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Terms Of Business

The basis on which we provide services to you

Terms Of Business

True Financial Ltd T/A Safenet Financial & Low Quotes

Unit 17, Kilminchy Court, Portlaoise, Co. Laois

Tel: 1800-828-800 Email: info@lowquotes.ie

Services which True Financial Ltd T/A Safenet Financial & Low Quotes provides:

TERMS OF BUSINESS

This Terms of Business is applicable from 24/11/2020 and provides important information regarding the way that we provide our services to you.  If you have any questions or require clarification on a particular matter, please do not hesitate to contact us.

About True Financial Ltd

We are an Insurance, Investment and Mortgage Credit Intermediary. Our principal business is to provide advice and arrange transactions on behalf of our clients in relation to life, pensions, investments & mortgage 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 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.

True Financial Ltd holds an appointment with Broker Assist Ltd, to allow us to access products with the following providers:

Aviva Life & Pensions Ireland DAC

Permanent TSB PLC

Finance Ireland Credit Solutions

Royal London

Haven Mortgages Limited

Seniors Money Mortgages (Ireland)

KBC Bank Ireland PLC

Zurich Life PLC

Dilosk DAC

New Ireland Assurance Co plc

Authorisation and Codes of Conduct

True Financial Ltd T/A Safenet Financial & Low Quotes is regulated by the Central Bank of Ireland. Our Reference code is C431634 True Financial Ltd is subject to the Central Bank of Ireland Codes of Conduct; Consumer Protection Code 2012, the Minimum Competency Code and Fitness and Probity rules which offers protection to consumers and can be found on the Central Bank’s website www.centralbank.ie you can also check their registers or contact them on 1890 777 777 to verify our authorisation.

Mortgages

Through the lenders or other undertakings with which we hold an agency, we can provide advice on and arrange mortgage products from the following range: fixed-rate loans, variable rate mortgages, capital & interest mortgages, interest only mortgages, endowment mortgages, pension mortgages and residential investment property. We provide mortgage advice on mortgages from the selection of lenders we have agencies with. 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.

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.

If any of the investments we provide advice on have a Sustainability Finance Disclosure, these investments will be produced by the product providers we have agencies with, and their brochures and documents will have full details of the areas that are considered.

Remuneration Policy

True Financial Ltd is remunerated by commission and other payments from product producers or 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, this forms part of the remuneration for ongoing advice with regards to the business we advise you on and we will provide you with an annual update on your Investment business. We reserve the right to charge additional fees if the number of hours relating to on-going advice / assistance exceeds 3 hrs.

If we receive commission from a product provider, this will 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.

Additional fees may be payable for complex cases or to reflect value, specialist skills or urgency. We will give an estimate of this rate in advance of providing you with services.

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 at loan offer stage. A fee of €295 is charged for arranging your mortgage application. 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. A full list of lenders and remuneration is available on request.

If we provide mortgage advice and obtain a Loan Offer for you and you subsequently do not proceed with your mortgage application through ourselves, we will charge you an arrangement fee of €295 for our services.

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 by clicking here.

If you need further explanation on this information, please do not hesitate to call us.

Adverse Sustainability Impacts Statement

After due consideration with regards the legislation on Sustainable Finance Disclosure Regulation, due to our size and the type of business we transact with our clients, we have decided not to consider adverse impacts of investment decisions on sustainability factors in our investment and insurance-based Investment advice. The reason we have decided this course of action is because we do not produce these investments, it is the Product Producers we have agencies with that build the Investment Products we advise on.  Within the next year we will consider whether we will continue with this view, to ensure we stay within the guidelines of the legislation. All information re Sustainable Finance Disclosures will be adhered to by the Product Producers and their brochures and documents will outline their disclosures.

If any of the investments we provide advice on have a Sustainability Finance Disclosure, these investments will be produced by the product providers we have agencies with, and their brochures and documents will have full details of the areas that are considered.

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.

Compensation Scheme

We are members of the Investor Compensation Scheme operated by the Investor Compensation Company Ltd. 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.  Compensation may be payable where money or investment instruments  owned 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 recognized 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 Co Ltd. at (01) 224 4955.

Conflicts of Interest

It is our policy to avoid any conflict of interest when providing services our clients.  However, where an unavoidable conflict arises, we will advise and agree this with you in writing before providing any business service. We use a telesales company for marketing purposes. If you have not been advised of any such conflict you may assume that none arises. As per our remuneration policy we are paid commission by the Providers for your business.

