Terms of Business of W.P. O’Reilly & Associates Limited

These terms of business will remain in force and shall apply to any business service provided to you now or at a future date. Should my firm make any material changes to its business terms at a future date, I will advise you at our next meeting and our updated Terms of Business will also be viewable on our website: www.wporeilly.ie

The full name and address of the firm is set out on our Headed Notepaper. Authorised with the Central Bank of Ireland W.P. O’Reilly & Associates Ltd is authorised and regulated by the Central Bank of Ireland as an Investment Intermediary under the Investment Intermediaries Act 1995, as a Mortgage Intermediary under the Consumer Credit Act 1995, as a Mortgage Credit Intermediary under the European Union (Consumer Mortgage Credit Agreements) Regulations 2016 and as an Insurance Intermediary under the European Union (Insurance Distribution) Regulations 2018. The Central Bank maintains Registers of authorised firms, – our authorisations can be verified by contacting the Central Bank on 1890 77 77 77 or alternatively visiting their website at www.centralbank.ie

Code of Conduct

W.P. O’Reilly & Associates Ltd is subject to the Minimum Competency Code 2011, Fitness & Probity Standards and the Consumer Protection Code 2012 which can be viewed on www.centralbank.ie

Shareholdings

WP O’Reilly & Associates Limited is 100% wholly owned by Royal Noble Holdings Limited. Niamh O’Reilly is a 95% shareholder in Royal Noble Holdings Ltd and Pat O’Reilly is a 5% shareholder.

Our Services

W.P. O’Reilly & Associates Ltd holds written appointments with the following companies: Irish Life Assurance plc (Preferred Provider), Friends First Life Assurance Company DAC, Zurich Life Assurance plc, Aviva Life & Pensions Ireland Limited, Phoenix Ireland, The Royal London Mutual Insurance Society Ltd, BCP Asset Management DAC, Cantor Fitzgerald Ireland Ltd, Standard Life Assurance Company, Quest Retirement Solutions Ltd, New Ireland Assurance Company, Greenman Investments, Newcourt Retirement Fund Managers, Independent Trustee Company Ltd, J & E Davy and Conexim Advisors Limited. 

In relation to non-insurance-based investment products, other than bank deposit accounts, we provide advice on a non-independent basis, as we may receive remuneration from the product providers of such products. These products include structured products which may typically be listed bonds and shares, collective instruments, unit trusts and tracker bonds. The product providers with which we currently hold agencies are: BCP Asset Management DAC, Cantor Fitzgerald Ireland Ltd, Independent Trustee Company Ltd, J & E Davy, Quest

Retirement Solutions Ltd.

W.P. O’Reilly & Associates Ltd has selected one preferred product producer, Irish Life Assurance plc, for life insurance plans (including life assurance, specified illness cover, income protection, unit linked savings, investments, retirement plans, tracker bonds and Personal Retirement Savings Accounts (PRSAs).

These Terms of Business are effective from 21st October 2024W.P. O’Reilly & Associates Ltd also holds a written appointment to act as a mortgage intermediary, and the mortgage intermediary service is limited to the following mortgage lenders: Finance Ireland Credit Solutions DAC, Brokers Ireland Network Services Limited, Haven Mortgages Ltd, ICS Dilosk and Nua Money Limited. We provide advice on a non-independent basis.

Fair and Personal Analysis

W.P. O’Reilly & Associates Ltd offers advice on a fair and personal analysis of the market on a range of products and services including a range of protection plans, investments, retirement plans and advice on options at retirement, savings plans, deposits and mortgages.

We place business on your behalf with product providers with which we hold an agency. We are not ‘tied’ to any institution for any class of insurance or mortgage business. We do not have a holding, direct or indirect, representing 10 per cent or more of the voting rights or of the capital in any insurance undertaking and likewise no insurer has a such a holding in our firm. We represent our customers when dealing with insurers.

Regular Reviews We do not conduct periodic suitability assessments of insurance-based investment products or financial instruments on an ongoing basis unless otherwise agreed with you in writing. However, 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/product 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.

Remuneration

W.P. O’Reilly & Associates Ltd may receive commission and other payments from the life assurance or other provider to whom orders are transmitted. Summary details of these payments will be included in a product information document, where applicable, under the Customer Information Notice section, which you are legally entitled to receive before an application for a product is completed, and, where applicable, full details will be included with your cooling-off letter and welcome pack.

We may also receive renewal, indexation, trail commissions, and other payments depending on the volume of business placed with a provider. Any ongoing commission shown in the Customer Information Notice will be paid to us as long as we continue to be your Financial Adviser. Details of charges and commission payments for other products are available on our website and on request. In certain circumstances the firm may charge you a fee for services provided. If we do this we will provide you with a written estimate of this in advance of providing any business services. Commissions which we receive will not be offset against any fees due to us unless agreed in writing. All commissions contribute to the costs in providing you with ongoing services. A summary of the details of all arrangements for any fee, commission, other reward or remuneration paid or provided to WP O’Reilly & Associates Limited which it has agreed with product producers is available on our website – www.wporeilly.ie.

