Terms Of Business

Greenway Financial Advisors Ltd

Terms of Business at 17.06.19

  1. Our Status

Greenway Financial Advisors Ltd, trading as:

    • Greenway Financial Advisors

    • Greenway Mortgage Protection

    • Greenway Life Insurance

    • Greenway Mortgages

    • Greenway Pensions

is authorised & registered with the Central Bank, as an Insurance Intermediary under the European Communities (Insurance Distribution) Regulations, 2018; as an Investment Intermediary authorised under the Investment Intermediaries Act, 1995, and as a Mortgage Intermediary authorised under the Consumer Credit Act, 1995. These regulatory authorisations can be confirmed by viewing the registers of regulated firms at: www.centralbank.ie.

We are subject to the Central Banks Consumer Protection Code, Minimum Competency Code, and Fitness & Probity Standards, which offer protection to consumers – to read these codes, please visit  www.centralbank.ie.

  1. Our Services

Greenway Financial Advisors Ltd holds membership with Brokers Ireland. As Insurance Agents, we must get prices from up to four insurers, in order to give Fair Analysis of the market for our clients. Currently we have an agency with Royal London, Irish Life, New Ireland and Zurich, and are in discussion with others. Our clients also have the option to pay for our services by means of a fee, where appropriate. We primarily provide advice & arrange transactions relating to Life Insurance, Mortgage Protection, Pensions & Mortgages. As Brokers, we operate on behalf of the client.

We currently arrange insurance policies and pensions products with:

  • Royal London

  • Irish Life

  • New Ireland

  • Zurich

We currently arrange mortgages with Brokers Ireland Mortgages: Brokers Ireland Mortgages We have appointments with almost all lenders in the Irish Mortgage Market. This means through our  appointment with Brokers Ireland Mortgages Services, Brokers can select the most suitable mortgage for our clients from a wide panel of lenders even if they do not hold a direct appointment with such lenders.

To provide our customers with Life Insurance, Mortgage Protection, Mortgage and Pensions advice Greenway Financial Advisors Ltd will provide advice by email & by phone. Supplementary questions may be answered by the resources on this site. We will endeavour to answer any questions you have regarding your policy, and will explain the various restrictions, conditions & exclusions attached to your policy.

We stress the importance of reading your policy documents, brochures, and other literature, to understand the nature of your policy cover. This is of particular importance for Serious Illness & PHI policies.

Our responsibility to you in giving financial advice is to provide you with:

    • These Terms of Business

    • A Factfind summarising your needs, based on information provided by you as the client

    • A Reasons Why document, with our recommendations regarding product, and how they specifically relate to your needs

In the event that you approach us with specific instructions regarding a policy you would like us to arrange for you, by supplying us with information regarding the company, the product, and the exact nature of the policy you would like, this transaction is known as Execution Only. Greenway Financial Advisors Ltd does not give any advice relating to the merits of these transactions.

  1. Fair and Personal Analysis

The concept of fair and personal analysis describes the extent of the choice of products and providers offered by an intermediary within a particular category of life assurance, general insurance, mortgages, and/or a specialist area. The number of contracts and providers considered must be sufficiently large to enable an intermediary to recommend a product that would be adequate to meet a client’s needs.

The number of providers that constitutes ‘sufficiently large’ will vary depending on the number of providers operating in the market for a particular product or service and their relative importance in and share of that market. The extent of fair analysis must be such that could be reasonably expected of a professional conducting business, taking into account the accessibility of information and product placement to intermediaries and the cost of the search.

In order to ensure that the number of contracts and providers is sufficiently large to constitute a fair and personal analysis of the market, we will consider the following criteria:

  • the needs of the customer
  • the size of the customer order
  • the number of providers in the market that deal with brokers
  • 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
  • any other relevant consideration
  1. Quotations

All quotations are valid for a period of up to 60 days, but may change due the occurrence of a birthday. Please check your quote for individual details of when the quote expires. Quotations for insurance are indicative only. All quotations are subject to acceptance by the insurer concerned upon receipt of proposal forms and relevant documentation.

