Terms of Business

These Terms of Business applicable from 20/05/2024 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	Quest Retirement Solutions Ltd
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
Premier Benchmark Property Ltd t/a Greenman Investments

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;

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.

Sustainability Factors- Investments/IBIPs/Pension Advice

We take due care so that our internal remuneration policy with respect to investment or insurance advice on insurance-based investment products (‘IBIPs’) promotes sound and effective risk management in relation to sustainability risks and does not encourage excessive risk‐taking with respect to sustainability risks.

Fees

You may elect to deal with us on a fee basis. The hourly rate is €150-€400 depending on level of advice and service you require. Fees will be charged for our 1 hour initial consultations.

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.)

A schedule of fees will be made available on our website.

Clawback

If we receive commission from a product provider but the commission is subsequently clawed-back by the provider because of early encashment by you or because of the transferring of the assets or business to another provider or in any circumstances consequent on your actions or omissions, we will charge a fee to you that is equal to 100% of the clawed-back commission. That fee will be owing in simple contract upon the claw-back of the commission.

Mortgage Fees

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 2% of the mortgage value depending on the complexity of the case. This will be advised to you in advance or advised during the course of the review if the case becomes complex. This fee is non-refundable. This is not in any way an indication of mortgage/loan approval. 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 €500 and 2% of the approved amount depending on the complexity of the case.

A schedule of fees will be made available on our website.

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.

Ongoing Suitability

Our services do not include ongoing suitability assessments unless directly requested by you.

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 Clients’ Compensation and Membership Benefits Scheme (BIC)

We are also members of the Brokers Ireland Clients’ Compensation and Membership Benefits Scheme (BIC). 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.

DECLARATIONS

I/We acknowledge that I/We have been provided with Terms of Business and Data Privacy Notice for Oaktree Financial Services Ltd and confirm that I/We have read and understand them.

DIRECT MARKETING

I/We consent to Oaktree Financial Services Ltd making contact with me/us in relation to the range of services they provide or their associated or partnership companies which they feel may be of interest to me/us and to the sharing of relevant information.

Oaktree Financial Services Ltd will still be allowed to contact you in relation to the business you have been advised on, even if you opt out of marketing material. You have the right to be removed from our marketing lists in the future, by contacting us and requesting same.

We may also use automated data processing or profiling to allow us to give you quotes etc, and for marketing purposes, by signing these terms of business you are also agreeing to us using these systems on your data.

DATA PRIVACY NOTICE

Our principal business is to provide advice and arrange transactions on behalf of clients in relation to Life, Pensions, Investments, Deposits and Mortgages. We provide our services from the selection of products provided by the Companies we have agencies with. We recommend the product that, in our professional opinion, is best suited to you. In providing this service to you we will need to obtain personal information from you the following outlines how we deal with this information and how it is used. Any questions or concerns you have can be addressed to us directly.

This Privacy Notice sets out the bases on which we gather, use, process and disclose any Personal Data we collect about you, or that you provide to us.

This Privacy Notice applies to you, whether you are a current, past or prospective customer. It also applies to third parties whose Data you provide to us in connection with our relationship with you (for example, the names of relatives). Please ensure that you provide a copy of this Privacy Notice to any third parties whose personal data you provide to us.

Who controls your Personal Data and how can you contact them?

We control your Personal Data to allow us to give you advice and recommendations on your financial affairs, your data is then passed on to the relevant company/companies we have agencies with by way of application forms, by post email or through their secure websites online.

Data we may collect about You

In order for us to give you a recommendation and information on financial products, we need to collect and process personal information about you. If you do not provide the information we need, we may not be able to offer you advice or provide our services to you. The types of personal data that are processed may include:

Individual details – Name, address (including proof of address), other contact details (e.g. email and telephone numbers), gender, marital status, date and place of birth, nationality, employer, job title and employment history, and family details, including their relationship to you.
Financial detail – full details on any debts, loans assets you may own.
Identification details – Identification numbers issued by government bodies or agencies, including your PPS Number, passport number, tax identification number

Special Categories of Personal Data

Health information which has additional protection under Data Protection Law. We do not process health information other than hold the information on application forms you have filled in. The Life Insurers process and control your health data to allow them to underwrite your policy or decide decline cover, they may have further information they have obtained with your approval from your doctor, but we are not privy to this information.
Claims information – information you give us with regards claims you notify us about or ask for help on.
Policy Information – Information about the quotes you receive and policies you take out

Where We May Collect Your Personal Data From

We may collect your personal data from various sources, including, but not limited to, You, Your employer or representative, Life Companies we have agencies with, any other records you have or had any other contracts of insurance with or sought a quote from a us on that is under our agencies, otherwise we will need a letter of authorisation from you to allow us contact other companies on your behalf. When you visit our website and input a request for us to contact you.

