Terms of Business Ireland

1 Terms of Business

These Terms of Business set out the general terms under which our firm will provide business services to you and the respective duties and responsibilities of both the firm and you in relation to such services. Please ensure that you read these terms thoroughly and if you have any queries, we will be happy to clarify them. If any material changes are made to these terms, we will notify you.

1.1 Authorisation with the Central Bank of Ireland

Skearney Financial Limited is regulated by the Central Bank of Ireland as an insurance intermediary registered under the European Union (Insurance Distribution) Regulations, 2018, as an investment intermediary authorised under the Investment Intermediaries Act, 1995 as amended.

The Central Bank of Ireland holds registers of regulated firms. You may contact the Central Bank of Ireland on (01) 224 6000 or visit their website at www.centralbank.ie to verify our credentials. (Our reference number is C446485).

1.2 Codes of Conduct

Skearney Financial Limited is subject to the Central Bank’s 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.

1.3 Our Services

Our principal business is to conduct a financial review which can lead to advice and arrange transactions on behalf of clients in relation to Life Assurance, Investments, Pensions, PRSAs. A full list of insurers and product producers which we deal with is available on request.

The principal regulated activities of the firm are provided based on a fair analysis of the market and you pay in full for our services by means of a fee.

1.4 Fair Analysis

Skearney Financial Limited provides life assurance, pensions and investments on a fair analysis basis, i.e. on the basis of a review of a sufficiently large number of products and product producers available in the market to enable us to make a recommendation, in accordance with professional criteria, regarding products that are appropriate to our clients’ needs. The concept of fair analysis describes the extent of the choice of products and providers offered by an intermediary within a particular category of life assurance, general insurance 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, considering the accessibility of information and product placement to intermediaries and the cost of the search.

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 those 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
  • any other relevant consideration
    We will help you with any queries you may have in relation to any policies or investments that we recommend or arrange for you or in the event of a claim during the life of the policy or investment 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 and or investment documents, literature and brochures, including key features documents, and terms & conditions to ensure that you understand the nature of the policy cover; particularly in relation to income protection and specified 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.

Please note that we offer advice on a limited analysis basis for certain investment products offered by investment firms regulated under the MiFID Regulations. A list of these product providers is available on request.

1.5 Sustainability Factors – Investment/IBIPS/Pension Advice

When providing advice, the firm does not consider the adverse impacts of investment decisions on sustainability. The firm will review this approach on an annual basis in January.

1.6 Non-Disclosure of Information

It is important to note that a failure to disclose material, correct, or complete information on a Proposal Form or Statement of Fact may result in an insurer rejecting a claim. Please note it is essential to make full disclosure of relevant facts, including:

a) your medical details or history; and
b) any previous insurance claims made by you for the type of insurance sought.
Failure to disclose all information may result in. Your policy being cancelled and/or claims not being paid.

Therefore, it is your responsibility to read and check that the information recorded on a Proposal Form or Statement of Fact is correct and if there are any errors you must notify us immediately. Otherwise, it will be taken that the information shown has been recorded correctly.

1.7 Advisory and Financial Planning Services

Our advisory and financial planning services are provided to support you in understanding your financial position and exploring potential options that may suit your needs. These services are not regulated financial services as defined by the Central Bank of Ireland. Where regulated products or services are recommended, these will be clearly identified and provided in accordance with the relevant regulatory requirements.

1.7.1 Amvoy Elevation

This is our most in-depth financial planning service that offers continuous support to help you plan, adapt and grow. The minimum fee to complete the full financial review is €3,500(plus vat).

1.7.2 Amvoy Navigation

This service is suitable for clients seeking an understanding of what is required when moving between the US & Ireland. This is a project-based service which ends when you have completed your move. The Navigation service costs €2,500 (plus vat).

1.7.3 Amvoy Foundation

This service caters for clients who wish to get an understanding of their current finances or wish to implement some protection, pension, savings or investment products. The service costs €1,100 (plus vat),

1.7.4 Amvoy Investment

We charge a sliding-scale fee based on Assets Under Management (AUM), which decreases as your portfolio grows. This fee covers not only your investment management but also ongoing financial planning

1.8 Regular Reviews

It is in your best interests that you review your plans on a regular basis, at least annually. You should advise us of changes in your circumstances and request a review of relevant policies so that we can ensure your advice remains suitable.

1.9 Remuneration

Skearney Financial Limited acts as intermediary (Broker) between you, the consumer, and the product provider with whom we place your business. Skearney Financial Limited is remunerated by commission and/or renewal commission from insurers on completion of business.

1.9.1 What is Remuneration?

Remuneration is the payment earned by the intermediary for work undertaken on behalf of both the provider and the consumer. The amount is generally directly related to the value of the products sold.

1.9.2 What is Commission?

Commission is payment that may be earned by an intermediary for work undertaken for both provider and consumer. For complete details, please refer to https://amvoywealth.com/charges/.

1.10 Referral Arrangements

From time to time, we may enter into referral arrangements with third parties such as accountancy firms or professional service providers. Where a Referral Partner introduces a client to us, we may pay remuneration for that introduction. This does not represent an additional cost to you.

1.11 Conflicts of interest

It is the policy of our firm to avoid conflicts of interest in providing services to you. Where an unavoidable conflict arises, we will advise you of this in writing before providing any service.

1.12 Default on payments by clients

Our firm will exercise its legal rights to receive payments due from clients for services provided. Product producers may withdraw benefits or cover in the event of default on payments due under policies arranged for you.

1.13 Complaints

Should we not meet expectations in any way, we will resolve the issue promptly and fairly. Complaints can be submitted to info@amvoywealth.com or in writing. We will acknowledge your complaint within 5 business days, keep you updated at least every 20 business days, and issue a final response within 40 business days. If unsatisfied, you may contact the Financial Services and Pensions Ombudsman.

1.14 Data Protection

Skearney Financial Limited complies with the requirements of the General Data Protection Regulation 2018 and the Data Protection Acts as amended.

Skearney Financial Limited is committed to protecting and respecting your privacy. We wish to be transparent on how we process your data and show you that we are compliant with the GDPR in relation to not only how we may process your data and why but also by ensuring you understand your rights as a data subject.

Details on how we collect, store, and use your data are outlined in our Data Privacy Notice available at www.amvoywealth.com/privacy-statement.

1.15 Investor Compensation Scheme

Skearney Financial Limited are members of the Investment Compensation Scheme operated by the Investors Compensation Company Ltd.

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 authorized 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 cannot 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 recognized for the purposes of the Act.

Where an entitlement to compensation is established, the compensation payable will be the least 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.