Clawback

Where we receive commission from a product provider, but the commission is subsequently clawed-back by the provider, you will not incur any clawback fee.

Mortgages

W.P. O’Reilly & Associates Ltd is entitled to receive up to 1% of mortgage amount from mortgage lenders in respect of commission for placing the business with the lender. Details of commissions payable by different lenders are available on request and will be reflected in the European Standardised Information Sheet (ESIS’) which the lender will issue to you.

We also charge an administration fee of €400 in total, €200 charged when applying for a mortgage and the balance of €200 due before completion of the mortgage and the issue of the mortgage loan cheque by the Lender. Such fees will also be included in the lender’s ESIS.

Data Protection

So that we can provide you with business services, you will have to give personal These Terms of Business are effective from 21st October 2024information including your name, address, date of birth, and details about your financial arrangements such as your existing protection cover, pension arrangements, and your savings and investments. From time to time you may also need to give sensitive personal information such as medical details. W.P. O’Reilly & Associates Ltd complies with the requirements of the General Data Protection Regulation 2018 and the Irish Data Protection Act 2018.

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. Your data will be passed to the relevant product producers with whom W.P. O’Reilly & Associates Ltd has agencies for the purpose of arranging transactions agreed with you. Your data will be processed only in ways compatible with the purposes for which it was given and as outlined in our Data Privacy Notice and Data Protection Policy and Procedures. This information will only be used to provide you with business services, to meet any legal and regulatory obligations, and for legitimate business reasons. From time to time, we will send information about other financial products and services, provided by us or associated companies with which we have a formal business arrangement, which we think may be of interest to you. You have the right to ask us not to send you this marketing material and, at any time you can ‘opt out’ of receiving marketing material.

You have a right to see the information that is held on you and you can do this by writing to me at the address given. We would like to contact you by way of letter, email or telephone call. If you would like to receive to receive such marketing information, please complete the permission statements contained in the Terms of Business Client Acknowledgement Letter attached. 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. All calls to and from our office landlines are recorded for record purposes. A copy of any recordings of conversations and communications in relation to non-insurance investment products will be available on request for a period of between five and seven years.

Please contact us at info@wporeilly.ie if you have any queries about your personal data. You also have the right to make a complaint to the Data Protection Commission where you feel that your rights have not been appropriately served by us (www.dataprotection.ie). You can contact the Data Protection

Commission by emailing info@dataprotection.ie or writing to Data Protection Commission, 21 Fitzwilliam Square South, Dublin 2. D02RD28

Durable Medium – we may provide information in paper format or via email e.g. Terms of Business, recommendations, product brochures, etc. Where you have provided us with your email address we operate on the basis that this represents your consent to receive documentation by email. On receipt of our emails, you may request paper copies.

Conflict of Interest

It is the policy of W.P. O’Reilly & Associates Ltd to avoid any conflict of interest when providing business services to its clients. However, where an unavoidable conflict may arise we will advise you of this in writing before proceeding to provide any business service. If you have not been advised on any such conflict you are entitled to assume that none arises.

Default on payments by clients

W.P. O’Reilly & Associates Ltd will, if necessary, exercise its legal rights to receive any payments due to it, from clients for business services provided by it and to be reimbursed for any value obtained by it for clients arising from payments to it by clients which subsequently default. An insurer or other product provider may withdraw benefits on default of payments due under any products arranged for your benefit. Details of these provisions will be included in your product terms and conditions. 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.

Complaints

Any complaint that you may have in relation to the business services provided should be made in writing or by contacting W.P. O’Reilly & Associates Ltd outlining the nature of your complaint. All complaints will be These Terms of Business are effective from 21st October 2024acknowledged in writing within 5 business days of the complaint being received. The complaint will be fully investigated by WP O’Reilly & Associates Ltd and a full response will be provided to you. We will aim to provide this response not later than 20 business days from receipt of your complaint. In the event that you remain dissatisfied with the firm’s handling of and response to your complaint you are entitled to refer your complaint to the Financial Services and Pension Ombudsman (contact details below).

Financial Services and Pensions Ombudsman:
3rd Floor, Lincoln House,
Lincoln Place, Dublin 2,
Lo-call: (01) 567 7000 / Email: info@fspo.ie / Website: www.fspo.ie

Consumers: Duty of Disclosure when completing documentation for new business/renewals and midterm adjustments You are required to answer all questions posed by us or the insurer honestly and with reasonable care – the test will be that of the ‘average consumer’. Average consumer as per Directive No. 2005/29/EC of the European Parliament and of the Council of 11 May 2005 is reasonably well informed and reasonably observant and circumspect, taking into account social, cultural and linguistic factors. Before renewal of the contract of insurance, specific questions will be asked. Again, you will be required to answer honestly and with reasonable care. 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 answer all questions honestly and with reasonable care can result in the Insurer being able to rely on proportionate remedies for misrepresentation, which include but are not limited to the insurer voiding the contract of insurance. If a policy is cancelled by an insurer for any reason including payment default, you may encounter difficulty in purchasing insurance in the future.

