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TERMS OF BUSINESS
Introduction:
These Terms of Business set out the general terms under which the firm will provide business services to clients and the respective duties and responsibilities of both the firm and the client(s) in relation to such services. Please ensure that you read these terms thoroughly and if you have any queries I will be happy to clarify them. If any material changes are made to these terms you will be notified.
Authorised Status:
Damian Condon trading as Gresham Wealth Management is regulated by the Central Bank of Ireland as a Multi-Agency Intermediary under the Investment Intermediaries Act 1995. Damian Condon trading as Gresham Wealth Management is also regulated as an Insurance Intermediary under the European Communities (Insurance Mediation) Regulations 2005. The Central Bank of Ireland maintains a register of regulated firms.
Damian Condon is a Qualified Financial Advisor (QFA). The QFA designation is the only qualification which satisfies the Central Bank’s Minimum Competency Code requirements for those who wish to sell, advise on, or undertake specified activities in the following categories of retail financial products and services as set out by the Central Bank – listed below. You may contact the Central Bank of Ireland on 1890 777 777 or alternatively visit their website at www.centralbank.ie to verify these credentials. Codes of Conduct:
Gresham Wealth Management is subject to the Consumer Protection Code (CPC) 2012, Minimum Competency Code and Fitness & Probity Standards which offer protection to consumers. These Codes can be found on the Central Bank’s website www.centralbank.ie .
Registered address:
Bushfield HouseBushfield Square Philipsburgh Avenue Fairview Dublin 3 Tel: 01-8576767 Fax: 01-8570722 Our Services:
Gresham Wealth Management is a member of the Professional Insurance Brokers Association (PIBA). As a member of PIBA we must be in a position to place insurance with at least five insurers of the relevant form (life/non-life) and therefore can generally give consumers greater choice than agents and tied agents.
Our principal business is to provide advice and arrange transactions on behalf of clients in relation to life & pensions and general insurance products. A full list of insurers and product producers with which we deal is available on request.
a) the principal regulated activities of the firm are provided on the basis of a fair analysis of the market;
b) you have the option to pay in full for our services by means of a fee.
Fair Analysis:
The concept of fair analysis is derived from the Insurance Mediation Directive and the Consumer Protection Code (CPC) 2012. It describes the extent of the choice of products and providers offered by an intermediary within a particular category of life assurance, general insurance 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 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, and - any other relevant consideration.
Remuneration:
Gresham Wealth Management is remunerated in a number of ways.
Firstly by way of fee’s from clients for work carried out on their behalf and secondly by commission and other payments from product producers on the completion of 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 initial advice provided. If we receive a commission payment 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 the firm unless an arrangement to the contrary is made. This will be discussed and agreed prior to engagement. Gresham Wealth Management will act in a transparent and fair manner at all times in relation to fee and commission income. Full disclosure will be provided. Life & Pension Fees
You may elect to deal with us on a fee basis. The hourly rate charged is as follows Additional fees may be payable for complex cases or to reflect value, specialist skills or urgency. This will be discussed and agreed prior to engagement. If we have arranged for your fee to be offset by commissions derived from a life assurance policy, pension, investment or mortgage that you subsequently cancel or cease to pay premiums or loan repayments, and in consequence we are obliged to refund commissions paid to us, we reserve the right to charge you a fee to reimburse us for the amount of commission refunded.
Regular Reviews:
Gresham Wealth Management is a relationship focussed business and core to its philosophy are regular meetings to discuss and review a client’s portfolio. As your circumstances change, your needs will change so regular contact and review meetings form the cornerstone of the business.
Please advise Gresham Wealth Management of any important changes; a meeting can then be arranged to review and discuss these issues. It is recommended that at least two formal review meetings are held each year.
Conflict of Interest:
It is the policy of the firm to avoid conflicts of interest in providing services to you. However, where an unavoidable conflict of interest arises you will be notified of this in writing before any service is provided.
Complaints Procedure:
We ask that you make any complaint against our firm, relating to services provided by us, in writing. We will acknowledge your complaint within 5 business days and we will fully investigate it. On completion of our investigation, we will provide you with a written report of the outcome. In the event that you are still dissatisfied with our handling of or response to your complaint, you are entitled to refer the matter to the Financial Services Ombudsman or the Pensions Ombudsman.
A full copy of our complaints procedure is available on request.
Data Protection:
Gresham Wealth Management complies with the requirements of the Data Protection Acts, 1988 and 2003.
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. We would also like to keep you informed of 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 letter, email or telephone call. If you do not wish to receive such marketing information please tick the box in the Terms of Business acknowledgement letter.
Compensation Scheme:
Gresham Wealth Management is a member of the Investor Compensation Scheme operated by the Investor Compensation Company Limited. See below for details.
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 by that Act. The Investor Compensation Company Limited (ICCL) was established under the 1998 Act to operate such a compensation scheme and 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 Limited at (01) 224 4955.
NOTE:
It is understood that Damian Condon trading as Gresham Wealth Management will only act in an advisory capacity and as such will be provided with information only on the various Policies/Investments held by the Policy/Investment Owners. Damian Condon trading as Gresham Wealth Management will not have Power of Attorney to act on behalf of the Policy/Investment Owners. Any instruction to alter the Policies/Investments in any way, or make encashments, partial or whole from the Policies/Investments must be received in writing from the Policy/Investment Owners.
Qualified Financial Advisor (QFA) categories of retail financial products and services:
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