Terms of Business

Terms of Business

These terms of business set out the basis on which Gammell Financial Services Limited will provide business services to you as a client of the firm.  Please take a few minutes to read through these and should you have any queries we would be happy to deal with them.  Should we make any material changes to our terms, we will advise you in advance of providing any further services to you.  The effective date of these terms of business is 17/08/2022.

 Authorised Status

Gammell Financial Services Limited is regulated by the Central Bank of Ireland.  Our authorisation can be checked on the Central Bank of Ireland registers website at www.centralbank.ie or by calling them on 1890 777 777 to verify our credentials. Our reference code is C642. We are also subject to the Consumer Protection Code, Minimum Competency Code and Fitness & Probity Standards which offer protection to consumers. These Codes can also be found and verified on the Central Bank’s website.

 

Services

Gammell Financial Services Limited are an Insurance Investment and Mortgage Credit Intermediary.  Our principal business is to provide advice to our clients in relation to Life, Pensions, Investments, Deposits and Mortgage products.  We are not under a contractual obligation to conduct Insurance distribution business exclusively with one or more Insurance Undertaking and do not give advice on the basis of a fair and personal analysis.  We are a member of Brokers Ireland.  We do however provide advice from the selection of products from the Companies and Lenders we have agencies with.  We recommend the product that, in our professional opinion, is best suited to your needs and objectives from this selection of products.

As part of the process when giving our client’s advice on Investments we will need to gather information with regards your investment Knowledge and experience, if this information is not provided we will not be in a position to determine whether the product is appropriate for you.  We have agencies with the following companies:

Life & Investments	Mortgages
Aviva Life & Pensions Ireland DAC	Brokers Ireland Network Services Limited
Blackbee Investments Ltd	Dilosk Dac
Cantor Fitzgerald Ireland Ltd	KBC Bank Ireland plc
Independent Trustee Co Ltd	Permanent tsb plc
Irish Life Assurance plc	Seniors Money Mortgages DAC
New Ireland Assurance	Finance Ireland Credit Solutions DAC
Royal London
Standard Life Assurance	Deposits
Zurich Life Assurance	Permanent tsb plc
Residential Reversions Ltd t/a Home Plus	KBC Bank Ireland plc
	Investec Bank plc

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. Where the creditor is unable to carry out an assessment of creditworthiness because the consumer chooses not to provide the information or verification necessary for an assessment of creditworthiness, the credit cannot be granted.

 

Remuneration Policy

We receive commission from the various Financial Institutions for the business you transact, the details of which will be given to you prior to you completing business with us. However, should you wish to pay for service by way of fee in lieu of commission, this option is available to you. If we receive commission from a product provider, this may/will be offset against the fee which we will charge you. Where the commission is greater than the fee due, the commission may become the amount payable to the firm unless an arrangement to the contrary is made. Where we receive recurring commission from the product producer which will be outlined prior to affecting your policy, we will provide an on-going service to you for that policy, we will send you an annual update on your investment business as part of this service.

We may receive up to 1% (or whatever maximum is applicable) of the loan for arranging mortgage finance from the companies we have agencies with. The actual amount of commission will be disclosed in the ESIS (European Standardised Information Sheet) which will be forwarded to you. The information on the various levels of commission payable by creditors providing credit agreements being offered is available on request. We charge a fee of €100 for each mortgage application. In cases where the Loan amount is less than €100,000 and or where additional paperwork is required an arrangement fee may be charged. A full schedule of our fees is on display in our offices and on our website.  In respect of Applications where a fee is charged, full details of such fee will be discussed and totally agreed with the client prior to the commencement of any application.

If by investing in sustainable investment products there are any differences in charges etc., we will advise you of this in advance of advising you on your investment.

A summary of the details of all arrangements for any fee, commission, other reward or remuneration paid or provided to us by the product producers” is available on our website. If you need further explanation on this information, please do not hesitate to call us.

Conflict of Interest

It is our policy to avoid any conflicts of interest when providing business services to our clients.  However, where an unavoidable conflict may arise we will advise you of this in writing before providing any business service.  If you have not been made aware of any such conflict you are entitled to assume that none arises. As above we receive commission for your business from the Financial Institutions we have agencies with.

