The following sets out the Term of Business for PFP Financial Services (trading as SmartQuotes) ('the Company'). Please ensure that you read these terms thoroughly and if you have any queries we will be happy to clarify them. Any changes to our Terms of Business will be updated on the website.
PFP Financial Services Limited ('The Company') is regulated by the Central Bank of Ireland as a Multi Agency Intermediary under Section 10 of the Investment Intermediaries Act 1995 (as amended). The company is also registered as an Insurance Intermediary under the Insurance Mediation Regulations 2005. The Company is also regulated by the Central Bank of Ireland as a Mortgage Intermediary under the Consumer Credit Act, 1995. Copies of our authorisations are available on request by emailing firstname.lastname@example.org.
The Central Bank of Ireland holds registers of regulated firms. You may contact the Central Bank of Ireland on 1890 777777 or alternatively visit their website at www.centralbank.ie to verify our credentials. The company complies with the Consumer Protection Code, Minimum Competency Requirement and Fitness & Probity Standards, which offers protection to consumers. The Codes can be found on the Central Bank's website www.centralbank.ie
The website offers Life Assurance, Mortgage Life Assurance (also known as Mortgage Protection) Specified Illness Cover and Income Protection quotations. The website provides quotes based on the lowest cost provider from the providers with whom we hold agency appointments.
The website also offers Wedding Insurance, Travel Insurance and Home Insurance (see below). The Company can provide an advisory service as appropriate.
All quotes from the online calculators are indicative (see below - Online Calculators Terms and Conditions of Use). For Protection Products all quotations are subject to underwriting. It is your responsibility to read the policy documents, literature and brochures to ensure that you understand the nature of the policy cover, particularly in relation to Life Assurance (including Mortgage Life Assurance), Specified Illness Cover and Income Protection products.
The Company provides it’s services on a fair analysis basis i.e. providing services on the basis of a sufficiently large number of contracts and product producers available on the market to enable us to make a recommendation, in accordance with professional criteria, regarding which contract would be adequate to meet your needs.
The Company 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 in respect of Life & Pension products.
The Company receives commission and other payments in respect of business going through the SmartQuotes.ie website from insurers in the case of Protection product contracts. The normal annual premium for the first year only may be reduced by the percentage shown on the website and is paid by way of a commission rebate in respect of Life Assurance (including Mortgage Life Assurance) and Specified Illness Cover (see below).
For Life Assurance (including Mortgage Life Assurance) and Specified Illness Cover where policies are paid monthly we will refund 70% of the first twelve month’s premiums (provided the monthly premium is €30 or more), The first of these rebates will be sent 30 days after the policy issues and monthly thereafter for 12 months in total. This rebate will cease after 12 payments have been made.
Where the premium is below €30 per month the rebate will be calculated as follows (and the term is 10 years or more): €20 to €29.99 Rebate of 60% payable €19.99 or less Rebate of 50% payable
Where the term of the policy is less than 10 years no rebate will apply.
Where policies are paid yearly, and the premium has been paid in full, we will refund you 70% of the first year's premium, paid within 4 weeks after the commencement date of the policy (where monthly premium equivalent is €30 or more (e.g. €360 or more per annum) where it is lower than these levels the calculations as above will apply)
It should be noted that if the policy is terminated within the first twelve months (by way of cancellation or non payment of premium) the commission rebate is refundable to the Company in full.
From month 13 onwards the normal monthly premium applies.
NB: If you miss a payment during the rebate period (first twelve months), the monthly rebate will cease until payments with the relevant insurance company are brought up to date.
For Income Protection Tax Relief is currently available at the marginal rate. The rates on the website are for illustrative purposes and where clarification is required a Registered Tax Consultant (See Taxation section below) should be contacted.
As a client of PFP Financial Services (trading as SmartQuotes) our team will always be available to assist in any queries you may have in relation to financial products. We will also from time to time advise you of offers we have which are exclusive to existing clients. These services are available as long as you continue to maintain your policy under our agency.
Through the lenders or other undertakings with which we hold an agency, The Company can provide advice on and arrange products from the following range: fixed-rate loans, variable rate mortgages, capital & interest mortgages, interest only mortgages, endowment mortgages, pension mortgages, residential investment property mortgages.
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 request.
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. Please note that lenders may charge specific fees in certain circumstances and if this applies, these fees will be specified in your Loan Offer. Typically, this situation arises in relation to specialist lending. If we provide mortgage advice and obtain a Loan Offer for you, and you subsequently do not proceed with your mortgage application through our firm, we may charge you an arrangement fee of €500 for our services. This will be advised in writing to you in advance.
The Company receives a commission in respect of Travel and Weddings Insurance business going through the SmartQuotes website from Blue Insurances.