  1. Regular Review

It is in your interests that you review, on a regular basis, the products which we have arranged for you. As your circumstances change, your needs will change. You must 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. Failure to contact us in relation to changes to your circumstances or failure to request a review may result in you having insufficient insurance cover.

  1. Remuneration & Premium Discounts

We receive our remuneration by way of commission from the insurance companies, lending institutions or pension providers with whom we place business on your behalf. Commissions payable to us in relation to arranging all personal and business protection policies are disclosed in a Disclosure Notice provided to you at the point of sale and/or at the cooling off stage.

  1. Fees

No fees are chargeable to personal clients, unless a fee-based consultation is specifically requested by a client. These consultations are €295.00. Calls and emails before and after these meetings, to clarify details, are included in this amount. A full financial review is provided after the consultation based on the information provided by the client.

Fess may be charged as standard only to corporate clients seeking Key Person or Shareholder protection policies with policy terms less than 10 years. In such instances a fee of €250.00 per policy is chargeable. Where policy application terms are equal to or exceed 10 years no consultation fees will be charged.

  1. Conflicts of Interest

It is the policy of Greenway Financial Advisors Ltd. to avoid a conflict of interest when providing services to clients. Where an unavoidable conflict arises we will advise you of this in writing before providing any business services. If you have not been made aware of any such conflict you may assume that none arises.

  1. Default Remedies

Product providers are entitled to withdraw benefit or cover on default of any payments due under any products arranged for your benefit. It is therefore critical to the guaranteed continuance of your insurance that your premium is paid in full. Some insurers may include as a term of the insurance a settlement due date or in some cases a warranty under the terms of which the premium must be paid to them by a certain date. We inform our clients of such requirements and the relevant date in good time to allow the payment terms to be met. Failure to comply with the terms of the warranty may mean that the insurer’s obligation under the policy will be terminated. We will automatically advise you of any payments outstanding on your policy and the consequences of failure to pay premiums. An outline of the action and remedies which the relevant product producers may take in the event of default by a client is included in the product producer’s policy document.

  1. Investors Compensation Scheme

Greenway Financial Advisors is a member of the Investor Compensation Company Ltd (ICCL) scheme established under the Investor Compensation Act, 1998 (as amended) (the “Act”). A right to compensation will only arise where money or investment instruments held by us on your behalf cannot be returned either for the time being or for the foreseeable future and where you fall within the definition of eligible investor as contained in the Act. In the event that a right to compensation is established, the amount payable is the lesser of 90% of your loss, which is recognised as being eligible for compensation, or €20,000.

  1. Confidentiality

We will use your personal information only for the purpose for which you provide it. All such information will be held in accordance with the European General Data Protection Requirements, 2018. We will take all reasonable steps to ensure that persons employed by us are aware and comply with such legislation. We would like to be able to contact you by way of telephone or email, in relation to any products which we might consider to be of interest to you. If you wish us to provide you with details of possible additional products, please let us know using the forms below.

  1. Complaints Procedure

If you would like to talk to us about how we could improve our service, or if you are unhappy with the service you are receiving, please let us know by telephoning us, or emailing [email protected]. We will carefully consider any complaint as soon as we receive it and do all we can to explain the position to you. If we do not answer your complaint to your satisfaction, you may of course take up the matter with the Financial Services Ombudsman or the Pensions Ombudsman.

  1. Data Protection

Greenway Financial Advisors Ltd. complies with the requirements of the General Data Protection Regulation 2018.

The data which you provide to us will be held on a computer database and paper files for the purpose of arranging transactions on your behalf. 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 and Data Protection Policy. We would also like to keep you informed of mortgage, insurance, investment and any other services provided by us or associated companies with which we have a formal business arrangement; which we think may be of interest to you. We would like to contact you by way of email or telephone call. If you would like to receive to receive such marketing information please complete the permission statements contained in the Terms of Business acknowledgement letter attached.

We may receive referrals from such firms and may advise them of any transactions arranged for you. You have the right at any time to request a copy of any ‘personal data’ (within the meaning of the GDPR) that our office holds about you and to have any inaccuracies in that information corrected. Please contact us at [email protected] if you have any concerns about your personal data.