TERMS OF BUSINESS
These terms of business are effective from June 2019
Ross Curran Financial Services Ltd trading as Curran Futures
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. This document is intended to be clear and transparent in outlining our relationship with you. Please ensure that you read these terms thoroughly and if you have any queries, we will be happy to clarify them. Any material changes to this document will be communicated to all affected clients in good time.
1. Authorisation with the Central Bank of Ireland
Ross Curran Financial Services Ltd trading as Curran Futures is regulated by the Central Bank of Ireland as an:
- Insurance Intermediary registered under the European Union (Insurance Distribution) Regulations 2018
- Investment Intermediary authorised under the Investment Intermediaries Act, 1995
- Mortgage Intermediary authorised under the Consumer Credit Act, 1995
- Mortgage Credit Intermediary under the European Union (Consumer Mortgage Credit Agreements) Regulations, 2016
Copies of our regulatory authorisations are available on request. Alternatively, the Central Bank holds registers of all regulated firms. You may contact the Central Bank of Ireland on 1890 777 777 or visit their website www.centralbank.ie to verify our credentials.
2. Codes of Conduct
Curran Futures is subject to the following codes which offer protection to consumers.
- Consumer Protection Code
- Minimum Competency Code and;
- Fitness & Probity Standards
These codes can be found on the Central Bank’s website www.centralbank.ie
3. Our Services
We can provide advice in relation to products for which we hold an agency and can place business on your behalf with those product providers. Curran Futures is also a member of Brokers Ireland. Brokers Ireland are a representative body for Brokers in Ireland and work closely with the Central Bank of Ireland, the Department of Finance and Financial Services Ombudsman to ensure both broker and consumer interests are protected in any compliance or regulatory changes.
Our principal business is to provide financial planning, wealth management and retirement advice to individuals and businesses and arrange transactions on behalf of clients in relation to:
- Life Insurance (Term Cover, Specified Illness, Permanent Health Insurance and Income on Death)
A full list of insurers, product producers, lending agencies and investment firms with which whom we hold agencies is available on request.
3.1 Insurance Intermediary Services/Mortgage Intermediary Services
Curran Futures do not act as a tied agent to any one particular provider. As a fee-based, impartial broker we undertake to operate as follows:
- The principal regulated activities of the firm are provided on the basis of a fair analysis of the market; and
- You have the option to pay in full for our services by means of a fee.
4. Fair and Personal Analysis
The concept of fair and personal analysis is derived from the Insurance Mediation Directive. It describes the extent of the choice of products and providers offered by an intermediary within a category of life assurance, general insurance, mortgages, 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,
- The cost, transparency and any other relevant consideration.
4.1 Investment Intermediary Services:
We provide investment intermediary services on a fair analysis basis and are remunerated by way of fee and/or commission for this service. A schedule of our fee structure is outlined in the appendix of this document.
4.2 Insurance based Investment Products:
We provide insurance based investment products on a fair analysis basis and are remunerated by commission and / or fee for the advice we provide on our insurance-based investment products. A schedule of our fee is outlined in the appendix of this document.
4.3 Life & Pensions/Deposits & Life Wrapped Investments
We provide life assurance and pensions on a fair and personal analysis basis i.e. providing services on the basis of a sufficiently large number of contracts and product producers available in the market to enable us to make a recommendation, in accordance with professional criteria, regarding which contract would be adequate to meet your needs.
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 policy 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 Permanent Health Insurance (PHI) and Serious Illness policies.
Specifically, on the subject of permanent health insurance policies we will 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 applied 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.
4.4 Mortgages services:
Through the lenders or other undertakings with which we hold an agency, Curran Futures 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 Mortgages and;
- Residential Investment Property
We provide mortgage advice on a limited analysis (providing services on the basis of a limited number of contracts and product producers available in the market). We provide advice on the following product providers:
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.
5. Statement of Charges
Curran Futures is remunerated by any combination of fee, commission and/or other payments from product producers on the completion of certain types of business. You may choose to pay in full for Curran Futures services by means of a fee. Details of our services and remuneration options are contained below. Full details of payment and any other 3rd party remuneration will be included in a specific disclosure document, such as when we are recommending a product to you. Certain products recommended may require us to carry out a periodic suitability assessment with you. We will advise you of any 3rd party payments and any other remuneration received each year in connection with such products as part of this assessment.
5.2 Financial Planning Fees
- Subscription/Retainer Model
Curran Futures offer a subscription based payment model where a client is billed on a monthly basis for our Financial Planning Programme(s). The monthly fee will be agreed with the client in advance and will range from €80 to €200 per month + VAT, depending on the programme.
Payment is arranged on a Standing Order basis and can be cancelled at the clients discretion at any time. There is no minimum amount payable but clients are active in the programme only as long as payment continues.
The first instalment is due within 30 days on the signing of a Letter of Engagement.