All qualifying household business initiated via the website is transacted with Kennco Underwriting Limited, Cover Centre Insurance Limited, Wrightway Underwriting Limited and Zurich Insurance. Full details are available on our website.
The Company will receive a commission for all business transacted via our agencies with insurance companies. Where a policy fee is charged this is non refundable.
With most policies you have a 'cooling off' period during which you can cancel a policy and get a refund of any premiums you have paid. These will be clearly advised in the policy information received from the company or the relevant insurer.
The Company can provide advice on PRSA's, Personal Pension, Executive Pensions, Group Pensions, Buy Out Bonds, Annuities and other related pension products as requested. For this the Company is remunerated by commission and other payments from product producers on the completion of business. In certain circumstances, it will be necessary to charge a fee for services provided.
Advisor fees: €100 - €200 per hour.
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. 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 the intermediary unless an arrangement to the contrary is made. Any fees where applicable will be advised in advance to the client in writing.
It is the policy of the Company 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 service. If you have not been informed of any such conflict you may assume that none arises.
The Company has a written procedure for handling customer complaints. This procedure ensures that all complaints are recorded and, where appropriate, acknowledged in writing within 5 business days. On completion of our investigation we will provide you with a report of the outcome. If you remain dissatisfied with the handling of and/or response to a complaint you may refer the matter to the Financial Services Ombudsman or the Pensions Ombudsman. A full copy of our complaints procedure is available on request.
The Company is a member of the Investor Compensation Scheme Ltd established under the Investor Compensation Act 1998. The legislation provides for the establishment of a compensation scheme and to the payment in certain circumstances, of compensation to clients of firms covered by the Act. However you should also be aware that a right to compensation would only arise where money or investment instruments held by this Company on your behalf cannot be returned either for the time being or for the foreseeable future and where the client falls within the definition of eligible investor as contained in the Act.:and if it transpires that the firm is not in a position to return client of the firms: and to the extent that the client's loss is recognised for the purposes of the Act. In the event that a right to compensation is established, the amount payable is the lesser of 90% of the client's loss, which is recognised as being eligible for compensation or €20,000.
The Company also holds Professional Indemnity insurance of €1,500,000 in compliance with the Insurance Mediation Directive.
Our firm will exercise its legal rights to receive payments due to it from clients (fees and insurance premiums) for services provided. In particular, without limitation of the generality of the foregoing, the firm will seek reimbursement for all payments made to insurers on behalf of clients where the firm has acted in good faith in renewing a policy of insurance for the client.
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.
PFP Financial Services Limited does not accept cash or any negotiable instrument for the payment of insurance premiums. All business on the SmartQuotes website will be on the basis of payment by direct debit/ cheque with funds being paid directly to the insurance company.
In the case where Household Insurance is transacted with Kennco, Cover Centre, Wrightway or Zurich the company will operate a client premium account. This account is segregated from company funds and is reconciled on a monthly basis. For further details on our Home Insurance products please see the dedicated page on our home insurance webpage. This includes a schedule of charges. For clients who selected the Direct Debit option, Close Premium Finance will be used. Full details will be provided.
In respect of business transacted with Close Premium Finance clients/ customers should note that that the provision of this product or service does not require licensing, authorisation, or registration with the Central Bank of Ireland and, as a result, it is not covered by the Central Bank of Ireland's requirements designed to protect consumers or by a statutory scheme.
In respect of business transacted with Close Premium Finance clients / customers should note that that the provision of this product or service does not require licensing, authorisation, or registration with the Central Bank of Ireland and, as a result, it is not covered by the Central Bank of Ireland's requirements designed to protect consumers or by a statutory scheme.
In the case of general insurance transacted by the client via to Blue Insurances (Wedding and Travel Insurance) the funds are sent directly to the insurer and no fund pass via the company.
All claims are handled by the relevant insurer. In the event of a claim please contact us (see below) and we will provide you with the relevant contact details of the insurer.
We will refund any rebate due to you within 5 business days of receiving notification from the product provider. If you have a loan account with Close Premium Finance (Ireland) Ltd., the rebate from the product provider will be added to your loan account and then the outstanding balance / refund will be determined.
Please note that any charges due to us as outlined in the schedule of charges section (provided with the policy documents) and any outstanding balance on any other account you hold with us, will be deducted from any rebate due to you prior to being issued to you.
SmartQuotes.ie (a trading name of PFP Financial Services Limited) holds agencies with the main Life Insurance companies in Ireland ? a list of agencies held is available on request. All wedding insurance and travel insurance is placed via our agency with Blue Insurance, a firm regulated by Central Bank of Ireland. All Household Insurance is placed via our agencies with Cover Centre Insurance Limited, Kennco Underwriting Limited, Wrightway Underwriting Limited and Zurich Insurance, firms that are regulated by the Central Bank of Ireland.
