| These
terms of business set out the general terms under which Monitum firm 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 thoroughly and if you have any queries,
please contact Nick Mc Grane
who will be happy to clarify any queries
you may have.
Firm name and contact details: Monitum
Ltd.
Address: 17 Faughart Terrace, Dundalk, Co Louth
Tel: (1890) 733863
Fax: (042) 9357534
Email: Nick.McGrane@monitum.com
Regulatory Status with the Financial Regulator
Monitum is regulated
by the Financial Regulator Authority. We refer you to our Statement
of Authorised Status. Our Financial Regulator's numbers are 8154 and
for mortgages A002724; you can verify our regulatory status by phoning
the Financial Regulator at (01) 434 4000.
Our
Services
Monitum Ltd
is an Insurance Broker and Mortgage Intermediary, and is a member of the
Professional Insurance Brokers Association (PIBA). Insurance Brokers must
be in a position to place insurance with at least five Insurers of the
relevant form (life/non-life) and therefore can give consumers greater
choice than agents and tied agents. We hold written appointments from
the product producers set out in appendix 1 to this document.
Life & Pensions
Life Assurance companies provide products such as Lifecover, Serious Illness
cover, Income Protection, Savings, Investments and Pensions. Depending
on your individual circumstances, we may provide you with advice in relation
to the nature of these products and which product may be suitable for
your needs. You may however wish to focus our advice on areas of particular
interest to you. We can give you a choice of different life and pension
products from the Insurers listed in appendix 1 and, on your instruction,
we can receive and transmit orders for such products on your behalf to
these Insurers. With your agreement, we may review the policies you take
out on a periodic basis to ensure you are kept informed as to their benefit
and to check whether they are still suitable for your needs. We will also
provide assistance to you for any queries you may have in relation to
the policy or in the event of a claim during the life of the policy.
Alternatively you
may wish to proceed on an execution only basis. This is where you are
aware of the product you require and you do not want advice. A separate
risk warning disclosure must be signed in this case.
Commission
and Charges
Monitum Limited is remunerated by commission and other payments from the
completion of business with the product producers listed in appendix 1.
In certain circumstances where fees are chargeable, we will notify you
in advance.
It is the policy of
Monitum Ltd to reduce or refund a substantial part of these commissions
where possible to provide better value to our clients.
Execution only business
will usually be conducted on a fee basis with the product being set up
on a nil commission basis.
These fees are reviewed
regularly and from time to time Monitum Ltd will offer "specials"
on various products. At all time you will be advised of the current fee
or commission structure.
Mortgages
With the commission from mortgages we will further enhance the customer
offering. Payments received will be in the order of 0.325% to 0.65% of
the amount borrowed.
Conflicts
of interest
It is the policy of our firm to avoid conflicts of interest in providing
you with insurance and investment business services. If this is not possible,
we will notify you in writing in advance of completing such services.
Default
on payments by clients
Our firm will exercise its legal rights to, receive payments due to it
from clients for investment business services provided and, in recovering
any commissions rebated to clients that are now being clawed back from
Monitum by an insurer. 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.
Insurers and other product producers may withdraw benefits or cover in
the event of default on payments due under polices 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 would ask that you make any complaint in relation to investment business
services against our firm in writing. We will acknowledge your complaint
within 14 days and we will fully investigate this. On completion of our
investigation, we provide a written report to you on the outcome of this
investigation. 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 Regulator. A full copy of our complaints procedure is
available on request.
Compensation
Scheme
We would remind you that it is not within our terms of authorisation to
accept cash or negotiable instruments accept where an Insurer indemnity
applies. For your added protection, we are members of the Investor Compensation
Scheme operated by the Investor Compensation Company Ltd - see appendix
2 for details.
Appendix 1: List of Product Producers
Life & Pensions
| Aviva |
Irish Life |
|
Caledonian
Life |
New
Ireland |
|
Canada
Life |
Standard
Life |
| Friends
First |
Zurich |
Mortgages and Stockbroking
National Mortgage
Services Ltd (who hold the following agencies)
| AIB |
ICS |
| Bank of Scotland |
IIB Home Loans |
| EBS |
Irish Nationwide |
| First Active |
Permanent
TSB |
| GE Money |
Ulster Bank |
| |
|
|
|
Campbell O'Connor
Government Stockbrokers |
Merrion
Stockbrokers |
| IIB Bank |
|
Appendix 2: 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 and Monitum Ltd is a member of this scheme (Financial Regulator
reference number 8154).
Compensation may be
payable where money or investment instruments owed or belonging to clients
and held, administered or managed by Monitum Ltd cannot be returned to
those clients for the time being, and there is no reasonably foreseeable
opportunity of Monitum Ltd 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 Monitum Ltd is not in a position to return client money or investment
instruments owned or belonging to the clients of Monitum Ltd; 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, 1988; or
- compensation of
up to €20,000.
For
further information contact
the Investor Compensation Company Ltd
at (01) 434 4000. |
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