Terms of Business

Gillmor Pensions and Investments Ltd. t/a Gillmor Pensions and Investments (‘the Company’) is regulated by the Central Bank of Ireland.

Introduction

The purpose of this document is to set out the basis on which Gillmor Pensions and Investments Limited trading as Gillmor Pensions and Investments, (“the company”) will provide advice to you in the area of life insurance, pensions and investments. It contains details of our regulatory and statutory obligations and the respective duties of both the company and you the customer relating to the provision and acceptance of these services.

This is an important document so please read it carefully to enable you to decide if our services are right for you. If you have any questions, please contact us and we will clarify any areas that may be unclear. If there are any material changes to the information in this document, you will be issued with a revised copy as soon as possible.

This document takes effect from 21st May 2018 or whenever it is received (whichever is later) and supersedes any Terms of Business agreement that may have been previously sent to you.

Authorised Status

Gillmor Pensions and Investments Ltd, trading as Gillmor Pensions and Investments, (“the Company”) is regulated by the Central Bank of Ireland (Reference no. C165518) as follows:

  • Registered as an Insurance Intermediary (under the European Communities Insurance Mediation Regulations, 2005).
  • Authorised as an Investment Business Firm under Section 10 of the Investment Intermediaries Act (IIA), 1995 (as amended), to provide the services of an investment intermediary.
  • Authorised as an Investment Product Intermediary - this means that we hold appointments from IIA product producers, including intermediaries that may issue appointments, appearing in the register maintained under Section 31 of the Investment Intermediaries Act (as amended)

Our registered office is at 39 Woodbine Road, Booterstown, Blackrock, Co. Dublin (Company registration no. 585495). A copy of our authorisation may be viewed in our office.

Statutory Codes

The Firm is subject to and complies with the Central Bank of Ireland Consumer Protection Code, Minimum Competency Code, Fitness & Probity Standards and the Handbook of Prudential Requirements for Investment Intermediaries. These codes and standards offer protection to consumers and can be found on the Central Bank of Ireland website www.centralbank.ie and use search for ‘Codes/Guidance on Regulatory Requirements’.

Services Provided

We provide advice and placement facilities in relation to Life insurance products, Pensions and Investments. Based on the information that you provide, we will identify and recommend a suitable product(s) from product providers or insurance undertakings with whom we hold agencies (a copy of this list is available on request). We endeavour to provide you with the most suitable product to suit your requirements.

We transact business on the basis of a fair analysis of the markets i.e. we provide advice to our clients on the basis of a sufficiently large number of contracts and providers available which will enable us make a recommendation in accordance with accepted professional criteria.

Selection of Insurers

We hold a significant number of appointments with insurers/product providers so that we can offer a range of products that best matches our customers’ needs. We cannot take responsibility for or guarantee the financial stability of any of these entities with whom we place business on your behalf. We carry out regular analysis of the products and services offered the companies we deal with so we advise you appropriately.

We do not hold directly or indirectly, more than 10% of the voting rights or of the capital in any given insurance undertaking and no insurance undertaking, or any parent undertaking of any insurance undertaking holds, directly or indirectly, more than 10% of the voting rights or the capital of the company.

Quotations

All quotations are valid for 7 days unless otherwise stated. Quotations and cover are subject to acceptance by the insurer. A full copy of the insurers' policy wording, terms and conditions is available upon request. Failure to disclose all relevant information could result in your policy being cancelled or in an extreme case, claims not being paid.

Policy Documents

Following inception of cover a policy document will issue from the insurance company which sets out in detail the conditions applicable, operative endorsements, terms, conditions, exceptions and warranties of the policy. We strongly advise that you read this document carefully (including the policy schedule or other documentation enclosed with it), report any errors that you discover or query you may have to us immediately and retain all documentation in a safe place.

Cooling Off Period

A consumer (as defined by SI No 853 of 2004) has the right to withdraw from a life insurance policy within 30 days of the start date of the policy without penalty and without giving any reason. This is known as the cooling off period. The right of withdrawal may be exercised by notice in writing to Gillmor Pensions and Investments Ltd quoting your policy number. Should this right be exercised the insurance company may charge for the period you are on cover.

Duty of Disclosure by You

You have a duty of disclosure to provide all information material to the risks being insured. This means any information that would influence a decision by an insurer whether to accept a risk and if so, on what premium and terms. In the event of non-disclosure an insurer has the right to cancel your insurance from inception and claims under your policy may not be met. Failure to make full disclosure may also cause difficulty for you trying to purchase insurance elsewhere. If you are in any doubt as to whether or not information is material, then it should be disclosed.

Conflicts of Interest

It is our policy to avoid situations where there is a conflict of interest. Should such a situation arise or could be perceived to arise, we will declare it as soon as is practicable to do so. Where an unavoidable conflict of interest arises we will advise you of the fact, in writing, before providing any business service. If you have not been advised of any such conflict of interest, you may assume that none arises.

