at liberty to request the destruction or deletion of any record pertaining to yourself unless we are required to do so by force of law or other regulatory requirement.
In accordance with legal and regulatory requirements, we will maintain your records for a minimum period of six years including the period following the termination of any relationship between us. This period may be extended by force of law, regulatory requirements or agreement between us.
Use of English Language
These Terms of Business are only available in English and all communication in connection with the services we provide shall be in English, unless we notify you otherwise.
Remuneration and Fees
Adelphi Financial Brokers is remunerated by a professional fee for the initial work activity and time spent in seeking the best terms, advice, product and product producer for your specific needs.
A scale of our fees is set out below.
We are usually remunerated by commission received from the product producers for the work involved in placing an order and finalising the product with them on your behalf.
Details of commission arrangements are available on request. (Some product producers do not pay a commission)
Where commissions become payable to us in respect of transactions we arrange for you, we will notify you in writing, of the amount and terms of payment.
The fees that would otherwise be payable by you as described above may be abated by such amounts.
You consent to such commission being retained by us without our being liable to account to you for any such amounts.
In the event that you terminate any contact giving rise to commission at any early stage in its operation, we may have to repay all or part of the commission to the product provider.
We reserve the right to ask you to contribute to any such repayment.
Schedule of Fees
Life, Pension and Investment consultations €120 per hour
Mortgage applications €300 per application
The first consultation is usually at our expense and a quotation will be given to you before we commence business.
Mortgage fees are chargeable where we procure a ‘Letter of Offer’ even where you do not proceed with the mortgage loan.
We reserve the right to amend these fees should the complexity of the product require a higher fee. We will confirm and agree this fee with you prior to any increased charge being applied.
A fee of €20 will be charged for all duplicate documentation.
We do not hold money received in the course of providing investment services to our clients. Accordingly, any money which we receive on your behalf will be forwarded to you or a named third party on your instructions forthwith. Any cheques or banker’s order drawn by you in respect of amounts owed to third parties should be drawn in favour of the third party concerned as we are not authorised to handle cheques, etc., representing clients’ money drawn in favour of the firm.
We can accept cash in respect of premiums due for insurance policies under the indemnities provided by Section 26G of the Investment Intermediaries Act, 1995. This means that where an insurer has accepted an insurance proposal or where a renewal of an insurance policy is invited, we can accept cash in respect of the premium due.
Adelphi Financial Brokers will accept payments in cash or by cheque in respect of all classes of insurance in the circumstances permitted under Section 25G of the Investment Intermediaries Act, 1995. Adelphi Financial Brokers is not authorised to accept cash or negotiable instruments in any other circumstances.
We will issue a Section 30 receipt in respect of such cash received and the cash will be lodged to our Client Premium Account. It will then be transmitted promptly to the Insurer.
This engagement letter may be varied or superseded at any time by agreement in writing between us, but any such variation shall not affect any rights or obligations of either of us already accrued. You or we may initiate such variations.
Either of us may terminate this engagement letter by written notice at any time.
Termination will not affect accrued rights; existing commitments or any contractual provision intended to survive termination and will be without penalty or other additional payments save that you will pay:
- Our fees pro rata to the date of termination
- Any additional expenses necessarily incurred by us in terminating this engagement letter
- Any losses necessarily realised in settling or concluding outstanding obligations
On termination of our appointment we will promptly account to you for all investments held by us for your account. If, on termination, any money is or may become due as a result of a commitment entered into on your account we may, at our sole discretion cancel, close out, terminate or reverse any transaction or enter into any other transaction or do anything which has the effect of reducing or eliminating any outstanding amount or of reducing or eliminating liability under any contracts, positions or commitments undertaken on your account.
Conflict of Interests
It is the policy of Adelphi Financial Brokers to avoid any conflict of interest when providing business services to its clients. However, your attention is drawn to the fact that when we give you investment advice, we, or some other person connected to us, may have an interest, relationship or arrangement that is material in relation to the investment, transaction or service concerned. When making recommendations to you our employees are required to comply with a policy of independence and disregard any such interest. We have in place arrangements to manage conflicts of interest that arise between ourselves and our clients and between different clients. Where an unavoidable conflict may arise, we will advise you of this before proceeding to provide any business service, so that you may decide how to proceed. If you have not been advised of any such conflict you are entitled to assume that none arises.
