Terms of Business - Effective from 20 October 2022
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 services in relation to 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 Our firm is also registered as an insurance/reinsurance intermediary under the European Union (Insurance Distribution) Regulations 2018 and as a mortgage credit intermediary/mortgage intermediary authorised pursuant to Section 31(10) of the European Union (Consumer Mortgage Credit Agreements) Regulations 2016 and Section 151A (1) of the Consumer Credit Act 1995. You may contact the Central Bank of Ireland on 0818 681 681or alternatively visit their website on http://registers.centralbank.ie/FirmDataPage.aspx?firmReferenceNumber=C7236to verify our credentials. Our firm code is C7236.
Hiney Financial Services Ltd t/a Park Financial Planning, SwitchMyMortgage is a member of Brokers Ireland and the Association of Irish Mortgage Advisors.
Our firm is subject is subject to the Central Bank of Ireland’s Consumer Protection Code, Minimum Competency Code and Fitness and Probity Standards. These Codes offer protection to consumers and can be found on the Central Bank website at www.centralbank.ie
Hiney Financial Services Ltd t/a Park Financial Planning, SwitchMyMortgage offers 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 with whom we 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 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 producers orders are transmitted to on the completion of business. In respect of Life Assurance products and Pensions a summary of these payments is included on our Website here Commissions (parkfinancial.ie) 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 can be requested. 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 respect of mortgage applications Hiney Financial Services Ltd (HFS Ltd) t/a Park Financial Planning, SwitchMyMortgage are paid a commission of 1% of the mortgage amount from the lenders we have appointments 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 the firm we will not pass the commission clawback amount on to you however if the loan is redeemed within the 3 year period and re-financed with another lender either directly or using another broker, we regret to advise that we reserve the right to pass the clawback amount we have to repay the Bank on to the client.
We reserve the right to charge a standard up front commitment fee for arranging a residential mortgage. In cases where a charge may be applied, we will agree all fees with you in advance of providing the service.
Our fee will be notified to the lender who will include this fee into the calculation of the APRC (Annual Percentage Rate Charge)
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.
Hiney Financial Services Ltd t/a Park Financial Planning, SwitchMyMortgage does not receive commission from lenders for arranging commercial mortgages and accordingly is remunerated solely by way of a client fee. Any fee payable will be notified and agreed in advance of any service being provided.
Lenders require that a valuation be carried out on the property to be mortgaged. You will be required to pay the valuation fee which will be advised to you prior to the valuation being arranged.
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 the Insurer. 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 conflicts 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.
Hiney Financial Services t/s Park Financial Planning, SwitchMyMortgage assist our clients by giving the names of service providers (e.g. Solicitors/Surveyors) when requested to do so. Please note that in providing such a referral neither the firm nor its agents are making any determination as to the suitability of the provider and have no commercial relationship or referral agreement in place with these third parties and accept no liability whatsoever for the conduct or quality of work of these third parties.
Requirement to provide information:
All clients are required to provide sufficient information including contact details, financial information, objectives, needs and requirements and (where relevant) their risk appetite and investment time horizon to enable us to provide our services. We are also required to gather information about our clients sustainability preferences.
It is important that the information you provide is complete and accurate as it will form the basis for future advice, and we accept no liability for any omissions or oversights on your part. You are also requested to notify us of any material changes to your personal circumstances as these may impact on the advice and services we can provide to you.
In entering into or renewing an insurance policy (such as e.g. a proposal form for life insurance, serious illness cover or an insurance based investment product) you are required to answer all questions posed by us or the insurer in a proposal form honestly and with reasonable care. Specific questions will be asked. 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 disclose a material circumstance in response to question asked may entitle an insurer to in some circumstances, avoid the policy from inception and in this event any claims under the policy would not be paid; impose different terms on your cover; and/or reduce the amount of any claim payable.
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 researching 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.
Sustainability Factors and Suitability Preferences:
If we advise you in relation to insurance based investment products, we are required to gather information about your preferences around sustainability as these relate to your approach to investing and investments. Your sustainability preferences will be captured as part of our initial fact finding exercise.
When providing advice in relation to insurance based investment products, the firm does not currently consider the adverse impacts of investment decisions on sustainability and is not in a position to incorporate your sustainability preferences.
This is because the information available to us in product producers’ literature to compare financial products and to make informed investment decisions about ESG products is not sufficient at present to allow us to make a reliable comparison. We expect that this position will change, and we will revisit our decision annually. When we are satisfied that we are in a position to do so, your sustainability preferences will form part of the assessment of i in relation to insurance based investment products that are suitable for you.
Hiney Financial Services Ltd t/a Park Financial Planning, SwitchMyMortgage has a written procedure in place 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 investigate and attempt to resolve a complaint within 40 business days, and we will provide a written response within that timeframe.
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, Cashel Road, Dublin 12.
If you are dissatisfied with our handling of, or response to your complaint, you can refer the matter to The Financial Services and Pensions Ombudsman. The Financial Services and Pensions Ombudsman is a statutory officer who deals independently with unresolved complaints from consumers about their individual dealings with financial services providers. It is a free service to the complainant.
Further details relating to the Financial Services and Pensions Ombudsman, including how to make a complaint, are available at www.fspo.ie, by telephone on Lo-Call Number: 1890 88 20 90, or by writing to the Financial Services and Pensions Ombudsman, 3rd Floor, Lincoln House, Lincoln Place, Dublin 2.
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.
Brokers Ireland Compensation Fund
We are also members of the Brokers Ireland Compensation Fund. Subject to the rules of the scheme the liabilities of its member 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. Further details are available on request.
Hiney Financial Services Ltd t/a Park Financial Planning, SwitchMyMortgage will accept payments by cheque made payable to the relevant insurer in respect of general insurance. We will issue a receipt for ay such payments pursuant to section 3.5 of the Consumer Protection Code.
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.
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 and 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.
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
Royal London DAC
Aviva Life & Pensions DAC
The Mortgage Store/Bank of Ireland
Haven Mortgages Ltd
Permanent TSB PLC
Seniors Money Ireland Limited
Finance Ireland Residential Mortgages
Effective Date: 20th October 2022