Disclosure of Information

We act as your representative to the companies we have agencies with and 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. Material information about medical history, non-smoker status, occupation category and any hazardous pursuits are central to underwriting decisions and it is imperative that all information you provide to the insurer is accurate and complete.

You are under a duty to answer all questions posed by the insurer or ourselves on your behalf, honestly and with reasonable care.

It is presumed, unless the contrary is shown, that the you would know all questions in an application or at renewal is material to the risk undertaken by the insurer or the calculation of the premium by that insurer, or both.

Any failure to disclose material information may invalidate a claim and render your policy void. You must inform and disclose any material information including any material changes that might take place between the time you complete an application form and the time your pay the first premium. To assist us in providing you with a comprehensive service and to keep our records as up-to date as soon as possible, please notify us of any changes to your personal circumstances, e.g. name change, change of address, etc.

 

Sustainable Investing 

We will consider adverse impacts of investment decisions on sustainability factors in our investment and insurance-based Investment advice.

We will gather your preferences of Sustainable Investing and build them into our Statement of Suitability for you. Ultimately, it is the Product Producers we have agencies with that build the Investment Products we advise on, and it will be their documentation we are relying on when advising you on Sustainable investments.

All information re Sustainable Finance Disclosures will be adhered to by the Product Producers and their brochures and documents will outline their disclosures.

Complaints Procedure

We care about our clients and believe in long term relationships by providing quality products combined with a high standard of service. If it should happen that you have cause for a complaint, please contact us by phone, email, face to face or by post to:

Lorna Gammell,
Gammell Financial Services Limited,
63/64 Main Street,
Arklow,
Co. Wicklow.

If your complaint is face to face or by phone we will write to you to confirm our understanding of your complaint. We will acknowledge your complaint within 5 business days, advising you of the name of the person dealing with your complaint on behalf of the company.  If in the event, a complainant is dissatisfied with the outcome of our investigation, you are entitled to refer the matter to the Financial Services & Pensions Ombudsman, 3rd Floor, Lincoln House, Lincoln Place, Dublin 2, Lo call 01 5677000 email info@fspo.ie. A copy of our complaints procedure is available on request.

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 change. Please 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 in appropriate investments.

Defaults on payments by clients

We will exercise our legal rights to receive payments due to us from clients (fees) for services provided. Product producers may withdraw benefits or cover in the event of default on payments due under policies of insurance or other products arranged by 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.

Investor Compensation Scheme

The Investor Compensation Company Limited (ICCL) was established under the 1998 Act to operate such a compensation scheme and we are 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 clients money or investment instruments owned or belonging to the clients of the firm; and To the extent that the client’s loss is recognized 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 Limited at (01) 410 4955.

Data Protection

Gammell Financial Services Limited will process and hold (on computer or paper) all information disclosed by you or on your behalf or in conjunction with any application made by you (or subsequently); include sensitive personal data for the purpose of provision of Financial Services to the Companies we have agencies with. You have the right at any time to request a copy of any personal data we may hold about you. We are subject to the requirements of the General Data Protection Regulation 2018 and the Irish Data Protection Act 2018.  The data will be processed only in ways compatible with and for the purpose for which it was given.

Client Monies

Gammell Financial Services Limited issue receipts for each payment received. All cheques or negotiable instruments are to be made payable to the appropriate Financial Institution/Product Provider. Every effort is made to ensure that clients’ money is transmitted to the appropriate Financial Institution/Product Provider without delay.

The acceptance by Gammell Financial Services Limited of a completed proposal DOES NOT in itself constitute the effecting of a policy. It is only when the Insurer confirms the policy is in place.

 

Credit Policy

We regret that credit cannot be extended to clients in respect of premiums, initial, renewal or additional.  Initial or first premiums must be paid at inception of cover and renewal premium before the policy renewal date.  Otherwise we will advise the insurance undertaking or the product provider involved and cover will be cancelled with immediate effect.

Governing Law and Business Succession

These Terms of Business shall be governed by and construed in all respects according to the laws of the Republic of Ireland and will be deemed to cover any successors in business to Gammell Financial Services Limited.

 

You have signed an acknowledgement confirming that you have received this Terms of Business and our Privacy Notice. You have also confirmed that you are allowing Gammell Financial Services Limited to gather, retain and use your personal, sensitive and financial information in order for them to process the product / service required.