Lien and Default remedies
In the event of your failure to make any payment or to deliver any securities due to us or agents used by us, we reserve the right to:
- Retain any funds, securities or other assets due to you and to offset the liability against them
- Charge interest on any outstanding amounts due to us on your account
- Without notice and without prejudice to other remedies available to us to buy and sell securities in your name
- Close any open purchase bargains where you have not remitted the cash to us or have a debit balance on your account
- Close open sold positions if you have not delivered the relevant securities to us
- Sell any securities we are holding where there is a debit balance on your account (including any arising as a result of the actions we have taken detailed above)
- Close any open positions where we have reason to believe that you will be unable to meet your obligations as they fall due
Any such action is without prejudice to your liability to meet any remaining liability to the firm.
Nothing in this agreement shall impose on Adelphi Financial Brokers any obligations to execute or undertake any transaction on your behalf and we may refuse to execute any transaction at our sole discretion.
Adelphi Financial Brokers will not be responsible or liable for any loss or for any failure to fulfil any of our obligations or duties hereunder or for any claims, losses, damages, liabilities, costs or expenses suffered or incurred by you or any of your customers if such loss, damage, liability, cost, expense or failure arises directly or indirectly out of or in connection with or as a result of any fire, natural disaster, delay or breakdown in communications or electronic transmission system, unavailability of market prices or suspension of dealing on relevant exchanges or the failure of any securities depository or any other cause or circumstance beyond our reasonable control.
Cancellation / Cooling Off Period
A consumer (as defined by SI No. 853 of 2004) has the right to withdraw from an insurance policy (as defined under SI No. 853 of 2004) within 14 days of the start date of the policy without penalty and without giving any reason – this is known as the Cooling Off period. The right of withdrawal may be exercised by notice in writing to Adelphi Financial Brokers, quoting your policy number. Should this right be exercised the Insurance Company may charge a pro rata premium for the period you are on cover.
Failure to pay or default
In the event of your failure to pay premiums due on any policy of insurance you should be aware that:
- In respect of Life, Specified Illness Cover or other types of protection policies, the cover will lapse and that no insurance cover will be in place.
- In respect of any savings or pension policy, that the policy will become paid-up and this will affect any underlying guarantees attaching to such policies.
Your policy document sets out all the features of your policy and it is very important to read the policy document. Please retain the original policy document as it is valuable and may be required at maturity or when a claim is made.
Utmost good faith
You are reminded that, in respect of any application for a protection policy, you must disclose all material information that is likely to influence an Underwriter in the assessment of your application.
If you have any doubts as to whether a fact is material or not, it should be disclosed.
Failure to disclose all material facts may invalidate your policy or may result in your policy not operating fully.
If you would like to talk to us about how we could improve our service to you, or if you are unhappy with the service you are receiving please let us know. The company has a written procedure in place for the effective consideration and handling of complaints. Any complaints should be addressed in writing to the Managing Director, Adelphi Financial Brokers, 8 Adelphi Quay, Waterford.
Each complaint will be acknowledged by us within 5 working days of receipt, updates will be advised in intervals of not more than 20 working days, we will endeavour to resolve the complaint within 40 business days and findings will be furnished to you within 5 working days of completion of the investigation. In the event that you are not entirely satisfied with the firms handling of and response to your complaint, contact may be made with the Irish Brokers Association, 87 Merrion Square, Dublin 2 and ultimately you have the right to complain to the Financial Services Ombudsman, 3rd Floor, Lincoln House, Lincoln Place, Dublin 2.
Investor Compensation Company Ltd (ICCL) Scheme
Adelphi Financial Brokers is a member of the Investor Compensation Company Ltd (ICCL) Scheme established under the Investor Compensation Act, 1998. The legislation provided for the establishment of a compensation scheme and to the payment in certain circumstances, of compensation to certain clients of firms (known as eligible investors) covered by the Act. However, you should be aware that a right to compensation would only arise where client 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 90% of the client’s loss, which is recognised as being eligible for compensation, or €20,000, whichever is the lesser.
Irish Brokers Association (IBA) Compensation Fund Ltd
As a member of the Irish Brokers Association (IBA), Adelphi Financial Brokers is also a member of the IBA Compensation Fund Ltd. Subject to the rules of the scheme, the liabilities of its member firms, up to a maximum of €100,000 per client (€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 ICCL (established by law) has failed to adequately compensate any client of the member.
Adelphi Financial Brokers does not guarantee or make representations in respect of and expressly disclaims responsibility for the financial condition of Product Producers with whom it places business. We will not indemnify clients in respect of the failure of any Product Producer.
Irish law will govern the provision of the services covered by this letter and the Irish courts will have exclusive jurisdiction over any dispute.