Terms of Business
TERMS OF BUSINESS
These Terms of Business applicable from 17/8/2022 and set out the general terms under which we will provide business services to you and the respective duties and responsibilities of both ourselves 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 and Codes of Conduct
Oaktree Financial Services Limited trading as Oaktree Financial Services, Oaktree Mortgage Services, Oaktree Insurance, Oaktree Mortgages is regulated by the Central Bank of Ireland. We are subject to the Consumer Protection Code, Minimum Competency and Fitness and Probity standards. 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 and review these codes.
Our Services
Oaktree Financial Services Limited are an Insurance, Investment and Mortgage Credit Intermediary. Our principal business is to provide advice and arrange transactions on behalf of clients in relation to life & pensions, deposits, mortgages and general insurance products. We are not under a contractual obligation to conduct Insurance distribution business exclusively with one or more Insurance Undertakings and do not give advice on the basis of a fair and personal analysis, we do however provide advice from the selection of products provided by the Companies and Lenders we have agencies with. We recommend the product that, in our professional opinion, is best suited to your needs and objectives from this selection of products.
As part of the process when giving our clients advice on Investments we will need to gather information with regards your investment knowledge and experience, if this information is not provided, we will not be in a position to determine whether the product is appropriate for you.
A list of Life Companies we deal with as follows:
| Life, Pensions and Investment Companies | |
| Aviva Life & Pensions Ireland DAC | Newcourt Retirement Fund Managers Ltd |
| BCP Asset Management DAC | New Ireland Assurance Company plc |
| Blackbee Investments Ltd | Redmayne Bentley |
| Cantor Fitzgerald Ltd | Pulse Insurance Limited |
| Conexim Advisors Limited | Royal London |
| Independent Trustee Co Ltd | Quintas Wealth Mgt |
| Irish Life Assurance Plc | Wealth Options Ltd |
| MMPI Limited | Zurich Life |
Non-Life
Oaktree Financial Services Limited can provide advice on and arrange products from the following range: travel, gadget, pet, car hire excess, wedding and motor breakdown insurance. We provide general insurance on a limited analysis basis (providing services on the basis of a limited number of contracts with Blue Insurances Limited.
We will also offer assistance to you in relation to processing claims on policies taken out with us and in seeking renewal terms on your cover.
Mortgages
Through the lenders or other undertakings with which we hold an agency, we can provide advice on and arrange mortgage products for our clients. We will need to collect sufficient information from you before we can offer any advice on housing loans. This is due to the fact that a key issue in relation to mortgage advice is affordability. Such information should be produced promptly upon our request. Where the creditor is unable to carry out an assessment of creditworthiness because the consumer chooses not to provide the information or verification necessary for an assessment of creditworthiness, the credit cannot be granted. We provide advice from a limited number of lenders as follows;
- Haven Mortgages;
- Brokers Ireland Network Services Ltd;
- Permanent TSB;
- Diolisk DAC; and
- Finance Ireland Credit Solutions DAC.
Disclosure of Information
We act as your representative to the companies we have agencies with and 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. Material information about medical history, non-smoker status, occupation category and any hazardous pursuits are central to underwriting decisions and it is imperative that all information you provide to the insurer is accurate and complete.
You are under a duty to answer all questions posed by the insurer or ourselves on your behalf, honestly and with reasonable care. It is presumed, unless the contrary is shown, that you would know all questions in an application or at renewal is material to the risk undertaken by the insurer or the calculation of the premium by that insurer, or both.
Any failure to disclose material information may invalidate a claim and render your policy void. You must inform and disclose any material information including any material changes that might take place between the time you complete an application form and the time your pay the first premium. To assist us in providing you with a comprehensive service and to keep our records as up-to date as soon as possible, please notify us of any changes to your personal circumstances, e.g. name change, change of address, etc.
Sustainable Investing
We will consider adverse impacts of investment decisions on sustainability factors in our investment and insurance-based Investment advice.
We will gather your preferences of Sustainable Investing and build them into our Statement of Suitability for you. Ultimately, it is the Product Producers we have agencies with that build the Investment Products we advise on, and it will be their documentation we are relying on when advising you on Sustainable investments.
All information re Sustainable Finance Disclosures will be adhered to by the Product Producers and their brochures and documents will outline their disclosures.
Remuneration
Oaktree Financial Services Ltd are remunerated by commission and other payments from product producers and lenders on the completion of your business. You may choose to pay in full for our services by means of a fee. Where we receive recurring commission from the product producers which will be outlined to you prior to affecting your policy, we will provide an on-going service to you for that policy, we will send you an annual update on your investment business as part of this service. We reserve the right to charge additional fees if the number of hours relating to on-going advice / assistance exceeds 2 hours.
If by investing in sustainable investment products there are any differences in charges etc., we will advise you of this in advance of advising you on your investment.
A summary of the details of all arrangements for any fee, commission, other reward or remuneration paid or provided to us by the product producers” is available on our website. If you need further explanation on this information, please do not hesitate to call us.
Fees
You may elect to deal with us on a fee basis. The hourly rate is €50-€400 depending on level of advice you require.
Additional fees may be payable for complex cases or to reflect value, specialist skills or urgency. We will notify you in advance and agree the scale of fees to be charged. If we receive commission from a product provider, this may 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 us unless an arrangement to the contrary is made. (*Please note the New Business and Renewal standard set up charge is non-refundable.)
