Call us on: 052 61 29487

FOH Financial Limited.,
6 Dr. Croke Place, Clonmel, Co. Tipperary

Terms Of Business

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TERMS OF BUSINESS STATEMENT

FOH Financial Ltd is regulated by the Central Bank under the Investment Intermediaries Act 1995, as an Insurance Intermediary under the Insurance Mediation Directive 2005 as a Mortgage Intermediary under the Consumer Credit Act 1995 and as a mortgage credit intermediary under the European Union (Consumer Mortgage Credit Agreements) Regulations 2016 and as a debt management firm under Section 30(1).Our Statements of Authorised Status are on display in our offices. 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.

Our Services

FOH Financial Limited 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/other insurance products. A full list of insurers, product producers and lending agencies with which we deal is available on request.

FOH Financial Limited acts as an Independent Broker which means that:

a) the principal regulated activities of the firm are provided on the basis of a fair analysis of the market; and

b) you have the option to pay in full for our services by means of a fee.

Fair Analysis

 
The concept of fair analysis is derived from the Insurance Mediation Directive. It 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 be reasonably 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 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.

Life & Pensions & Investments

FOH Financial Limited provides life assurance, pensions and investments on a fair analysis basis i.e. providing services on the basis of a sufficiently large number of contracts and product producers available on the market to enable us to make a recommendation, in accordance with professional criteria, regarding which contract would be adequate to meet the 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 policies 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 it is our policy to 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.

Deposits

FOH Financial Limited provides Deposit Services on a limited analysis basis (providing services on the basis of a limited number of contracts and product producers available on the market). We provide advice on the following product providers:

  • KBC Bank Ireland Ltd
  • Investec
  • Permanent TSB

Mortgage Repayment Protection Cover

FOH Financial Limited provides Mortgage Repayment Protection cover a limited analysis basis (providing services on the basis of a limited number of contracts and product producers available on the market). We provide advice on the following product providers:

  • Assurant

Mortgages

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

FOH Financial Limited provides mortgage advice on a fair analysis basis (providing services on the basis of a sufficiently large number of contracts and product producers available on the market to enable the firm to make a recommendation, in accordance with professional criteria, regarding which contract would be adequate to meet your needs).

Debt Management Services

The firm provides debt management services. We provide specialist mortgage advisory re-structuring services in relation to residential, buy to let and commercial mortgage debt and unsecured debt. This service includes but is not restricted to; consultations, documentation review, drafting of correspondence and lender representation.

Remuneration Policy

Life & Pension, Deposits, Pensions, PRSA’s, General Advice/Reviews

Please note that we charge all clients an upfront Initial Consultation fee of €150, which is payable on the day, and the following fees may also subsequently apply…..

We are remunerated for the business services we offer you our client in a number of ways:

  • by the product producers with whom we place business in the form of a commission payment And/or
  • Where we receive recurring commission, this forms part of the remuneration for initial advice provided. And/or
  • If we receive commission from a product provider, this may be offset against the fee which we will charge you (see below). Where the commission is greater than the fee due, the commission will become the amount payable to the firm unless an arrangement to the contrary is made.

And/or

  • Fees may be payable for specific cases, including full reviews, complex cases or to reflect value, specialist skills or urgency. Our rate for such work is €150 per hour and you will be advised of this fee verbally at the end of our initial consultation , and subsequently in writing , if it applies to you.

As we are independent advisors you may chose to pay for our services in full by means of a fee only, which will be agreed with you on a case by case basis and in advance in writing, please note our hourly rate is €150 per hour.

Note:

Any subsequent fees beyond the Initial Consultation, Case Assessment & Engagement fee ,which must be paid up front as outlined , will be invoiced monthly in arrears and any unpaid invoices, outside the time frame allotted, may result in us being unable to carry any further work on your case, unless otherwise agreed by us.

Mortgages

Please note that we charge all clients an upfront Initial Consultation fee of €150, which is payable on the day, and the following fees may also subsequently apply…..

We may receive up to 1% (or whatever maximum is applicable) of the loan for arranging mortgage finance. This commission is paid by the mortgage lender.

