Osborne Financial Planning Limited trading as Osborne Financial
These Terms of Business set out the general terms under which our firm 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 thoroughly and if you have any queries we will be happy to clarify them. If any material changes are made to these terms we will notify you.
Authorisation with the Central Bank of Ireland
Osborne Financial Planning Limited trading as Osborne Financial C167654 is regulated by the Central Bank of Ireland as an insurance intermediary registered under the European Communities (Insurance Mediation) Regulations, 2005; as an Investment Intermediary authorised under the Investment Intermediaries Act, 1995 and as a Mortgage Intermediary authorised under the Consumer Credit Act, 1995, and as a Mortgage Credit Intermediary under the European Union (Consumer Mortgage Credit Agreements) Regulations 2016. Copies of our regulatory authorisations are available on request. The Central Bank of Ireland holds registers of regulated firms. You may contact the Central Bank of Ireland on 1890 777 777 or alternatively visit their website at www.centralbank.ie to verify our credentials.
Codes of Conduct
Osborne Financial Planning Limited 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 www.centralbank.ie
Our Services
Osborne Financial Planning Limited is a member of Brokers Ireland. As a member of Brokers Ireland we must be in a position to place insurance with at least 5 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 and pensions products, investments and mortgages. A full list of insurers, product producers and lending agencies with which we deal is available on request.
Insurance Intermediary Services/ Mortgage Intermediary Services/ Investment Intermediary Services
Osborne Financial Planning Ltd provides life assurance, investments and pensions on a limited analysis basis i.e. (providing services on the basis of a limited number of contracts and product producers available on the market].
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; particularly in relation to PHI and serious illness policies.
Specifically on the subject of permanent health insurance policies it is our policy to explain to you a] the meaning of disability as defined in the policy; b] the benefits available under the policy; c] the general exclusions that apply to the policy; and d] the reductions applies to the benefit where there are disability payments from other sources.
For a serious illness policy, we will explain clearly to you the restrictions, conditions and general exclusions that attach to that policy.
Osborne Financial Planning Limited do not provide advice on any general insurance products.
Osborne Financial Planning Limited holds written appointments with the following life assurance companies: Irish Life Assurance, New Ireland Assurance, Zurich, Aviva, Royal London and Friends First. We also hold agencies with Wealth Options and BCP for investment and pension business. We hold an agency with Brokers Ireland Network Services for mortgages, this agency gives our firm access to the following lenders: Haven, KBC, PTSB, ICS, Pepper, BNP, HCL, Solbank.
Osborne Financial Planning provides mortgage advice on a limited analysis (providing services on the basis of a limited number of contracts and product producers available on the market].
Osborne Financial Planning Ltd may receive commission and other payments from the product providers and lenders to whom orders are transmitted. Details of charges and commission payments are available on request. Where we receive recurring commission, this forms part of the remuneration for initial and ongoing advice provided.
In certain circumstances the firm may charge you a fee for the services provided. The hourly rate for advice from a Certified Financial Planner is €150 per hour. If we do charge a fee we will notify you in advance in writing with an estimate. Additional fees may be payable for complex cases or to reflect value, specialist skills or urgency. Again, we will notify you in advance of providing you with these services.
The cost for submitting a mortgage application is €350.
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. Information on the variation in levels of commission payable by the different creditors providing credit agreements being offered are available on request.
Disclosure of information
Your Duty of Disclosure
It is your responsibility to provide complete and accurate information for insurers when arranging an insurance policy, throughout the life of that policy and when you are renewing it. It is important that you ensure that all information provided, and all statements made on proposal forms, statements of fact, claim forms, and other documents are, to the best of your knowledge and belief, complete and accurate. Failure to disclose any material information to your insurers could invalidate your insurance cover and could mean that all or part of a claim will not be paid or your policy cancelled. If you have any doubts as to whether any information is material it should be disclosed.
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. 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 in your circumstances or failure to request a review, may result in you having insufficient insurance cover and/ or in appropriate investments .
Conflicts of interest
It is the policy of our firm to avoid conflicts of interest in providing services to you. However, where an unavoidable conflict of interest arises we will advise you of this in writing before providing you with any service.
Default on payments by clients
Our firm will exercise its legal right to receive payments due from its 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.
Complaints
Whilst we are happy to receive verbal complaints, it would be preferable that any complaints are made in writing. We will acknowledge your complaint within 5 business days and we will fully investigate it. We shall investigate the complaint as swiftly as possible, and, the complainant will receive an update on the complaint at intervals of not greater than 20 business days starting 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. 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 fully copy of our complaints procedure is available on request.
Data Protection
Osborne Financial Planning Limited t/a Osborne Financial complies with the requirements of the General Data Protection Regulation 2018 and the Irish Data Protection Act 2018
Osborne Financial is committed to protecting and respecting your privacy. We wish to be transparent on how we process your data and show you that we are accountable with the GDPR in relation to not only processing your data but ensuring you understand your rights as a client.
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, this will be given to all our clients at the time of data collection.
We will ensure that this Privacy Notice is easily assessible. Please refer to our website osbornefinancial.ie, if this medium is not suitable we will ensure you can easily receive a copy by; hard copy or email.
Please contact us at info@osbornefinancial.ie if you have any concerns about your personal data.
Compensation Scheme
We are members of the Investor Compensation Scheme operated by the Investor Compensation Scheme Company Ltd. See below for full details:
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 firms, as defined in that Act. The Investor Compensation Company Ltd. (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) 2244955.
Brokers Ireland Compensation Fund
We are also members of the Brokers Ireland Compensation Fund. Subject to the rules of the scheme the liabilities of its members firms up to a maximum of €100,000 per client (or €250,000 in aggregate) may be discharged by the fund on its behalf if the member firm is unable to do so, where the above detailed Investor Compensation Scheme has failed to adequately compensate any client of the member. Further details are available on request.