Claims

Claims should be advised to the insurer when the claim arises. The insurer will advise you of its claims requirements and provide you with a copy of its claims process on request. If you experience any difficulty with the insurer’s claims process you should contact us.

Data Protection

True Financial Ltd complies with the requirements of the Data Protection Regulations 1988-2018. A Data Privacy Notice is at the end of these terms.

Complaints

True Financial Ltd has a written procedure in place for the effective consideration and handling of complaints. Complaints can be in writing by email, in person or by phone, if it is by phone or in person, we will firstly write to you to confirm our understanding of your complaint.  Complaints will be recorded and acknowledged in writing within 5 working days.  All complaints will be fully investigated, and the outcome of the investigation will be communicated to the complainant.  We will provide a complainant with regular updates at intervals not greater than 20 days. If your complaint is still not resolved to your satisfaction, and as a final step, you may refer your complaint to the Financial Services & Pensions Ombudsman, Lincoln House, Lincoln Place, Dublin 2, Lo call 01 5677000 email info@fspo.ie. Please send any complaints to Shane Tobin, True Financial Ltd, at address above.

Client Monies & Receipts

We request that all cheques or negotiable instruments are made payable to the appropriate Product Provider for Life, Pensions, Investment business and to lenders. We shall issue a receipt for each payment received. These receipts are issued with your protection in mind and should be stored safely. Every effort is made to ensure that clients’ money is transmitted to the appropriate Product Provider without delay. We are not authorised to accept cash.

The acceptance by True Financial Ltd of a completed proposal DOES NOT in itself constitute the effecting of a policy. It is only when the product provider confirms the policy is in place that your policy is live.

Default of Payments by Clients

True Financial Ltd will exercise our legal right to receive payments due to us from clients (fees) for services provided. Product producers may withdraw benefits or cover in the event of default on payments due under policies or other products arranged for you. We would refer you to policy documents or product terms for the details of such provisions.

Governing Law and Business Succession

These Terms of Business shall be governed by and construed in all respects according to the laws of the Republic of Ireland and will be deemed to cover any successors in business to True Financial Ltd.

CLIENTS DECLARATIONS

By agreeing with our Terms of Business, I/We acknowledge that I/We have been provided with Terms of Business and Data Privacy Notice for True Financial Ltd and confirm that I/We have read and understand them

Marketing / Data Declaration

By Agreeing with our Terms of business, I/We consent to True Financial Ltd making contact with me in relation to the range of services provided by ourselves or our associated or partnership companies which we feel may be of interest to you and to the sharing of relevant information. We will still be allowed to contact you in relation to the business we have advised you 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 will contact you by means of Post, Email, Phone, Text & Social Media. We may also use automated data processing or profiling to allow us to give you quotes etc, and for marketing purposes, by agreeing with our terms of business you are also agreeing to us using these systems on your data.

Adverse sustainability impacts statement

After due consideration with regards the legislation on Sustainable Finance Disclosure Regulation, due to our size and the type of business we transact with our clients, we have decided not to consider adverse impacts of investment decisions on sustainability factors in our investment and insurance-based Investment advice. The reason we have decided this course of action is because we do not produce these investments, it is the Product Producers we have agencies with that build the Investment Products we advise on.  Within the next year we will consider whether we will continue with this view, to ensure we stay within the guidelines of the legislation. All information re Sustainable Finance Disclosures will be adhered to by the Product Producers and their brochures and documents will outline their disclosures.

Vouchers offered

Any vouchers/gift cards/offers offered by True Financial Ltd apply only to protection policies over €30.00 Per Month Premium. 

If your policy is over €30 Per Month, and you return your completed digital signature within 5 days after submission of your preliminary health questionnaire, You will receive a bank transfer of €50 to the IBAN provided in your online docusign document. Direct Debit will be sent following the first Direct Debit payment of your policy.

Free Will Kits will be sent (only if requested) by Email for ease of editing, unless requested otherwise.

Mortgage Protection is Life Insurance Cover for your Mortgage only.

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We are removing face-to-face interactions to keep in line with social distancing guidelines.

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Coronavirus Covid 19 Information

We would like to assure our customers that although this Worldwide Pandemic has struck our Nation hard, we are still here for our new and existing customers. All phone calls and emails will be dealt with accordingly.

In the unfortunate circumstance that a customer contracts COVID-19 and dies, our life policies would pay out in line with our usual claims philosophy.

All Consultations will be held by Phone or Online via Computer/Smart Device to remove face-to-face interactions and keeping in line with social distancing guidelines recommended by the Government.

We at Lowquotes.ie hope you, your family and your loved ones stay safe & healthy in this time.