The actual amount of commission will be disclosed at a later stage in the ESIS (European Standardised Information Sheet) which will be forwarded to you. Information on the variation in levels of commissions payable by the different creditors providing credit agreements being offered are available on request.

Plus…

If we provide mortgage advice and proceed to prepare a Loan application on your behalf and you subsequently do not proceed with your mortgage application through our firm, we will charge you a processing/arrangement fee of €750 for our services.

If your Mortgage Application proves more complex and time consuming than the average application, we will charge a mortgage processing fee, our scale of fees for such cases range from a minimum of €300 to a maximum of €750.

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.

Our fee will be notified to the lender who will include this fee into the calculation of the APRC (Annual Percentage Rate Charge). Additional fees may be payable for complex cases or to reflect value, specialist skills or urgency.

Debt Management Services fees

Please note that we charge all clients an upfront Initial Consultation fee of €150, which is payable on the day, and the following fees may also subsequently apply…..

  • Step 2 - Case Assessment Fee €750 up front PLUS
  • Step 3 – Creditor Proposal Fee €250 up front Plus Creditor Engagement/Negotiation Fee €150 per hour thereafter PLUS
  • If we secure a write down or discount on your overall debt we may charge up to 1% of the overall sum involved as a further fee, this will be finalised when the deal/terms are secured in writing from the Bank/Creditor at which point we will notify you in writing.
  • Where travel is involved to meet with you, our client or on your behalf with Creditors etc. mileage/travel rates will be charged by us as per Revenue Guidelines see http://www.revenue.ie/en/tax/it/leaflets/it54.html
  • See full and expanded details in our Initial Letter under Provision 13.2 Consumer Protection Code 2015 and as reiterated in our Assessment Pack, specifically applicable to this area of advice.

Note:

Any subsequent fees beyond the Initial Consultation, Case assessment fee & Creditor Proposal Fee ,which must be paid up front as outlined , will be invoiced monthly in arrears and any unpaid invoices, outside the time frame allotted, may result in us being unable to carry any further work on your case, unless otherwise agreed by us.

Complaints Procedure

  • We have a written complaints procedure for the effective handling of complaints.
  • We will acknowledge receipt of your complaint in writing within 5 working days.
  • We will provide you with regular written up dates on the progress of our investigation into your complaint.
  • You may raise this matter with the Financial Services Ombudsman Bureau.Low Call 1890 – 88 20 90, enquiries@financialombudsman.ie.
  • Or the Pension Ombudsman @ 01-647 1650 or info@pensionombudsman.ie
  • Our full Complaints Procedure is available on request.

Codes of Conduct

FOH 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

Conflicts 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.

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.

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 of 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 purpose 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

Failure to Pay or Default

Product producers may withdraw benefits or cover on default of any payments due under any products arranged for your benefit. Details of these provisions will be included in your policy terms and conditions. We will also exercise our legal right to receive any payments due to us for business services provided in the event of a default in payment. 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.

Duty to Disclose Information

It is your responsibility to provide complete and accurate information for insurers when arranging an insurance policy. Failure to disclose any material information to your insurers could invalidate your insurance cover and could mean that all or part of a claim will not be paid.

Product Producers

A full list of the various companies & Banks we deal with is available from the office on request. This list may vary over time as new providers enter and exit the market.

Data Protection

FOH Financial Ltd complies with the requirements of the Data Protection Acts, 1988 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. The data will be processed only in ways compatible with the purposes for which it was given.

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; which we think may be of interest to you. We would like to contact you by way of letter, email or telephone call. We may receive referrals from such firms and may advise them of any transactions arranged for you.

 

Buying a new property?

If you are looking for a Mortgage be it, you are a 1st Time Buyer, Trading Up or buying for Investment or Business/Commercial, we are Independent Mortgage Advisors, with access to all main mortgage providers. If you have an existing Mortgage and you want advice on how to arrive at a day when you are Mortgage free, a bit sooner, or if you currently find yourself in difficulty with your Mortgage, contact us.

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Managing your Money

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