Mortgages
We may receive up to 1% (or whatever maximum is applicable) of the loan for arranging mortgage finance. This commission is paid by the mortgage lender. The actual amount of commission will be disclosed at a later stage in the ESIS (European Standardised Information Sheet) which will be forwarded to you. Information on the variation in levels of commission payable by the different creditors providing credit agreements being offered is available on request. Please note that lenders may charge specific fees in certain circumstances and if this applies, these fees will be specified in your Loan Offer. You have the right to pay a fee separately and not include it in the loan. Typically, this situation arises in relation to specialist lending.
We may charge a fee of up to €1,000 for advising on a mortgage application, this fee is non-refundable. This is not in any way an indication of mortgage/loan approval. This fee will be advised to you. If we provide mortgage advice and obtain a Loan Offer for you and you subsequently do not proceed with your mortgage application through us, we will charge you an arrangement fee of between €250 and €1,000 for our services depending on the complexity of the case.
Premium Handling and Receipts
When receiving and transmitting orders in relation to insurance policies we may only accept payment from clients payable to itself where an insurance undertaking has invited renewal of a policy of insurance, or the proposal for insurance has been accepted by an insurance undertaking. In all other instance’s payment must be made out to the Product Provider. A receipt is issued for all monies received. We shall issue a receipt for each non-negotiable or negotiable instrument or payment received. These are issued with your protection in mind and should be stored safely.
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. Please 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.
Conflicts of interest
It is our policy 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. A full copy of our conflicts of interest policy is available on request. As per remuneration details above we receive payment from product providers we have agencies with for your business.
Default on payments by clients
We will exercise our legal rights to receive payments due to it from clients (fees and insurance premiums)) for services provided. 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.
Mortgage lenders may seek early repayment of a loan and interest if you default on your repayments. Your home is at risk if you do not maintain your agreed repayments.
Consequences of Defaulting
Oaktree Financial Services Limited will not be able to pay premiums to insurers which have not been received from clients, with the result that cancellation instructions will be given to insurers in the absence of payment of the premium in full. Insurance premiums not received within 10 business days of the start date of a policy will result in the policy been cancelled.
Complaints
We have a complaints procedure in place which is available on request. Your complaint can be in writing, email, telephone or face to face. If your complaint is face to face or by phone, we will write to you to confirm our understanding of your complaint. We will acknowledge your complaint within 5 business days, advising you of the name of the person dealing with your complaint on behalf of the company. Please address any complaint to Adrian Godwin, 10 Pearse Square, Fermoy, Co. Cork. If in the event, a complainant is dissatisfied with the outcome of our investigation, they are entitled to refer the matter to the Financial Services & Pensions Ombudsman, 3rd Floor, Lincoln House, Lincoln Place, Dublin 2, Lo call 01 5677000 email info@fspo.ie
Insurer Security
We do not and cannot guarantee the financial security of any Insurer. This is a matter for the Regulator in the insurers home country. If you have any concerns about the security offered, please contact us immediately. A current list of all Insurers with whom we hold an agency appointment is outlined above and displayed in our offices.
Your Responsibilities
Insurers now share all claims information on the Insurance Link database. This reports on all claims and will be used by Insurers to verify correct disclosure of claims information. If you fail to disclose any claims information, it may result in the Insurer voiding policy cover from inception and your claim not being paid. In completing a proposal or claim form, or providing other information, by whatever means, relating to an insurance policy, the accuracy of all answers, statements and/or information will be your sole responsibility. It is essential that we are notified immediately of any new claims, or circumstances, which could give rise to a claim. When you notify us, you must include all material facts concerning the claim. The policy wording will describe in detail the procedures and conditions in connection with making a claim. Failure to give notification of any incident or claim may result in claims not being paid. Where you are in any doubt, you should seek our advice.
Cancellation
We reserve the right to cancel your policy in certain circumstances, for example the non-payment of premiums, direct debit default, or misrepresentation/non-disclosure of material facts and relevant information. You, the client, can cancel your policy by notice in writing at any time. Provided that all reasonable Fees & Charges due to Oaktree Financial Services have been paid and provided that no incident giving rise to a claim has occurred in the current period of insurance, you will be entitled to a proportionate return of the premium for the un-expired period of insurance. The exceptions to this general principle are as follows: (1) if the policy is on a minimum and deposit basis, no return will be allowed on the policy and this will be noted on your policy schedule and (3) if you cancel any other form of policy during the first year, short term rates will apply; please see your policy terms & conditions for details. Please note that your Insurer may require you to return your policy documents prior to cancellation.
Data Protection
We comply with the requirements of the Data Protection Regulations 1988-2018. The data will be processed only in ways compatible with the purposes for which it was given. You will be given a separate Data Privacy Notice with these terms of business.
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 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.
Brokers Ireland Compensation Fund
We are also members of the Brokers Ireland Compensation Fund. Subject to the rules of the scheme the liabilities of its members firms up to a maximum of €100,000 per client (or €250,000 in aggregate) may be discharged by the fund on its behalf if the member firm is unable to do so, where the above detailed Investor Compensation Scheme has failed to adequately compensate any client of the member. Further details are available on request.
Oaktree Financial Services Limited trading as Oaktree Financial Services, Oaktree Mortgage Services,
Oaktree Insurance, Oaktree Mortgages is regulated by the Central Bank of Ireland. 10 Pearse Square, Fermoy, Co. Cork
Registered No: 485462. Directors: Norma Fitzgibbon Godwin, Tracy Sumstad and Adrian Godwin. Phone: 025 30588. info@oaktreefinancial.ie
