Terms of Business

This document sets out the basis on which MMG Financial Services Ltd will provide business services to you and the respective duties and responsibilities of the firm and you in relation to such services. Please ensure that you read these terms thoroughly and if you have any queries, we will be happy to clarify them. If any material changes are made to these terms, we will notify you.

MMG Financial Services Ltd is a member of Brokers Ireland providing advisory and
transactional services for your insurance requirements. This is an important document – please read it carefully and if you have any questions, please contact us. In the absence of an agreement to the contrary this document sets out the terms of our relationship with you (our client) for our provision to you of insurance broking services. These Terms of Business supersede any Terms of Business that may have been previously issued by us.

Authorisation with the Central Bank of Ireland

MMG Financial Services Ltd (C435456) is regulated by the Central Bank of Ireland as an insurance intermediary registered under the European Union (Insurance Distribution) Regulations, 2018 and as an Investment Intermediary authorised under the Investment Intermediaries Act, 1995. 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.

Statutory Codes

MMG Financial Services Ltd is subject to the Consumer Protection Code, Minimum Competency Code and Fitness and Probity Standards which offer protection to consumers. These codes can be found on the Central Bank website www.centralbank.ie.

Services Provided

MMG Financial Services Ltd is a member of Brokers Ireland.

Our principal business is to provide advice and arrange transactions on behalf of clients in relation to life, Investment and pension products. A full list of insurers, product producers with which we deal is available on request.

We are authorised to advise you in relation to a wide range of Insurance and Investment Products. We research the products on your behalf with the Product Producers (Insurers) with whom we hold appointments but we do not guarantee and expressly disclaim responsibility for the financial security of Product Producers (Insurers). We will identify and select suitable products on a fair analysis basis from the Product
Producers (Insurers) and on receipt of your instructions, we will transmit orders on your behalf to one or more Product Producers (Insurers), a list of which is available on request. This process applies to all classes of insurance policies.

Fair Analysis

The concept of fair analysis is derived from the (EU) Insurance Mediation Directive. It describes the extent of 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 the needs of a client.

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 their share of the 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 who 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 and cost, and any other relevant consideration.

Our Dealings with you

We prefer clients to give us instructions in writing in order to avoid possible misunderstandings or disputes. We will however accept oral instructions provided they are subsequently confirmed by letter. Any advice we give you will normally be in writing but if given orally it will be recorded on your file.

Once we have acted on your instructions, we will not normally give you any further advice. However, we will review your insurances periodically and may write to you suggesting a review meeting. You, or we, may terminate the authority to act on your behalf at any time without penalty. Notice of termination must be given in writing.

Proposal Forms

For certain classes of insurance, you may be required to complete a Proposal Form, Statement of Fact, Questionnaire, or similar document. We will provide guidance as required to assist.

Your Policy

You are responsible for reviewing the evidence of insurance cover to confirm that it accurately reflects the cover, conditions, limits and other terms that you require. Particular attention should be paid to any policy conditions and warranties and also the claims notification provisions, as failure to comply may invalidate your coverage. If there are any discrepancies you should inform us immediately.

Remuneration and Charges

MMG Financial Services Ltd is remunerated by commission and/or volume discounts and/or profit share agreement and/or a charge for arranging, or the provision of advice relating to Insurance. Details of remuneration are available on our website
https://mmgfinancialservices.ie/

A charge may be made to cover the sourcing of the product, administration costs, claims handling, risk management advice if applicable and on-going service of your business.

Charges are expressed as a monetary amount or a percentage of the total amount payable. Where any risk or product falls outside our standard terms we will advise you accordingly in advance and an hourly rate will be charged instead.

Our current basic hourly rate is €250 for consultants and €100 for support staff.

In determining the rate and any additional charges, factors such as specialist skills, complexity, value, risk and urgency will be taken into account. You have the option to pay for our services in full by means of an agreed fee which would be greater than our normal charges as outlined in this document and in such event no commission would be taken by us from the Product Producer. Where charges differ from those outlined above, they will be advised to you in writing before the service is provided.

Financial Services – Life Assurance, Investments and Pensions:

Life Assurance companies and some Product Producers provide products suchas Life Assurance, Serious Illness Cover, Income Protection, Savings, Investments, Pensions and PRSA’s. Depending on your individual circumstances, we may provide you with advice relation to the nature of these products and which product(s) may be suitable to your needs.

You may, however, have particular areas of interest; in this case, we will be happy to give specific advice. We can give you a choice of different Life and Pension products from the Insurance Companies and Product Producers with whom we hold an appointment.

On your instruction we can receive and transmit orders for such products on your behalf to these Insurers and Product Producers. With your agreement we may review the policies you take out on a periodic basis to ensure that you are kept informed as to their benefit and to check whether they are still suitable for your needs. Most Pension, Savings and Investments Contracts involve some form of risk. Unless specifically stated in the Insurer’s or Product Producer’s Policy documentation, the value of a policy is not guaranteed and may fall as well as rise.

We will assist you with 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 policies. 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 Permanent Health/Income Protection Insurance and Serious Illness. Specifically on the subject of Permanent Health/Income Protection 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
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 which attach to that policy.

MMG Financial Services Ltd may be remunerated by the Insurance Company and Product Producers to whom orders are transmitted. Details of these payments will be included in a product information document which you will receive before an application form for a product is completed, and extended details will also be included with your policy documentation.

MMG Financial Services Ltd may also be called upon to act in a consultancy capacity as a regulated limited company to assist regulated firms who do not themselves directly employ staff to cater for their own clients or Life and Pensions advisory needs and has remuneration arrangement in place with these firms for the purpose of meeting their client’s financial needs.

