TERMS OF BUSINESS
These Terms of Business set out the basis on which Hiney Financial Services Ltd t/a Park Financial Planning, SwitchMyMortgage of Unit 13 Cashel Business Centre, Dublin 12 will provide in the provision of Mortgage Services, Pensions, Life Assurance, General Insurance and other Financial Services to consumers.
Please take a few minutes to read through these, and if you have any queries please do not hesitate to contact us at Unit 13 Cashel Business Centre, Dublin 12 telephone 01-4993000 or email at firstname.lastname@example.org /email@example.com
Hiney Financial Services Ltd t/a Park Financial Planning,SwitchMyMortgage is authorised as an Investment Intermediary under Section 26 of the Investments Intermediaries Act, 1995 as amended to receive and transmit orders or units of shares in undertakings for collective investment in transferable securities within the meaning of the Regulations of 1989, units in a unit trust, other collective investment scheme instruments, or shares in a company which are listed on a stock exchange or bonds so listed or prize bonds, tracker bonds, insurance policies or Personal Retirement Savings within the meaning of the Pensions Act, 1990 . Our firm is also registered as an insurance/reinsurance intermediary under the European Union (Insurance Distribution) Regulations 2018. We are an authorised mortgage intermediary under the Consumer Credit Act, 1995, as amended. Our firm is also authorised as a deposit broker. The Central Bank of Ireland holds registers of regulated firms. You may contact the Central Bank of Ireland on (01) 4104000 or alternatively visit their website on www.centralbank.ie to verify our credentials.
Hiney Financial Services Ltd t/a Park Financial Planning, SwitchMyMortgage is a member of the Brokers Ireland and the Association of Irish Mortgage Advisors.
Hiney Financial Services Ltd t/a Park Financial Planning, SwitchMyMortgage is regulated by the Central Bank of Ireland as an Investment Intermediary. Our Central Bank number is 7236.
Our firm is subject to the following Codes of conduct issued by the Central Bank of Ireland. These codes offer protection to our clients and all of the Codes can be found on the Central Bank’s website www.centralbank.ie Consumer Protection Code 2012, Minimum Competency Code 2011, Handbook of Prudential Requirements for Investment Intermediaries, Fitness and Probity Standards.
Hiney Financial Services Ltd t/a Park Financial Planning, SwitchMyMortgage offer advice in relation to all aspects of mortgage finance, pensions and also in relation to life assurance products (Term Cover, Serious Illness and Permanent Health Insurance) and General Insurance. We also transmit orders on client’s behalf to any of the insurance undertakings or product producers from whom the Company hold letters of appointment. A list of all such entities is contained elsewhere in these Terms of Business.
Hiney Financial Services Ltd t/a Park Financial Planning, SwitchMyMortgage is in receipt of mortgage commissions from lenders at a rate of up to 1% of the value of the amount borrowed. A list of lenders whom Hiney Financial Services Ltd t/a Park Financial Planning,SwitchMyMortgage hold agencies with is listed in this document.
Hiney Financial Services Ltd t/a Park Financial Planning,SwitchMyMortgage may make sub-commission payments to Introducers of mortgage business to the company. All recipients of such sub-commission payments must be registered by the Central Bank of Ireland as a Mortgage Intermediary.
Hiney Financial Services Ltd t/a Park Financial Planning, SwitchMyMortgage may receive commission and other payments from the product producer to whom orders are transmitted on the completion of business. In respect of Life Assurance products and Pensions a summary of these payments will be included in a customer information document, which you are legally entitled to receive before an application for a product is completed, and full details will be included with your cooling-off letter from the product provider.
Where renewal commission is received from a product producer in respect of a product or service being provided, an annual update will be provided to you on the product. We are available to answer any queries you may have on the contract and its ongoing suitability for you. Where applicable, we will inform you of any actions which need to be taken with regard to the relevant product. Typically, this will include such actions as, indexation of benefits, payment of premiums due, the impending maturity of a contract of the drawdown of any benefits provided under the contract.
In certain circumstances Hiney Financial Services Ltd t/a Park Financial Planning, SwitchMyMortgage will charge a fee for arranging a mortgage, providing advice to clients and assisting clients with restructuring their current policies. The fee charged will range from €250 to €2,500. If it is necessary to charge a fee you will be advised of this in writing from the outset.
Hiney Financial Services Ltd t/a Park Financial Planning, SwitchMyMortgage are paid a commission of 1% of the mortgage amount from the lenders that we deal with. If a mortgage is redeemed within three years, the lender applies a clawback of commission on a pro rata basis depending on when the loan is redeemed within the three-year period. We wish to advise that if the mortgage is moved to another lender but processed through ourselves we will not pass the commission clawback amount on to the client however if the loan is redeemed within the 3 year period and re-financed with a another lender, but not through Hiney Financial Services Ltd t/a Park Financial Planning, SwitchMyMortgage we regret to advise that we will have to pass the clawback amount we have to repay the Bank on to the client.