All information received by us will be treated in the strictest confidence. We will only disclose information obtained in the following circumstances:
The Company complies with 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.
Irish law will give the provision of the services covered by PFP Financial Services, and the Irish Courts will have exclusive jurisdiction over any dispute.
Online Calculators - Terms & Conditions of use
A. Usage Agreement
You agree that the results produced from any of the online calculator applications is not a quotation for service and that you understand that related results produced represent an indicative or "ball-park" set of costs. It should be noted that accurate calculation results and quotations can only be received directly from a company representative after full details have been received on an application form. All applications are subject to underwriting from the relevant insurer.
B. Limited License
We grant you a non-exclusive, revocable right to use the calculator applications solely for the purpose of receiving an indicative cost of theoretical circumstances. We may revoke your license at any time without notice.
We make no express or implied warranties or representations with respect to the calculator applications (including, without limitation, warranties of fitness, merchantability, non-infringement, or any implied warranties arising out of a course of performance or trade usage). In addition, we make no representation that the operation of the applications will be uninterrupted or error-free, and we will not be liable for the consequences of any interruptions or errors.
It is the responsibility of the client to ensure that all information submitted is complete and accurate. It should be noted that clients(s) have a duty to disclose any material facts, which come to light between the date, the proposal form is signed and the date the policy is issued. Failure to do so may result in any subsequent claim being refused. When you are applying for Life Assurance, Mortgage Life Assurance, Income Protection or Specified Illness Cover you are under a legal obligation to disclose all relevant details about your health or any other relevant item as requested on the application form. If it subsequently transpires that you did not disclose on your application something which was relevant and which you knew about, then the insurance company may cancel the cover under the policy and no claim will be paid. The insurance company will rely on what you have told them in your application. When in doubt about a specific item it should be disclosed and the relevant Insurance Company will decide on its relevance. Where you do not wish to disclose this information to the intermediary the Insurer can be contacted directly.
While every effort is made to ensure that quotations provided are accurate it is possible that from time to time the premium quoted may change between the time of the initial quotation and the policy issue. This premium advised by the insurer will be communicated to you once the policy has been submitted on receipt of a fully completed application. It is possible that the premium could be changed by the insurer between the time of submission of the application and the policy issuing due to various factors such as birthdays occurring, insurance company rates increasing etc. We will however keep you advised on any alterations at the earliest possible time.
Any special terms relating to medical and other changes to standard criteria will be communicated to you in advance of policy issue and you will be required to confirm your acceptance of these in writing in advance.
After policy issue clients can use the provisions in the policy in relation to the 'Cooling off Period' if they do not wish to proceed. The information relation to the 'Cooling off Period' will be received in the policy information from the relevant insurer.
We can arrange for you to purchase certain products but cannot provide specific advice on your circumstances, product type or provider. This is known as Execution Only. For Execution Only transactions no advice is provided and the product and provider is selected by the client. By signing the execution only letter the client is acknowledging they have neither requested nor been given any advice in relation to this product/ provider.
Furthermore by undertaking the transaction on an Execution Only basis that the client acknowledges that they are aware of the financial consequences of replacing an existing policy with a new policy and that if a new policy is taken out in complete or partial replacement of an existing policy that the client is satisfied that this new policy meets their needs.
Where a transaction is being undertaken on an Execution Only basis this will be advised to you at the time of receiving the quotation.
Clients should note that no cover is confirmed as being in place unless the original policy documents have been received or confirmation has been received in writing from the insurer that cover is in place (ie policy documents).
I confirm having read the paragraphs in relation to Data Protection in the Terms of Business, consent to the company making contact with me by letter, phone, email, or SMS text in relation to the range of services provided by the company or its associated or partnership companies and to the sharing of relevant information as indicated.
If you do not wish to avail of these services, please tick here [ ] and return the envelope to the following address quoting your name and address:
PFP Financial Services (trading as SmartQuotes), Freepost, Licence F4739, Dublin 6
The value of your investment can fall as well as rise. Past performance is not a guide to future performance. The Euro value of denominated assets can rise and fall as a result of exchange rate fluctuations.
Where references are made to tax relief or taxation these figures are for illustrative purposes only. Where clarification is required a Registered Tax Adviser should be contacted. A full list is available at Tax Ireland
Contact Details PFP Financial Services Limited trading as SmartQuotes
Registered office and Place of Business
1 Upper Rathmines Road
Telephone No: + 353 1890 989 886
Fax No: + 351 1 4983 380
The Terms of Business above are effective from June 2012 until further notice