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 also change. You must advise us of any changes and request a review of the relevant policy so that we can ensure that you are provided with up-to-date advice and a product 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.

Conflicts of Interest

It is the policy of MMG Financial Services Ltd to avoid any conflict of interest when providing business services to our clients. However, where an unavoidable conflict arises you will be advised of this before any business service is provided. If you have not been advised of any such conflict you are entitled to assume that none arises.

Default on payments by clients

Our firm will exercise its legal rights to receive payments due to it from clients (fees and insurance premiums) for services provided. In particular, without limitation of the generality of the foregoing, the firm will seek reimbursement for all payments made to insurers on behalf of clients where the firm has acted in good faith in renewing a policy of insurance for the client.

Product producers may withdraw benefits or cover in the event of default on payments due under policies of insurance or other products arranged for you. We would refer you to policy documents or product terms for the details of such provisions.

Premium Handling

MMG Financial Services Ltd does not operate a client premium account and as such all payments to policies will be transmitted / made payable from you by Cheque, Bankers Draft, Direct Debit to the Product Producer in question.

We will accept payments to ourselves by Cheque / Bankers Draft or Electronic means from you only when charging for our services on a fee basis. We are not authorised to accept negotiable instruments in any other circumstances.

Premiums are due at inception or renewal date of a policy. The terms of the legislation relating to Financial Regulation impose very strict rules in respect of the payment of premiums to Product Producers (Insurers). Premiums which have not been received from clients cannot be paid by us. Therefore, to avoid policy cancellation, premiums must be paid strictly within agreed credit terms or otherwise immediately prior to inception of cover or at policy renewal date.

Some Insurers may include, as a condition of insurance, a settlement due date or, in some cases, a warranty under the terms of which the premiums must be paid to them by certain date/dates. We inform our clients of any such requirements and the relevant date/dates in good time to enable the payment terms to be met.

Failure to comply with the exact terms of a warranty may mean the Insurer’s obligations under the policy will be automatically terminated retrospectively to the intended cover inception date or from another date.

Should you wish to transfer your business from us to another intermediary, no such transfer will be processed until such time as your account with us is cleared in full.

Failure to pay or default

We reserve the right to instigate cancellation of a policy in the event of the
following:-

• non-payment of the premium due at inception, renewal or following a mid-term adjustment
• your bank returns your cheque
• non-disclosure of relevant information
• Our firm will exercise its legal rights to receive any payments due to it from clients
  for business services provided.

Cancellation

You, the customer can cancel your policy by notice in writing at any time. It may be that a rebate of premium is due to you, but this is not always the case. For example, the policy may be subject to a Minimum and Deposit premium or Short Period rates may apply during the first period of insurance or if a claim is notified or in other circumstances as advised to you.

Product Producers (Insurers) normally reserve the right to cancel a policy at any time by sending written notification to your last known address. For full details you should refer to the policy document.

In the event of cancellation of a policy, we will, on request, send you any documentation or provide you with any information to which you have an entitlement.

Disclosure of Information

It is your responsibility to provide complete and accurate information for Product Producers (Insurers) when arranging an insurance policy and/or where a Statement of Fact is prepared or completed on your behalf. Failure to disclose any material information to the Product Producer (Insurer) could invalidate your policy cover or a claim may not be paid.

Claims

Your policy document will set out in detail what you should do in the circumstances of an accident or loss or event occurring which may give rise to a claim and it is important that you comply with these requirements. We will offer you assistance in the processing of your claim but you are free to appoint other parties (at your expense) to act on your behalf.

Complaints Procedure

Whilst we are happy to receive verbal complaints, it would be preferable that any complaints are made, in writing. Any complaint should be addressed in writing to Martina McGreevy, MMG Financial Services Ltd, Unit 1.5 Oriel Hub, Finnabair Industrial Estate, Dundalk, Co Louth.

This will be acknowledged within 5 working days of receipt, updates will be advised at intervals of not more than 20 working days and every effort will be made to resolve the complaint within 40 business days. The findings will be furnished to you within 5 working days of completion of the investigation.

If you are not entirely satisfied with the firm’s handling of and response to your complaint, contact may be made with the Brokers Ireland and ultimately you have the right to complain to the Financial Services Ombudsman, 3rd Floor, Lincoln House, Lincoln Place, Dublin 2 or the Pensions Ombudsman, 36 Upper Mount Street, Dublin 2. A full copy of our complaint’s procedure is available on request.

Compensation Schemes/Client Protection

Investor Compensation Company Ltd (ICCL) 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 to 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 purposes 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.

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 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 firm is unable to do so, where the above detailed Investor Compensation Scheme has failed to adequately compensate any client of the member. Further details are available on request.

Your Protection

We maintain Professional Indemnity Insurance in line with requirements from The Central Bank of Ireland.

Data Protection

MMG Financial Services Ltd is subject to the requirements of the General Data Protection Regulation 2018 and the Irish Data Protection 2018.

MMG Financial Services Ltd is committed to protecting and respecting your privacy. We wish to be transparent on how we process your data and show you that we are accountable with the GDPR in relation to not only processing your data but ensuring you understand your rights as a client.

The data will be processed only in ways compatible with the purposes for which it was given and as outlined in our Privacy Notice; this has been provided to you. We will ensure that this Privacy Notice is easily accessible on our website also www.mmgfinancialservices.ie.

Please contact us at martina@mmgfinancialservices.ie if you have any concerns about your personal data.

Governing Law

MMG Financial Services Ltd terms of business shall be governed by and construed in all respects according to the laws of the Republic of Ireland.

Vulnerable Clients

If a client’s financial, health or any other personal circumstances makes a client vulnerable or in need of assistance, the client should inform us who will offer reasonable assistance to the client in its dealings with the us.