Terms of Business

Terms of Business

These Terms of Business set out the general terms under which Money Sense Financial Services will provide Mortgage and Investment advice. Money Sense Ltd. T/A Money Sense Financial Services is a member of the Irish Brokers Association (IBA).These Terms

Money Sense Limited T/A Money Sense Financial Services is regulated by the Central Bank of Ireland as a Multi Agency Intermediary and a Mortgage Intermediary under the Consumer Credit Act 1995 and as an Insurance Intermediary under the Insurance Mediation Directive. Copies of our statements of Authorised Status from the Central Bank of Ireland are available on request. Money Sense Ltd.

Money Sense Ltd. T/A Money Sense Financial Services has an office at the following location:

13 Priory Paddocks, Muckross Road, Killarney, Co Kerry – Tel. 064/6639164 Fax. 064/6671918

Services Provided

As a Multi-Agency Intermediary we are authorised to advise you in relation to a wide range of Insurance and Investment Products.
We research the products of the Product Producers we hold appointments with, on your behalf. We then identify and assess the suitability of the products on offer to meet your current needs.
As a Mortgage Intermediary we have access to a number of financial institutions where we place mortgage business on your behalf.
As a Deposit Broker we hold appointments with financial institutions with whom we can place deposit business on your behalf
A full list of the Product Producers and Lending Institutions with which we hold a written appointment is available on request. We do not guarantee nor make representations in regard to, and expressly disclaim responsibility for, the financial institutions with whom we place business.

Remuneration Structure

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

  • by the Product Producers with whom we place business in the form of a commission payment.
  • by you directly in the form of a fee which we will discuss and agree in advance of all transactions.
  • by the Financial Institutions with whom we place deposit business.
  • by the Financial Institutions with whom we place mortgage business
  • A fee of €500 will be charged on all mortgage applications.
  • For a Comprehensive Financial Review we can provide quotes on a case by case basis.

Premium Handling

When receiving and transmitting orders we will accept payments by cheque where:

  • An insurance undertaking has invited renewal of a policy of insurance.
  • A proposal for insurance &/or PRSA has been accepted by an insurance undertaking.

We are not authorised to accept cash or negotiable instruments in any circumstances.

Conflicts of Interest

Our employees are required to comply with a policy of independence and disregard any conflict of interest when making a recommendation to you.

Duty to Disclose

It is your duty to provide complete and accurate information for insurers when arranging an insurance policy and to Financial Institutions when applying for Mortgage Finance. Failure to disclose any material information to your insurers could invalidate your insurance cover; all or part of a claim may not be paid.

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.

Complaints Procedure

We have a written complaints procedure for the effective handling of all complaints:

  • We will acknowledge receipt of your complaint in writing within 5 working days.
  • A written update will be issued to you every 20 days by a nominated individual within our firm.
  • A comprehensive response to your complaint will be issued within 8 weeks of receipt of your initial complaint.
  • In the event of failure to resolve your complaint you may raise the matter with the Financial Services Ombudsman Bureau LoCall: 1890 88 20 90 enquires@financialombudsman.ie
  • Our full Complaints Procedure is available on request.

Compensation Scheme

We are members of the Investor Compensation Scheme established under Section 38 of the Investor Compensation Act 1998. The Act provides that compensation shall be paid to eligible investors (as defined in the Act) to the extent of 90% of an investor’s net loss or €20,000, whichever is the lesser and is recognized as being eligible for compensation. We are also members of the Irish Brokers Association (IBA) Compensation Fund. Subject to the rules of the scheme the liabilities of its members 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 fund is unable to do so, where the above detailed ICCL (established by law) has failed to adequately compensate any client of the member.

Professional Indemnity Insurance Cover

Money Sense Ltd. T/A Money Sense Financial Services also holds Professional Indemnity Insurance Cover.

Data Protection

We collect your personal details in order to provide the highest standard of service to you. We take great care with the information provided taking steps to keep it secure and to ensure it is used only for legitimate purposes. To fulfill these objectives we may share information with other affiliated professionals. The information and other data provided to our office may be used to advise you of products and services we may offer from time to time. You have the right at any time to request a copy of any ‘personal data’ within the meaning of the Data Protection Act 1998 (as amended or re-enacted from time to time) that our office holds about you and to have any inaccuracies in that information corrected.

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