Introduction

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 you read these terms thoroughly and if you have any queries please contact the undersigned who will be happy to clarify any queries raised.  If any material changes are made to these terms, we will notify you as soon as possible.

 

Gerry Moran QFA CFP®, Director, Wallstone Financial Planning.

(T) 061 440044 (E) gmoran@wallstone.ie

 

Authorisation with the Central Bank of Ireland

Mantra Consultants Limited t/a Wallstone Financial Planning 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.  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 on www.centralbank.ie to verify our credentials.

 

Codes of Conduct

Mantra Consultants Limited is subject the Consumer Protection Code, 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

Our Services

 

Mantra Consultants Limited is an independent financial planning firm.  We offer clients advice on all aspects of financial planning and can also arrange financial products from a broad number of product providers.

 

Mantra Consultants Limited act as Brokers and act on a fair analysis basis for Life Assurance, Pensions, Investment and Mortgage Business.  Mantra Consultants Limited act on a limited analysis basis for Deposits and General Insurance.  A full list of insurers, product producers and lending agencies with which we deal is available on request.  We also have a referral agreement with a number of Stockbrokers.

 

Mantra Consultants Limited is a member of the Professional Insurance Brokers Association (PIBA).

 

Fair Analysis

The concept of fair 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 particular 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 us 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.

 

Life & Pensions

 

Mantra Consultants Limited provides life assurance, pensions and investments on a fair analysis basis i.e. providing service 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.

 

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 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.

 

Deposits

 

Mantra Consultants Limited provides deposits on a limited analysis basis (providing services on the basis of a limited number of contracts available on the market).

We provide advice on the following product providers:

  • Permanent TSB Plc
  • EBS Limited

 

General Insurance

 

Mantra Consultants Limited provides general insurance on a limited analysis basis (providing services on the basis of a limited number of contracts and product producers available on the market). Mantra Consultants Limited holds an agency in respect of home insurance with Aviva Insurance Europe SE.  We will offer assistance to you in relation to processing claims on policies taken out with us and in seeking renewal terms on cover.  To ensure continuity of cover, where you have an existing policy which is due to expire and where we have been unable to contact you, we may put continuing cover in force whilst awaiting your instruction.  You will be liable for any premiums payable to your relevant insurer for the period of time between renewal and when we receive your instruction. You have the right not to avail of this service.

 

Share Dealing

 

Mantra Consultants Limited t/a Wallstone Financial Planning does not offer advice on shareholding.  We hold agency appointments with three stockbroking firms, namely, Cantor Fitzgerald Ireland Limited, J & E Davy and Merrion Stockbrokers Limited.  At your request, we can provide you with a referral to a stockbroker.  Your appointed stockbroker will contact you directly for your instructions and deal with all matters concerning your transactions.  Mantra Consultants Limited t/a Wallstone Financial Planning may receive a portion of the fees deducted by the stockbroker on share trading.  Any such fee will be pre-advised to a client.

 

 

Mortgages

 

Through the lenders of other undertakings with which we hold an agency Mantra Consultants Limited can provide advice on and arrange mortgage products from the following range; fixed-rate mortgages, variable rate mortgages, capital & interest mortgages, interest only mortgages, endowment mortgages, pension mortgages and residential investment property.

 

Mantra Consultants Limited provide mortgage advice on a fair analysis basis (providing services on the basis of a sufficiently large number of contracts and product producers available on the market to enable the firm to make a recommendation, in accordance with professional criteria, regarding which contract would be adequate to meet your needs. 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.

 

Fees & Charges

Our core proposition at Mantra Consultants Limited is offering financial planning advice to clients.  We charge fees for this advice which are always agreed in advance with each client.  As a result of charging fees, we do not have to sell our clients any financial products to get remunerated for our services.  We can thus give independent advice which is not clouded in some sort of product sale.

 

Fees for Bespoke Financial Advice & Financial Planning Advice (No Product Purchased by Client through Mantra Consultants Limited)

 

Bespoke financial advice and financial planning advice is provided at an hourly charge out rate to clients.  The current hourly consultancy rates are:

 

Advisor Fee            €180 per hour

Admin Support       €60 per hour

 

An estimate of likely time to be spent advising a client will be given to every client in advance of carrying out the work.  This will form the basis of our agreed fee (in advance).

 

We set out below the indicative range of fees for our advice services based on our hourly consultancy rates.

