TERMS OF BUSINESS
Multi Agency Intermediary
Flanagan Ford Limited of Shell House, Wine Street, Sligo specialise in the provision of Mortgage Services, Life Assurance and General Insurance services to consumers.
Flanagan Ford Limited is regulated by the Financial Regulator as a Multi-Agency Intermediary under the Investment Intermediaries Act, 1995; as a mortgage intermediary authorised under the Consumer Credit Act, 1995 and as an insurance intermediary registered under the European Communities (Insurance Mediation) Regulations, 2005. The Financial Regulator holds registers of regulated firms. You may contact the Financial Regulator on (01) 4104000 or alternatively visit their website on www.financialregulator.ie to verify our credentials.”
Flanagan Ford Limited t/a Flanagan Ford Financial Advisors is regulated by the Financial Regulator. Our regulator number is 8649.
Flanagan Ford Limited offer advice in relation to all aspects of mortgage finance and also in relation to life assurance products (Term Cover, Serious Illness and Permanent Health Insurance) and General Insurance. We also transmit orders on client’s behalf to any of the insurance undertakings or product producers from whom the Company hold letters of appointment. A list of all such entities is contained elsewhere in these Terms of Business.
Flanagan Ford Limited, in the case of life assurance where the firm is not in receipt of commission, will charge a service fee, agreed with clients, depending on complexity of the transaction, time spent and nature and extent of the transaction. . Our fees are charged as follows:
Advisor fees: €150 per hour
Support Staff €65 per hour
Flanagan Ford Limited is in receipt of mortgage commissions from lenders at a rate of up to 1% of the value of the amount borrowed. A list of lenders whom Flanagan Ford Limited hold agencies with is listed in this document.
Where advice or service provided by the firm is in connection with a product (policy) arranged by us and through our agency we may, in addition to the commission receivable from the insurer, charge a fee of up to thirty five per cent of the premium including levy. In determining the fee applicable, factors such as specialist skills, complexity, value, risk, urgency and amount of commission receivable from the insurer will be taken into account. We may also charge a fee up to €50 for mid-term alterations to a policy for time and/or expenses incurred in resolving issues relating to payment clearances. Where we arrange for an external credit finance facility for lcients to assist in premium payment, we will receive up to 2.65% commission.
Conflict of interest:
It is the policy of Flanagan Ford Limited to avoid a conflict of interest when providing services to clients. Where an unavoidable conflict arises we will advise you of this in writing before providing any business services. If you have not been made aware of any such conflict you may assume that none arises.
Flanagan Ford Limited has in place a written procedure for the handling of complaints. This procedure ensures that all complaints are recorded and acknowledged within 5 business days. All complaints are fully investigated and the complainant updated at intervals of not greater than 20 business days. We will attempt to investigate and resolve a compliant within 40 business days.
Flanagan Ford Limited is a member of the Investor Compensation Scheme established under the Investor Compensation Act 1998. The legislation provides for the establishment of a compensation scheme and to the payment in certain circumstances, of compensation to clients of firms covered by the Act. However you should also be aware that a right to compensation would only arise where money or investment instruments held by this company on your behalf cannot be returned either for the time being or for the foreseeable future and where the client falls within the definition of eligible investor as contained in the Act. In the event that a right to compensation is established, the amount payable is the lesser of 90% of the clients loss, which is recognised as being eligible for compensation or €20,000.
Flanagan Ford Limited will accept payments by cheque and cash in respect of all classes of insurance in the circumstances permitted under Section 25G of the Investment Intermediaries Act 1995. Payments must represent premium in respect of either a renewal of a policy, which has been invited by an insurance undertaking or product producer or a proposal accepted by an insurance undertaking or product producer.
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 premiums before the policy renewal date otherwise the Company will advise the insurance undertaking or product producer involved and cover will be cancelled.
Flanagan Ford Limited will issue receipts for each payment received pursuant to Section 30 of the Investment Intermediaries Act 1995, as amended and such receipts will be retained in a safe place.
Flanagan Ford Limited actions in the event of default by the client are:
Product providers are entitled to withdraw benefit or cover on default of any payments due under any products arranged for your benefit. It is therefore critical to the guaranteed continuance of your insurance that your premium is paid in full. Some insurers may include as a term of the insurance a settlement due date or in some cases a warranty under the terms of which the premium must be paid to them by a certain date. We inform our clients of such requirements and the relevant date in good time to allow the payment terms to be met. Failure to comply with the terms of the warranty may mean that the insurers obligation under the policy will be terminated. We will automatically advise you of any payments outstanding on your policy and the consequences of failure to pay premiums.
The following are a list of insurance undertakings and product producers form which letters of appointments are held.
Non Life Insurance Appointments
Life Assurance Appointments
Flanagan Ford Ltd act as deposit agents for the following banks
Bank Deposit Guarantee
Irish Government Bank Guarantee Scheme
What about other deposit-taking institutions?
Banks covered by the Irish Deposit Protection Scheme (max. €100,000)
Banks covered by schemes in other countries
Flanagan Ford Limited, Shell House, Wine Street, Sligo.