Hiney Financial Services Ltd t/a Park Financial Planning, SwitchMyMortgage hold general insurance agencies with Aviva and Allianz. We do not charge administration or broker fees when arranging your home insurance. Hiney Financial Services Ltd t/a Park Financial Planning, SwitchMyMortgage are paid a fee for the service we provide by means of a remuneration agreement with the Insurer. Details of the remuneration agreement are available on request. Hiney Financial Services Ltd t/a Park Financial Planning, SwitchMyMortgage do not have an agreement in place with any Insurers where the remuneration we receive is based on the level of business introduced.
Conflict of interest:
It is the policy of Hiney Financial Services Ltd t/a Park Financial Planning, SwitchMyMortgage to avoid a 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 services. If you have not been made aware of any such conflict you may assume that none arises.
Our firm provides its mortgage, life, pension, savings and investment services to our clients on a fair analysis basis. ‘Fair and personal analysis of the market” means that our firm provides its mortgage and life and pension services on the basis of a sufficiently large number of contracts and product producers available on the market to enable our firm to make a recommendation, in accordance with professional criteria, regarding which contract would be adequate to meet our clients consumer’s needs.
When our firm provides non-life services to clients, we provide this service on a limited analysis basis meaning that our firm provides non-life services on the basis of a limited number of contracts and product producers available on the market.
Hiney Financial Services Ltd t/a Park Financial Planning, SwitchMyMortgage 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 at intervals of not greater than 20 business days. We will attempt to investigate and resolve a compliant within 40 business days.
All complaints should be directed in writing to Mr Gerard Hiney, Complaints Officer, Hiney Financial Services Ltd t/a Park Financial Planning, SwitchMyMortgage of Unit 13 Cashel Business Centre, Dublin 12. In the event that a client remains dissatisfied with the handling of and/or response to a complaint they may refer the matter to The Financial Services and Pensions Ombudsman.
Our client’s personal data is confidential and available only to our firm, we do not pass on client’s details to any other firm unless instructed to do so by our client.
Hiney Financial Services Ltd t/a Park Financial Planning, SwitchMyMortgage 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 client’s loss, which is recognised as being eligible for compensation or €20,000.
Hiney Financial Services Ltd t/a Park Financial Planning, SwitchMyMortgage will accept payments by cheque and cash 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.
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 otherwise the Company will advise the insurance undertaking or product producer involved and cover will be cancelled.
Hiney Financial Services Ltd t/a Park Financial Planning,SwitchMyMortgage will issue receipts for each payment received pursuant to Section 30 of the Investment Intermediaries Act 1995, as amended, and such receipts will be retained in a safe place.
You have the right at any time to request a copy of any ‘personal data’ within the meaning of the GDPR that our office holds about you and to have any inaccuracies in that information corrected. Please contact us at firstname.lastname@example.org /email@example.com if you have any concerns about your personal data.
Hiney Financial Services Ltd t/a Park Financial Planning,SwitchMyMortgage actions in the event of default by the client are:
Product providers are entitled to withdraw benefit or cover on default of any payments due under any products arranged for your benefit. It is therefore critical to the guaranteed continuance of your insurance that your premium is paid in full.
Some insurers may include as a term of the insurance a settlement due date or in some cases a warranty under the terms of which the premium must be paid to them by a certain date. We inform our clients of such requirements and the relevant date in good time to allow the payment terms to be met. Failure to comply with the terms of the warranty may mean that the insurers obligation under the policy will be terminated. We will automatically advise you of any payments outstanding on your policy and the consequences of failure to pay premiums. Mortgage lenders may seek early repayment of a loan & interest if you default on your repayments. Your home is at risk if you do not maintain your agreed repayments.
An outline of the action and remedies which the relevant product producers may take in the event of default by a client is included in the product producer policy document.
It is in your best interest 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 these 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 in relation to changes in your circumstances or failure to request a review may result in you having insufficient insurance cover and/or inappropriate investments.
Disclosure of Information:
Any failure to disclose material information may invalidate a potential claim and render your policy void.
The following are a list of insurance undertakings and product producers form which letters of appointments are held.
Non Life Insurance Appointments
Aviva Insurance Europe SE
Life Assurance Appointments
New Ireland Assurance Company
Scottish Provident Institution
Aviva Life & Pensions Limited
BCP Asset Management Ltd
Wealth Options Limited
KBC Bank Ireland
The Mortgage Store / Bank of Ireland
Permanent TSB PLC
KBC Bank Ireland Ltd
Seniors Money Ireland Limited
Ulster Bank Ireland Limited
Finance Ireland Residential Mortgages
Terms of Business effective from 9th April 2019