David Peavoy t/a Peavoy Financial Planning

These terms of business set out the general terms under which the above will provide insurance and investment business services to you and the respective duties and responsibilities of both the firm and you in relation to such services. Please ensure to read these terms thoroughly and if you have any queries, please contact our office and we will be happy to clarify any queries you may have.

Authorisation with the Central Bank of Ireland

David Peavoy t/a Peavoy Financial Planning (C49286) is regulated by the Central Bank of Ireland as an insurance intermediary registered under the European Communities (Insurance Mediation) Regulations, 2005, 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 on www.centralbank.ie to verify our credentials.

Codes of Conduct

David Peavoy t/a Peavoy Financial Planning. 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.

Our services

David Peavoy t/a Peavoy Financial Planning is a member of Brokers Ireland and the Life Insurance Association (LIA).  Our principal business is to provide advice and arrange transactions on behalf of clients in relation to life and pensions products.  A full list of insurers & product producers with which we deal are listed below.

Fair Analysis

The concept of fair analysis is derived from the Insurance Mediation Directive.  It describes the extent of the choice of products and providers offered by an intermediary within a particular category of life assurance 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 a client’s needs. 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 share of that 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 that deal with brokers,
  • The market share of each of these 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,
  • Cost, and
  • Any other relevant consideration.

Life & Pensions/Deposits & Investments

David Peavoy t/a Peavoy Financial Planning provides 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 & 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 & 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.

Disclosure of Information

Any failure to disclose material information may invalidate your claim and render your policy void.

David Peavoy t/a Peavoy Financial Planning is remunerated by commission & other payments from product producers on the completion of business.  You may choose to pay in full for our services by means of a fee.  Where we receive recurring commission, this forms part of the remuneration for initial advice provided.  We reserve the right to charge additional fees if the number of hours relating to on-going advice/assistance exceeds 3 hours. In certain circumstances, it will be necessary to charge a fee for services provided.  These are listed below for Life, Pensions, Investments and Standard PRSAs.  In other circumstances where fees are chargeable or where you choose to pay in full for our service by fee, we will notify you in writing in advance and agree the scale of fees to be charged if different from fees outlined below. If we receive commission from a product provider, this may 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 firm unless an arrangement to the contrary is made.

Life, Pensions & Life Wrapped Investment Fees

You may elect to deal with us on a fee basis. It is common to distinguish on the basis of the seniority of the person and between the Principal and support staff.

Principal:€200 per hour
Support Staff:€50 per hour
(Minimum case fee €750)

Additional fees may be payable for complex cases or to reflect value, specialist skills or urgency, our scale of fees for such cases range from a minimum of €150 per hour to a maximum of €200 per hour.  We will notify you in advance and agree the scale of fees to be charged.

Personal Retirement Savings Accounts (PRSAs) – Fees

Where advice is requested for PRSAs, the following hourly fees will apply:

Principal:€200 per hour
Support Staff:€50 per hour

Additional fees may be payable for complex cases or to reflect value, specialist skills or urgency.  We will notify you in advance of providing you with these services, our scale of fees for such cases range from a minimum of €150 per hour to a maximum of €200 per hour.  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.

Regular Reviews

It is in your best interest that you review, on a regular basis, the products which we have arranged for you.  As your circumstance 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 of this in writing before providing you with any service.  A full copy of our conflicts of interest policy is available on request.

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.

Complaints

Whilst we are happy to receive verbal complaints, it would be preferable that any complaints are made, in writing. We will acknowledge your complaint within 5 business days and we will fully investigate it.  We shall investigate the complaint as swiftly as possible, and, the complainant will receive an update on the complaint at intervals of not greater than 20 business days starting from the date on which the complaint was made.  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.

Data Protection

David Peavoy t/a Peavoy Financial Planning 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 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 insurance, investment pension and any other services provide 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 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 GPDR that our office holds about you and to have any inaccuracies in that information corrected. Please contact us at ei.la1558746391icnan1558746391ifyov1558746391aep@d1558746391ivad1558746391 if you have any concerns about your personal data.

Compensation Scheme

We are members of the Investor Compensation Scheme operated by the Investor Compensation Company Ltd.

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 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 you can contact the Investor Compensation Company Ltd on (01) 2244955.

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.

Terms of Business

effective from 3rd January 2018

APPENDIX ONE
List of Product Producers – Life & Pensions
  • Irish Life Assurance Plc.
  • New Ireland Assurance Company Plc.
  • Aviva Life & Pensions Ltd.
  • Royal London
  • Wealth Options Ltd.
  • BCP Asset Management Limited
  • Zurich Life Assurance plc.
  • Friends First Life Assurance Company Ltd.
  • Standard Life Assurance Company
  • J & E Davy
  • Harvest Financial Services Limited
  • Cantor Fitzgerald

 

 

Financial Services Ombudsman

3rd Floor, Lincoln House,
Lincoln Place,
Dublin 2
Lo Call: 1890 88 20 90
Tel:+3531 6620899
Fax:+353 1 6620890
Email: ei.na1558746391msdub1558746391molai1558746391cnani1558746391f@sei1558746391riuqn1558746391e1558746391

Pensions Ombudsman

36 Upper Mount Street
Dublin 2
Tel: +353 1 6471650
Fax:+353 1 6769577