TERMS OF BUSINESS
These Terms of Business set out the general terms under which BRM Financial Services will provide business services to you and the respective duties and responsibilities of both us 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. These terms of business are applicable from 31/03/2020.
Authorisation and Codes
Best Rate Mortgages Ltd t/a BRM Financial Services is regulated by the Central Bank of Ireland. 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 and check their registers. Our reference code is C49389. We are also subject to the Consumer Protection Code, Minimum Competency Code and Fitness & Probity Standards which offer protection to consumers. These Codes can also be found and verified on the Central Bank’s website.
BRM Financial Services are an Insurance and Mortgage Credit Intermediary. Our principal business is to provide advice and arrange transactions on behalf of clients in relation to life, pensions, mortgages, and general insurance products. We provide our services from the selection of products provided by the Companies and Lenders we have agencies with. 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 on Investments 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. We are members of Brokers Ireland. We have agencies with the following companies;
BRM Financial Services can. BRM Financial Services provides general insurance advice from the selection of products the Companies we have agencies with provide. We provide advice on and arrange products from the following range: Health Insurance, household, motor, travel insurance. The following are a list of the product providers we use; Insurefor4less, Aviva Insurance Ltd, Securus Insurance Ltd.
BRM Financial Services can provide advice on and arrange mortgage products from the following range: fixed‐rate loans, variable rate mortgages, capital & interest mortgages, interest only mortgages, pension backed mortgages and residential investment property.
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. 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.
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. Any failure to disclose material information may invalidate an insurance claim and render your policy void. You must disclose any material information including any material changes that might take place between the time you complete an application form and the time you pay the first premium. You must inform us immediately of any changes which may affect the services provided by us or the cover provided by your policy. 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.
BRM Financial Services are 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 from the product producers, which will be outlined prior to affecting your policy, we will provide an on-going service to you for that policy, we will send you an annual update on your insurance-based-investment-business as part of this service. We reserve the right to charge additional fees if the number of hours relating to on‐going advice/assistance exceeds 7 hrs.
In certain circumstances, it will be necessary to charge a fee for services provided. In other circumstances where fees are chargeable or where you choose to pay in full for our service by fee, we will notify you in writing in advance and agree the scale of fees to be charged if different from fees outlined below.
If we receive commission from a product provider, this may 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. Where we notify you in writing of our fee prior to any work being carried out this fee will be paid regardless of commissions received.
We charge Fee`s at a rate of €125 per hour. Additional fees may be payable for complex cases or to reflect value, specialist skills or urgency.
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 on our website. If you need further explanation on this information, please do not hesitate to call us.
BRM Financial Services are remunerated by commission from general insurers on completion of your business. Details of this remuneration are available on request.
Brokerage fee: €25 ‐ €100
Cancellation or Mid Term Alteration fee: 25% of the premium, with a minimum of €25. Claims handling: Depending on case.
We may receive up to 1% (or whatever maximum is applicable) of the loan for arranging mortgage finance 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. We may also charge a fee currently €500 for services provided in securing a mortgage. Any such fee will be confirmed to you in writing at the outset.
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.
Client Monies & Receipts
BRM Financial Services will accept payments by cheque or bank draft in the circumstances permitted under Section 25G Investment Intermediaries Act 1995. Payments must represent premia in respect of a renewal of a policy which has been invited by an insurance undertaking or product producer, or a proposal accepted by an insurance undertaking, or product producer. We are not authorised to accept negotiable instruments in any other circumstance other than outlined above. We will issue a receipt, for any negotiable or non- negotiable instrument or direct debit mandate presented by you as payment for a financial product or service provided by us. We are not authorised to accept cash.
The acceptance by BRM Financial Services of a completed proposal DOES NOT in itself constitute the effecting of a policy. It is only when the Insurer confirms the policy is in place that your policy is live.
Discharge of Debts
BRM Financial Services does not provide advice on the discharge of debts. No statement made by us in relation to debts should be construed as advice and should not be relied upon in taking action in relation to debt discharge. Before discharging debts, it is recommended you seek advice from a registered debt advisor, a list which is available from the Central Bank of Ireland
We regret that credit cannot be extended to clients in respect of premiums, initial, renewal or additional. Initial or first premiums must be paid at inception of cover and renewal premium before the policy renewal date. Otherwise we will advise the insurance undertaking, or the product provider involved, and cover will be cancelled with immediate effect.
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 inappropriate investments.
Conflicts of interest
It is our policy to avoid conflicts of interest in providing services to you. However, where an unavoidable conflict of interest arises we will advise and agree this with you in writing before providing you with any service. A full copy of our conflict of interest policy is available on request. As per above on remuneration we receive payment for the providers and lenders for your business.
Default on payments by clients
We will exercise our legal rights 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 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.
We have a complaints procedure which is available on request. Your complaint can be in writing, email, telephone or face to face. If your complaint is face to face or by phone we will write to you to confirm our understanding of your complaint. We will acknowledge your complaint within 5 business days, advising you of the name of the person dealing with your complaint on behalf of the company. Please address any complaint to BRM Financial Services, Chase House, City Junction Business Park, Northern Cross, Malahide Road, Dublin 17. If in the event, a complainant is dissatisfied with the outcome of our nvestigation, you are entitled to refer the matter to the Financial Services & Pensions Ombudsman, Lincoln House, Lincoln Place, Dublin 2, Lo call 01 5677000 email firstname.lastname@example.org.
BRM Financial Services complies with the requirements of the Data Protection Acts 1988-2018. The data will be processed only in ways compatible with the purposes for which it was given. See our data privacy notice which will be given to you with these terms of business.
Investor Compensation Scheme
We are members of the Investor Compensation Scheme which 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 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 Ltd. at (01) 224 4955.
Brokers Ireland Compensation Scheme
We are also members of the Brokers Ireland Compensation Scheme fund. Subject to the rules of the scheme the liabilities of its members may be discharged by the fund on its behalf if the member firm is unable to do so, where the detailed investor Compensation Scheme has failed to adequately compensate any client of the member. Further details available on request.
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 BRM Financial Services.
I/We acknowledge that I/We have been provided with Terms of Business and Data Privacy Notice for BRM Financial Services and confirm that I/We have read and understand them.
I/We also consent to BRM Financial Services 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.