Terms of Business

These terms of business set out the general terms under which our firm, Finnegan Insurance Brokers Ltd, 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 and contact us if you have any questions. If any material changes are made to these terms, we will notify you.

Authorisation with the Central Bank of Ireland

Finnegan Insurance Brokers Ltd is regulated by the Central Bank of Ireland as an insurance intermediary authorised under the Investment Intermediaries Act 1995. Copies of our regulatory authorisations are available on request.

Codes of Conduct

Our firm is subject to the Consumer Protection Code, Minimum Competency Code, and Fitness and Probity Standards, which offer protection to consumers. These codes can be found on the Central Bank’s website at www.centralbank.ie, where our credentials can also be verified.

Our Services and Fair Analysis

Finnegan Insurance Brokers Ltd is a member of Brokers Ireland. Our principal business is to provide advice and arrange transactions on behalf of clients in relation to life and pensions and general insurance products. A full list of insurers and product producers with which we deal is available on request.

The principal regulated activities of the firm are provided on the basis of a fair analysis of the market. The concept of fair analysis is based on factors such as:

• The needs of the customer
• The size of the customer order
• The number of providers in the market that deal with the broker
• The market share of each of those providers
• The number of relevant products available from each provider
• The availability of information about the products
• The quality of the product and service provided by the provider
• Cost and other relevant considerations

Remuneration and Fees

We are remunerated by commission paid by product providers and may also charge a brokerage fee for policy set up, renewal, and alterations that may take place during the currency of the policy.

Fees are as outlined below:

• Private & Commercial Motor: Minimum €60 for new business and renewals, maximum €100
• Household: Minimum €50 for new business and renewals, maximum €100
• Other personal insurance products: €60, maximum €100
• Mid-term adjustment: Minimum €45, maximum €100
• Commercial insurance: 10%–20% of premium
• Duplicate documentation: €40
• Letters of driving experience: €40

Clients’ Money

The firm will accept payment in cash, cheque, bank draft, debit card, credit card, or bank transfer in respect of all classes of general insurance in the circumstances permitted under section 25G of the Investment Intermediaries Act 1995. The firm will accept payments by cheque payable to the insurer only in respect of all classes of life assurance. A receipt (Section 30) will be issued for all monies paid.

Return premiums due to clients are remitted within 5 days of receipt in our office.

Life & Pensions

We are remunerated by way of commission paid by the life company (product provider). No additional fees are charged for these services.

Disclosure of Information

Any failure to disclose material information may invalidate your claim and render your policy void. Product producers may withdraw benefits or cover in the event of default on payments under policies of insurance. You should refer to policy documents and product terms for details of these provisions.

Complaints

We will acknowledge your complaint in writing within 5 business days and fully investigate it. We will update you on the progress of your complaint at intervals of not greater than 20 business days from the date on which the complaint is made. On completion of our investigation, we will provide you with a written report of the outcome.

If you remain dissatisfied, you are entitled to refer the matter to the Financial Services and Pensions Ombudsman (FSPO).

Data Protection

We are subject to the requirements of the General Data Protection Regulation 2018 and the Irish Data Protection Act 2018. Finnegan Insurance Brokers Ltd is committed to protecting and respecting your privacy. Data will be processed only in ways compatible with the purposes for which it was given and as outlined in our data privacy notice, which is provided to all clients at the time of data collection.

Compensation Scheme

We are members of the Investor Compensation Scheme operated by the Investor Compensation Company Ltd. A right to compensation will only arise where money or investment instruments held by us on your behalf cannot be returned either at the time being or for the foreseeable future and where you fall within the definition of eligible investor as contained in the Act.

If a right to compensation is established, the amount payable is the lesser of 90% of your loss recognised as being eligible for compensation, or €20,000. Investor Compensation Company Ltd: (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 member firms up to a maximum of €100,000 per client (or €250,000 in aggregate) may be discharged by the fund on their behalf if the member firm is unable to do so, where the Investor Compensation Scheme has failed to adequately compensate any client of the member.