Remuneration

We are remunerated by both commission and/or fees. Please note that these fees are non-refundable. Customers also have the option of paying solely by fee if so desired. In this instance the amount of any commission received will be deducted from the fee. In the event of advice being offered or services provided to clients for which we are not remunerated by commission in the normal way from insurance companies, we will agree a fee in advance of the provision of service.

Default and/or Cancellation

You, the customer can cancel your policy at any time by giving notice in writing subject to the terms and conditions of the applicable policy. The Company reserves the right to exercise its legal rights to receive payments due to it for business services provided.

Handling Client Money

In the vast majority of cases we do not handle client money and all premiums, contributions and investments should be made directly to the provider of the arrangement in question. If payment is to be made to the company then this should be made to our Client Premium Account, details of which are available on request.

A receipt will be issued for all monies paid and you should keep these in a safe place. We cannot pay a premium where the customer has not paid us. Product providers may cancel cover where a customer has failed to meet their obligations in relation to payment terms and conditions.

Schedule of Fees and Charges

(Please note these are non-refundable)

Life Insurance, pensions and investments
We are remunerated by both commission and/or fees. The service can be provided on a fee-only basis if desired. If you wish to pay by means of fee this will be agreed in writing with you in advance of the provision of service. The amount of any commission received can be deducted from any fee payable. Our fees are charged as follows;

  • Director/senior consultant €250 per hour
  • Administrator €100 per hour
  • Annual fund based fee of up to 1% of fund per annum

Administering of a claim
By agreement and which will be set out in writing to you if applicable.

Data access requests
Up to €20 per request

Instructions for Policy Amendments

It is important to note that where an instruction is transmitted to amend your policy via phone message, text, or email that you are aware that these changes in cover are only operative provided they have been confirmed by Gillmor Pensions and Investments Limited. For the avoidance of doubt please note that leaving a voice message on our answering service is not a basis to assume that changes have been made. In some cases, we may also deal with people contacting us on your behalf as long as we have your permission. If you would prefer that we only deal with you, please let us know. In exceptional circumstances it may be necessary for us to deal with other people, for example, if you are incapacitated and if a next of kin contacts us in relation to your policy.

Governing Law and Language

The laws of Ireland form the basis for establishing relations between you and Gillmor Pensions and Investments Limited. All contracts, terms, conditions and communications relating to any policies you may enter into with his firm will be in English.

Complaints Procedure

We have a written procedure in place for the effective handling of complaints. If you are unhappy with any aspect of our service you can let us know by contacting us by phone, in person, or in writing. Complaints in writing should be addressed to the Compliance Officer, Gillmor Pensions and Investments Ltd, 39 Woodbine Road, Blackrock, Co. Dublin. Each complaint will be acknowledged by us within 5 working days and updates will be advised in intervals of not more than 20 working days. We will make every effort to resolve the complaint within 40 working days and findings will be furnished to you within 5 working days of completion of the investigation. In the event that you are not satisfied with the firms handling of and response to your complaint, you can contact the following: The Financial Services and Pensions Ombudsman, Lincoln House, Lincoln Place, Dublin 2, D02 VH29. Phone 01-5677000 visit their website www.fspo.ie or email info@fspo.ie

Data Protection

Gillmor Pensions and Investments 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. The 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. 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 would like to receive to receive such marketing information please complete the permission statements contained in the Terms of Business acknowledgement letter attached.

We may receive referrals from such firms and may advise them of any transactions arranged for you. 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. Please contact us at hello@gillmor.ie if you have any concerns about your personal data.

E-mail communication and the internet

We value the environment and wish to reduce the amount of paper we use and so endeavour to communicate with you by means of electronic communication (as defined in the Electronic Commerce Act 2000) whenever possible. Despite our best efforts to ensure security by using the most up to date security processes, electronic communication may be corrupted and may not be either private or secure and, as with other means of delivery, there is a risk of inadvertent misdirection or non-delivery.

It is your responsibility to carry out a virus check on electronic communication and attachments. While we take reasonable steps to ensure the integrity of our data transmission systems, we cannot guarantee that our communication will be free from infection.

Compensation Schemes/Client Protection

We are members of the Investor Compensation Company Limited (ICCL) established under the Investor Compensation Act 1998. This legislation provided for the establishment of a Compensation Scheme for the payment, in certain circumstances, of compensation to certain clients of firms (known as eligible investors) covered by the Act. In the event that a right to compensation has been established, the amount payable is 90% of your loss or €20,000 (whichever is the lesser). Gillmor Pensions and Investments Limited also holds a significant level of Professional Indemnity Insurance.

Anti-Money Laundering

The company reserves the right to request information which it reasonably believes it needs to know in order to comply with the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 as amended. From time to time, we may ask customers to confirm (or reconfirm) their identity in order to comply with the Anti-Money Laundering requirements.