- Ad-hoc Fees: Time Based Model
Should you wish to engage with Curran Futures on a specific advisory topic but do not want the full Financial Planning Programme, we will operate on a time based fee model. The following hourly rates apply:
- CEO: €300 per hour + VAT
- Financial Advisor: €200 per hour + VAT
- Administrator: €100 per hour + VAT
5.3 Implementation Fees
As part of our service, Curran Futures may recommend the purchasing of a financial product from a third party provider. However, there is no obligation to purchase said product through Curran Futures (as broker/intermediary). In the event that Curran Futures act as broker/ intermediary for the purchase of a financial product, we will seek to be remunerated by fee, commission or other payment method from you (the client) or the product producers on the completion of business (i.e ‘Implementation Fee’). Any such fee/commission or any other third party payment will be disclosed to in advance as part of your ‘Statement of Suitability’, and on an annual basis for appropriate products. In some, but not all, instances you may have the option to pay for Curran Futures’ implementation services by means of a fee. In lieu of commission, payments details of fee can be found in the schedule below. Commission rates are provided as part of the implementation process.
5.4 Management Fees
Curran Futures provide bespoke investment advice as part of our Financial Planning service. Where a client agrees to set up an investment or product based on our recommendations, with Curran Futures as broker/intermediary, an implementation fee as outlined in sections 5.3 and 6.0 will be charged.
For the ongoing administration and advice on an investment fund or financial product, an annual charge may apply. This charge is based on the nature of the financial product, size of the fund or scheme, and level of management & indemnity associated. Details of annual management fees payable to Curran Futures are explained in our fee schedule (section 6.0)
5.5 Mortgage Fees:
Curran Futures may receive up to 1% of the loan value 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.
We charge a fee of €250.00 for advising on a mortgage application, this fee is refundable. This is not in any way an indication of mortgage/loan approval.
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.
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 for our services. These fees will range from €250-€1000 depending on the complexity or to reflect value, specialist skills or urgency. We will notify you in advance and agree the scale of fees to be charged.
5.6 Other Business:
In certain circumstances, it will be necessary to charge a fee for services provided. A full list of our advice and implementation fees are listed overleaf. Where fees are chargeable, we will notify you in writing in advance and agree the scale of fees to be charged if different from fees outlined overleaf.
6. SCHEDULE OF FEES
Note: Fees are subject to VAT at 23%.
Commission payment have 0% VAT applied
|ADVICE FEES: PROGRAMMES||(NB: Programme fees do not include implementation of any product)|
|FOUNDATION||€50 per month|
|EXECUTIVE||€200 per month|
|WEALTH||€200 per month|
|ADVICE FEES: TIME BASED|
|CEO:||€300 per hour|
|Financial Advisor:||€200 per hour|
|Administration:||€100 per hour|
|PENSION SETUP FEE
(Insured & Platform Based Contracts)
|PENSION SETUP FEE
(Self Directed Pension)
|INVESTMENT SETUP FEE
|INVESTMENT SETUP FEE (Through Self Directed Pension)||No Charge|
|ANNUAL MANAGEMENT CHARGES:|
|INVESTMENT PORTFOLIO PLATFORM||Fee breakdown:
|ALTERNATIVE INVESTMENTS (INCLUDING PROPERTY)||Commission range of 0.5% to 1.2% per annum|
7. ONGOING SUITABILITY
Ongoing suitability assessments form part of the service to clients. On an annual basis the firm will issue a client report outlining any changes in the services or instruments involved and/or the circumstances of the client. We will provide periodic assessments of the suitability of your investment products in particular.
7.2 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 inappropriate investments.
8. DISCLOSURE OF INFORMATION
Any failure to disclose material information may invalidate our advice to you and subsequently the implemented policy. By not disclosing material information, this may also invalidate your claim and render your policy void.
9. 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. A full copy of our conflicts of interest policy is available on request.
10. DEFAULT ON PAYMENTS BY CLIENTS
We will exercise our legal rights to receive payments due to us from clients (fees and insurance premiums) 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.
Whilst we are happy to receive verbal complaints, it would be preferable that any complaints are made in writing. We will acknowledge your complaint in writing 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 and Pensions Ombudsman (FSPO). A full copy of our complaints procedure is available on request.
12. DATA PROTECTION
Curran Futures fully complies with the requirements of the General Data Protection Regulation 2018 and the Irish Data Protection Act 2018.
Curran Futures 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, if this medium is not suitable, we will ensure you can easily receive a copy by; hard copy and / or phone.
We would also like to keep you informed of pension, 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 wish to receive such marketing information, please tick the appropriate box on the signature page of this document.
You have the right at any time to request a copy of any ‘personal data’ (within the meaning of the GDPR) that our office holds about you and to have any inaccuracies in that information corrected.
Please contact us at firstname.lastname@example.org if you have any queries about your personal data.
13. COMPENSATION SCHEME
Curran Futures are members of the Investor Compensation Scheme operated by the Investor Compensation Company Ltd and the Brokers Ireland Compensation Fund. See below for details.
13.1 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 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 Ltd. at (01) 224 4955.
13.2 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.
14. Invoices and Taxes
Invoices will be due for payment on receipt by you. Fees charged by Curran Futures may be subject to VAT.
15. Amendments – Terms of Business
Curran Futures reserves the right to amend its Terms of Business document and the services which are referred to in this document.
16. Governing Law
The laws of the Republic of Ireland will govern this Terms of Business document and the services which are referred to in this document.