Completed Proposal Forms

Completed proposal forms or Statement of Facts will be provided to you. These are important documents as they form the basis of insurance contract between the insurer and you the consumer. You should review and confirm that the answers contained within are true and accurate. You are under a duty to pay your premium within a reasonable time, or otherwise in accordance with the terms of the contract of insurance. A court of competent jurisdiction can reduce the pay-out to you if you are in breach of your duties under the Act, in proportion to the breach involved.

Cancellation of a Contract of Insurance

•  If you have taken out a life insurance contract, you may cancel the contract by giving notice in writing to us within 30 days after the date you were informed the contract is on cover.
• The giving of notice of cancellation by you will have the effect of releasing you from any further obligation arising from the contract of insurance. The insurer cannot impose any costs on you other than the cost of the premium for the period of cover.
• This right to cancel does not apply where, in respect of life insurance the contract is for a duration of six months or less.
• You are under a duty to pay your premium within a reasonable time, or otherwise in accordance with the terms of the contract of insurance.
• A court of competent jurisdiction can reduce the pay-out to you if you are in breach of your duties under the Act, in proportion to the breach involved.
• A Savings/Investment contract may be cancelled within 30 days, as above. All benefits will end however, the refund value of your investment will account for any fall in the value of your investment that may have taken place during that 30-day period. You may not get back the full amount invested as the amount refunded is the value on the date of cancellation.
  
  

Post-Contract Stage and Claims

•  An insurer may refuse a claim made by you under a contract of insurance where there is a change in the risk insured, including as described in an “alteration of risk” clause, and the circumstances have so changed that it has effectively changed the risk to one which the insurer has not agreed to cover.

These Terms of Business are effective from 21st October 2024

Any clause in a contract of insurance that refers to a “material change” will be interpreted as being a change that takes the risk outside what was in the reasonable contemplation of the both you and the insurer when the contract was concluded.

• You must cooperate with the insurer in an investigation of insured events including responding to reasonable requests for information in an honest and reasonably careful manner and must notify the insurer of the occurrence of an insured event in a reasonable time.
• You must notify the insurer of a claim within a reasonable time, or otherwise in accordance with the terms of the contract of insurance.
• If you become aware after a claim is made of information that would either support or prejudice the claim,you are under a duty to disclose it. (The insurer is under the same duty).
• If you make a false or misleading claim in any material respect (and know it to be false or misleading or consciously disregards whether it is) the insurer is entitled to refuse to pay and to terminate the contract.
• Where an insurer becomes aware that a consumer has made a fraudulent claim, they may notify the consumer advising that they are voiding the contract of insurance, and it will be treated as being terminatedvfrom the date of the submission of the fraudulent claim. The insurer may refuse all liability in respect of any claim made after the date of the fraudulent act, and the insurer is under no obligation to return any of the premiums paid under the contract.
  
  

Investor Compensation Scheme

W.P. O’Reilly & Associates Ltd is a member of the investor compensation scheme run by the Investor Compensation Company Limited (ICCL). The scheme provides a way of paying certain investors compensation, subject to the relevant limits, if they suffer financial loss caused by an investment firm being unable to meet its financial obligations (in other words, pay everything it owes). In the event that a right to compensation is established, the amount payable is the lesser of 90% of your loss, which is recognised as being eligible for compensation, or €20,000.

Brokers Ireland Clients’ Compensation and Membership Benefits Scheme (BIC)

We are also members of the Brokers Ireland Clients’ Compensation and Membership Benefits Scheme (BIC). 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.

Sustainable Finance Disclosure Regulation (‘SFDR’)

This EU Regulation is effective 10 March 2021. As the area of the SFDR is new and evolving without sufficient information being currently available, in accordance with the Sustainable Finance Disclosure Regulation (‘SFDR’), we inform you that when providing advice on insurance-based investment products/Investments, we do not assess, in addition to relevant financial risks, relevant sustainability risks as far as this information is available in relation the products proposed/advised on. This means that we do not assess environmental, social or governance events/conditions that, if they occur, could have a material negative impact on the value of the investment. The key product providers with which we engage have developed responsible investment as part of their investment philosophies and sustainability policies. However, detailed information on specific fund recommendations we recommend is not always available. When providing advice on insurance-based investment products (‘IBIPs’) or investment advice we do not consider the impacts of our advice that result in negative effects on sustainability factors (namely environmental, social and employee matters, respect for human rights, anti-corruption and anti-bribery matters).

We have not assessed the likely impacts of sustainability risks on the returns of Investment/Pensions since we have not been able to identify any sustainability risks that are relevant. As further information on the approach being taken by product providers, and their internal/external fund managers, becomes available over the course of the next year, we anticipate reviewing these areas in our assessments.