Which of the above sources apply will depend on your particular circumstances and the product or service you are interested in or your enquiry relates to.

Legal Bases for Processing Your Information.

We will only use your Personal Data for lawful reasons. These are: –

The use is necessary for the performance of a contract to which you are a party or in order to take steps at your request prior to entering a contract (such as providing a recommendation).
The use is necessary to comply with our legal obligations.
You have consented to us using your information in such a way.
The use is necessary for the purpose of our legitimate interests.
The use is necessary for the performance of a task carried out in the public interest, such as assisting a regulatory authority’s investigation of a criminal offence

The Purpose of Processing Your Information.

To give you information on and provide you with recommended financial products.
Disclose data to policyholder, life assured, beneficiary, trustee, assignee, successors, group company or to other parties.
To comply with legal and regulatory requirements including Anti-Money Laundering and Sanctions compliance.
To understand how people, interact with our websites (if applicable).
To carry out and determine the effectiveness of advertising, and of marketing campaigns.

Who we share Your Information with:

In order to provide our services and to comply with legal obligations imposed on us, we may share your information with:

Pension Trustees, & beneficiaries of Pensions & other Financial Products, Relatives & guardians, (in certain circumstances and within the law).

Employers – past, present and prospective.

Legal, financial, investment, medical, & other professional advisors in the process of submitting your application.

Companies we may outsource our printing and posting to.

Businesses that refer your business to us.

Any business which we are required by law to share the information with, ie compliance resource companies.

Database provider (all data encrypted).

The Pensions Authority.

Stockbrokers we have agencies with.

Insurance and Assurance companies, we have agencies with.

Investment Companies we have agencies with.

Lenders.

An Garda Síochána.( Anti Money Laundering).

Central Bank of Ireland. We are authorised by Central Bank and they have the right to inspect our files.

The Financial Services Ombudsman. In the event of a complaint.

Data Protection Commissioner.

The Revenue Commissioners (relating to pensions and DIRT).

How long do we keep Your Information?

When providing products to you it may be necessary to retain your information for an extended period of time. We keep your information for as long as required by law for the purpose that you gave it to us for. As a general rule for legal and best practice reasons we are required to keep your information for 6 years after the date on which our relationship with you ends.

Your Rights to Access, Transport, Correct, Delete and Restrict the Use of Your Personal Data.

You have the right to access a copy of your Personal Data which we hold on you. In the case of Personal Data, you provided to us to process on the basis of your consent or for automated processing, you have the right to have it provided in a commonly used electronic format to you or to another Data Controller (subject to applicable Data Protection Law). If you would like a copy of your Personal Data, please contact us. Your request will be dealt with as quickly as possible and in any event within a month for us to respond. If at that stage, we are unable to provide the data you require (due to the complexity or number of requests) we may extend the period to provide the data by a further two months but shall explain the reason why. There is no charge for the request for your data, but it must be in writing, fax, email or text message.

Correcting Your Personal Data:

You have the right to have your Personal Data corrected if you feel we have incorrect data held on you.

Deleting Your Personal Data:

Subject to any overriding legal obligation requiring us to retain it, you have the right to have your Personal Data deleted, however erasing your information may make it difficult or impossible for us to give you information on, provide you with, or administer our financial products. If you want your information deleted, please contact us.

Restricting our use of your Personal Data

You have the right to restrict our use of your Personal Data in certain circumstances. If you wish to exercise your rights in this regard, please contact us.

Automated/Profiling Decision Making.

Where we use automated decision-making, you will always be informed & you will be entitled to have a person review the decision so that you can contest it and put your point of view and circumstances forward. Eg. When we produce quotes for the business you are contacting us about. When we want to market to you, we may run a program which allows us to identify certain criteria of clients (all those with that fit within a certain criteria for example).

Your Right to Object and Withdraw your Consent to Data Processing

Where our lawful basis for processing your Personal Data is based on our legitimate interests, you have the right to object. You also have the right to withdraw your consent to any processing at any time. However, if we cannot process your data it may make it difficult, impossible or unlawful for us to give you information on, provide you with, advice on financial products. If you want to object or withdraw your Consent to processing, please contact us.

Your Right to Make a Complaint

If you are dissatisfied about the way, we handle your Personal Data please contact us. We will do our best to address your concerns swiftly and resolve any issues you have. You have the right to complain to the Office of The Data Protection Commission, Canal House, Station Road, Portarlington, Co. Laois, R32 AP23. www.dataprotection.ie Tel.: +353 (0)761 104 800. Fax: +353 57 868 4757. E-Mail: info@dataprotection.ie

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. CorkRegistered No: 485462. Directors: Norma Fitzgibbon Godwin, Tracy Sumstad and Adrian Godwin. Phone: 025 30588. info@oaktreefinancial.ie