Terms of Business for Richard Barr T/A Malahide Insurance Shop
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. These Terms of Business are effective from 01/01/2022
Authorisation with the Central Bank of Ireland
Richard Barr T/A Malahide Insurance Shop is regulated by the Central Bank of Ireland as an
Insurance Intermediary registered under the European Communities (Insurance Mediation)
Regulations, 2005; as a Multi-Agency Intermediary and under Section 10 of 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 at www.centralbank.ie
to verify our credentials – our Central Bank reference number is C30360.
Codes of Conduct
Richard Barr T/A Malahide Insurance Shop 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
Our principal business is to provide advice and arrange transactions on behalf of clients in
relation to Life Assurance ,Investments , Pensions and PRSA’s . A full list of insurers, product
producers and lending agencies is listed on the register on the Central Bank’s website.
Richard Barr T/A Malahide Insurance Shop acts as an Independent Broker which means that:
a) the principal regulated activities of the firm are provided on the basis of a fair analysis of
the market; and
b) you have the option to pay in full for our services by means of a fee.
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, general insurance, mortgages, 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.
Richard Barr T/A Malahide Insurance Shop
is regulated by the Central Bank of Ireland
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 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, and
§ any other relevant consideration.
Life & Pensions
Richard Barr T/A Malahide Insurance Shop 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
the 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 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; particularly in relation to PHI and 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.
Richard Barr T/A Malahide Insurance Shop
is regulated by the Central Bank of Ireland
Richard Barr T/A Malahide Insurance Shop is remunerated by commission and 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 20
hours.
In certain circumstances, it will be necessary to charge a fee for services provided. These are
listed below for life, non-life business 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 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 firm unless an arrangement to the contrary is made.
Life Fees
You may elect to deal with us on a fee basis. The following hourly rates apply
Richard Barr €180 per hour
Additional fees may be payable for complex cases or to reflect value, specialist skills or
urgency.
Personal Retirement Savings Accounts (PRSAs) – Fees
Where advice is requested for PRSAs, the following hourly fees will apply:
Richard Barr €180 per hour
Additional fees may be payable for complex cases or to reflect value, specialist skills or
urgency. We will give an estimate of this rate in advance of providing you with services. 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 unless an arrangement to the contrary is made.
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. 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.
Richard Barr T/A Malahide Insurance Shop
is regulated by the Central Bank of Ireland.
Malahide Insurance Shop Agency Appointments.
Zurich Life Assurance plc
Royal London Insurance DAC
New Ireland
Aviva Ireland Life and Pensions Ltd
Irish Life Assurance Plc
Sustainability Factors – (ESG) Investment/ARF/Pension Advice
When providing advice, the firm considers the adverse impact of investment decisions on sustainability. As part of our research and assessment of products, the firm will examine the Product Provider literature to compare financial products and to make informed investment decisions about ESG products. The firm will at all times act in the client’s best interests and keep clients informed accordingly. The consideration of sustainability risks can impact the returns of financial products.
When assessing all insurance-based investment products, we will consider the different approaches taken by product providers in terms of them integrating sustainability risks into their product offering. This will form part of our analysis for choosing a product provider.
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 you of this in writing before
providing you with any service.
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
We ask that you make any complaint against our firm, relating to services provided by us, in
writing. We will acknowledge your complaint within 5 business days and we will fully
investigate it. 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
Richard Barr T/A Malahide Insurance Shop complies with the requirements of the Data
Protection Acts, 1988 and 2003.
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. This information may be passed
to a third party strictly for administration and compliance purposes only.
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 do not wish to receive such marketing
information please tick the box in the Terms of Business acknowledgement letter.
Compensation Scheme
We are members of the Investor Compensation Scheme operated by the Investor
Compensation Company Ltd. See below for details.
Richard Barr T/A Malahide Insurance Shop
is regulated by the Central Bank of Ireland
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 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 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, contact the Investor Compensation Company Ltd. at (01) 224 4955.
I trust all is in order but if you need any information in this Terms of Business clarified
please do not hesitate to contact our offices.
Yours sincerely,
________________________________
Richard Barr T/A Malahide Insurance Shop