 

Retirement Planning Advice                                              €760 - €1,000

Investment Advice                                                             €760 - €1,000

Estate Planning Advice                                                      €760 - €1,000

Risk Management Advice                                                  €760 - €1,000

Discovery Meeting                                                             €180 -    €360

Discovery Meeting & Report outlining existing                  €760 - €1,000

Financial Situation

Discovery Meeting & Report outlining existing                  €2,500 - €3,500

Financial Situation & Full Financial Plan

 

In certain instances the agreed fee may vary from that outlined above depending on the particulars of the case (which will always be agreed in advance).  Additional fees may be payable for complex cases or to reflect value, specialist skills or urgency.  These will always be agreed in advance.

 

Fee Outline where we place business with a Product Provider.

Mantra Consultants Limited is remunerated by commission and other payments from product producers or lenders on the completion of business.

In certain circumstances, it will be necessary to charge a fee for services provided where insufficient commission is payable to us for the services provided to you. 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.

 

You may choose to pay in full for our services by means of a fee.  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.  Where we receive recurring commission, this forms part of the remuneration for initial advice provided.

 

You must advise the basis on which you wish your business to be processed prior to us providing any advice or undertaking any service on your behalf.  Please note that it is our practice to charge fees on a rate per hour basis for consultations and reports, particularly where no/insufficient supporting business is completed.

 

 

Life Assurance Policies Fee/Commission Structure

 

All life assurance policies (including specified illness cover and income protection cover) taken out through Mantra Consultants Limited can be transacted on a commission basis or by a fee payable by the client.  Where the commission option is selected by the client, the product provider will pay Mantra Consultants Limited for arranging the product with them by paying initial and renewal commission.  The level of commission payable to Mantra Consultants Limited varies depending on the product provided to the client, details of which will be contained in the Product Disclosure Notice which will be advised to the client in advance of taking out a policy.  Where the client elects to pay directly by means of a fee , the client may if they wish pay this sum by means of a fee charged at the commencement of the policy and a fee at each subsequent policy renewal date. The client will be notified in writing in advance of these fees which will be the same amount as available under the commission option.  If this option is selected,  the business will be placed with the product provider on a nil commission basis.

 

If you elect to avail of our services on a fee only basis, the following is indicative of our rates:

 

Annuity, Investment & Retirement Portfolios Fee/ Commission Structure

 

If you elect to avail of our services relating to the above products, the following is indicative of our commission/fee rates:

table

The Initial Fee / Commission (Instead of Initial Fee) agreed with a client in advance will depend on a number of factors, such as, (i) the sum invested, (ii) Investment Term, (iii) level of existing business through Mantra Consultants Limited and (iv) potential for additional business through Mantra Consultants Limited.

 

Deposit Broking Commission/Fees

Mantra Consultants Limited is remunerated by commission by the relevant financial institution where client deposits are placed.  We may receive up to 0.4% p.a. (or whatever-maximum is applicable) on account balances.  Mantra Consultants Limited also reserves the right to levy a fee (initial or recurring) payable by the client.  Such fee, if any,  will be agreed in advance with the client.

 

Non-Life Commissions

Mantra Consultants Limited is remunerated by commission from Aviva Insurance Europe SE.  The level of commission payable to Mantra Consultants Limited will be advised to you in advance of arranging/renewing cover.  Where an override commission is received this will be disclosed to you in general terms.

 

Mortgages:

We may receive up to 1% (or whatever maximum is applicable) of the loan amount for arranging mortgage finance.  This commission is paid by the lender.  Please note however that lenders may charge specific fees in certain circumstances and if this applies, these fees will be specified in your Loan Offer.

 

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 will charge you an arrangement fee of €500 for our service.

 

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.

 

Conflicts of Interest

It is the policy of the firm to avoid any conflict 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 rights to receive any payments due to it from clients (fees and insurance premiums) for business 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

We ask that you make any complaint against our firm, relating to the services provided by us, in writing.  We will acknowledge your compliant with 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

Mantra Consultants Limited 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 mortgage, insurance, investment, and any other services provided by us which we think may be of interest to you.  We would like to contact you by way of letter, email, telephone call.  If you do not wish to receive such marketing information please tick the box in the Term of Business acknowledgement letter.

 

Compensation Scheme

Mantra Consultants Limited are members of the Investor Compensation Scheme operated by the Investor Compensation Company Ltd. 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 in the 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;

 

  1. If the client is an eligible investor as defined in the Act; and
  2. 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
  3. 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 less of;

 

  • 90% of the amount of the clients 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.

 

Once these Terms of Business have been agreed, they shall remain in place unless subsequently altered.  The Terms of Business shall be construed in accordance with Irish Law.  The Courts of Ireland shall have exclusive jurisdiction in relation to any claim, dispute or indifference concerning the Terms of Business and any matter arising between the client and the company.

 

 

 

Wallstone

Tel.      +353 61 440044
email.  financial@wallstone.ie