McCann Financial Consultants Ltd
T/A O’Sullivan Financial Solutions
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.
Authorisation with the Financial Regulator
McCann Financial Consultants Ltd T/A O’Sullivan Financial Solutions is regulated by the Central Bank of Ireland as an insurance intermediary registered under the European Communities (Insurance Mediation) Regulations, 2005.
McCann Financial Consultants Ltd T/A O’Sullivan Financial Solutions is also regulated by The Central Bank of Ireland as an investment business firm under section 26 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 The Central Bank of Ireland on 1890 307607 or alternatively visit their website at www.centralbank.ie
For the Purpose of Brevity McCann Financial Consultants Ltd T/A O’Sullivan Financial Solutions will be termed O’Sullivan Financial Solutions throughout this document.
Our principal business is to provide advice and arrange transactions on behalf of clients in relation to life assurance, investment & pensions products. A full list of insurers and product producers with which we deal is available on request.
Life & Pensions and Investments
We can provide advice in relation to products for which we hold an agency, and can place business on your behalf with those product producers. O’Sullivan Financial Solutions can provide advice on and arrange products from the following range: life cover, serious illness cover, income protection, savings, investments and pensions.
With your agreement, we may review the policies you take out on a periodic basis to ensure that you are kept informed as to their benefits and to check whether they are still suitable for 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. It is however, 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 Income Protection and Serious Illness policies.
When providing advice, we do not consider the adverse impacts of investment decisions on sustainability and we do not intend to consider such impacts in the future.
Disclosure of Information
Any failure to disclose material information may invalidate your claim and render your policy void.
Fees & Commissions
O’Sullivan Financial Solutions is remunerated by commission and other payments from product producers on the completion of business.
When assessing products, we will consider the different approach taken by product providers in terms of them integrating sustainability. This will form part of our analysis for choosing a product provider.
On occasion O’Sullivan Financial Solutions will also add “trail commission” to certain investment products. This is an on-going commission paid to O’Sullivan Financial Solutions by the investment company. This form of commission is paid in exchange for on-going service and advice in relation to the investment.
McCann Financial undertakes to outline the service provided to each client who is being charged trail commission.
In certain circumstances, it will be necessary to charge a fee for services provided. In circumstances where fees are chargeable, we will notify you in advance and agree the scale of fees to be charged.
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.
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.
O’Sullivan Financial Solutions is a Data Controller and Data Processor and complies with the General Data Protection Regulation and the Irish Data Protection 2018.
O’Sullivan Financial Solutions 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 accountable with the GDPR in relation to not only processing your data but ensuring you understand your rights as a client.
The data will be processed only in ways compatible with the purposes for which it was given and as outlined in our Data Privacy Notice, this will be given to all clients at the time of data collection.
We will ensure this Privacy Notice is easily accessible. Please refer to our website www.osullivanfinancial.ie. If this medium is not suitable we will ensure you that you can easily receive a hard copy by post.
Please contact us at www.osullivanfinancial.ie if you have any concerns about your personal data.
Consumer Insurance Contracts Act
A consumer may cancel a contract of life insurance, by giving notice in writing to the insurer within 30 days after the date you were informed the contract was in cover. The insurer cannot impose any costs on the consumer other that the cost of the premium for the period of cover.
This right to cancel does not apply where, in respect of life insurance the contract is for at duration of six month or less.
The consumer is under duty to pay their premium within a reasonable time, or otherwise in accordance with the terms of the contract of insurance.
A court competent jurisdiction can reduce the pay-out to the consumer where they are on breach of their duties under the Act, in proportion to the breach involved.
An insurer may refuse a claim made by a consumer under a contract of insurance where there is a change in the risk insured, including a described in an “alteration of risk” clause, and the circumstances have so changed that is has effectively changed the risk to one which the insurer has not agreed to cover.
Any clause in a contract of insurance that refers to a “material change” will be interpreted as being a change that takes the risk outside what was in the reasonable contemplation of the contracting parties when the contract was concluded.
The consumer must notify the insurer of a claim within a reasonable time, or otherwise in accordance with the terms of the contract of insurance.
If a consumer becomes aware after a claim is made of information that would either support or prejudice the claim, they are under a duty to disclose it. (The insurer is under the same duty).
If the consumer makes a false or misleading claim in a material respect (and knows it to be false or misleading or consciously disregards whether it is) the insurer is entitled to refuse to pay and to terminate the contract.
Where an insurer becomes aware that a consumer has made a fraudulent claim, they may notify the consumer advising that they are voiding the contract of insurance. It will be treated ad being terminated from the date of submission of the fraudulent claim. The insurer may refuse all liability in respect of any claim made after the date of the fraudulent act, and the insurer is under no obligation to return any of the premiums paid under the contract.
We are members of the Investor Compensation Scheme operated by the Investor Compensation Company Ltd. See below for details.
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
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) 410 4955.
Donal O’Sullivan QFA