Terms of Business – Version 11.0 Effective from June 2015.
Fusion Financial Services Ltd. T/A You & Us
These terms of business set out the basis on which Fusion financial services t/a You & Us ( here after referred to as You & Us) will provide business services to you as a client of the firm. They also contain details of our regulatory and statutory obligations and the respective duties of both the firm and you in relation to such services. You & Us is a member of the Professional Insurance Brokers Association.
Authorisation with the Central Bank of Ireland
Fusion Financial Services T/A You & Us is regulated by the Central Bank of Ireland as an insurance intermediary registered under the European Communities (Insurance Mediation) Regulations, 2005; as a Multi-Agency Intermediary authorised under the investment Intermediaries Act, 1995 and as a Mortgage Intermediary authorised under the Consumer Credit Act, 1995. Copies of our regulatory authorisations are available on request. The Central 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.
Codes of Conduct
Fusion Financial Services Ltd. T/A You & Us 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.
We will offer broad based advice on a fair analysis basis in relation to all classes of insurance. As a credit intermediary the firm can arrange personal loans e.g. finance. We will identify and select a suitable product producer and on receipt of your instructions we will transmit orders on your behalf to one or more product producers (a list of which is available on request). For certain classes of insurance where we have a specialist product line, we may select one or more preferred providers and arrange all such insurances with those providers. Fusion Financial Services does not hold shareholdings in any insurer and likewise no insurer has any shareholding in our firm. Our firm does not have “tied “relationship with any institution that would compromise our ability to offer you broad based advice and choice. Our principal business is to provide advice and arrange transactions on behalf of clients in relation to life & pensions, personal lines, investments & deposits and mortgage products.
Life & Pensions
We provide life assurance and pensions 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 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.
Fusion Financial Services Ltd. T/A You & Us provides investment advice and arrange products on a limited analysis basis. We provide advice on the following product providers: BCP Asset Management Ltd.
Fusion Financial Services Ltd. T/A You & Us provides deposit advice and arranges term deposit products on a limited analysis basis. We provide advice on the following product providers: Irish Life and Permanent t/a Permanent TSB, EBS Building Society.
Through the lenders or other undertakings with which we hold an agency, Fusion Financial Services Ltd. T/A You & Us 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. Fusion Financial Services Ltd. T/A You & Us 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).We will need to collect sufficient information from you before we can offer any advice on housing loans. This is due to the fact that a key issue in relation to mortgage advice is affordability. Such information should be produced promptly upon our request.
Life & Fees
You may elect to deal with us on a fee basis.
Principles / Directors €100
Senior Advisers €50
Support staff €30
Additional fees may be payable for complex cases or to reflect value, specialist skills or urgency.
Personal Retirement Savings Accounts (PRSAs) – Fees
Where advice is requested for PRSAs, the following hourly fees will apply:
Advisor fees: €40 – €100 per hour. Support staff: €25 – €50 per hour.
Additional fees may be payable for complex cases or to reflect value, specialist skills or urgency. We will give an estimate of this rate in advance of providing you with services. If we receive commission from a product provider, this will be offset against the fee which we will charge you. Where the commission is greater than the fee due, the commission will become the amount payable to the intermediary unless an arrangement to the contrary is made.
Fusion Financial Services Ltd. T/A You & Us is remunerated by commission from insurers on completion of business. Details of this remuneration are available on request.
Brokerage fee: up to 100% of annual premium.
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. 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. We will need to collect sufficient information from you before we can offer any advice on housing loans. This is due to the fact that a key issue in relation to mortgage advice is affordability. Such information should be produced promptly upon our request.
In certain circumstances we may charge a fee for providing your mortgage. Our fees range from €250-€500 depending on the type of mortgage required, the complexity of the case and the time spent on the mortgage. All fees will be arranged with the client before any advice is given. If we provide mortgage advice and obtain a Loan Offer for you and you subsequently do not proceed with your mortgage application through our firm, we will charge you an arrangement fee of €500 for our services.
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 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 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.
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. 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.
We ask that you make any complaint against our firm, relating to services provided by us, in writing. We will acknowledge your complaint within 5 business days and we will fully investigate it. On completion of our investigation, we will provide you with a written report of the outcome. In the event that you are still dissatisfied with our handling of or response to your complaint, you are entitled to refer the matter to the Financial Services Ombudsman or the Pensions Ombudsman. A full copy of our complaints procedure is available on request.
Fusion Financial Services Ltd. T /A You & we 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. If you do not wish to receive such marketing information please tick the box in the Terms of Business acknowledgement letter. We may receive referrals from such firms and may advise them of any transactions arranged for you.
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 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.
Terms of Business
Signature: ________________________________ Date: _______________________
I confirm having read the paragraphs in relation to Data Protection in the terms of Business and above; - and consent to Fusion Financial Services Ltd. Making contact with me by letter, phone, email, or SMS text in relation to the range of services provided by Fusion Financial Services Ltd. or its associated or partnership companies and to sharing of relevant information as indicated.
Please tick here, if you do not wish to be contacted