Terms Of Business - Personal Financial Services

Transcription

1 Terms Of Business - Personal Financial Services Trust is the foundation stone of all of our client relationships. At the initial outset we want our clients to know, we will always act in a professional manner and we will always act in our clients best interests. Our terms of business set out the general terms under which Ark Finance will provide personal financial services to you, our client. These terms, will set out the respective responsibilities of both Ark Finance and you, in relation to such services. Please ensure you read these terms thoroughly and if you have queries, please discuss with the undersigned representative of Ark Finance. If any material changes are made to these terms we will notify you. Contact: Morton Rennick (Director) Regulatory Status: Ark Finance Limited, trading as Ark Finance, is regulated by The Central Bank of Ireland. Copies of our authorisations are attached to this document in Appendix 1 (a) & (b). Our Services: Ark Finance can provide advice and arrange products with the financial product providers that Ark Finance holds an agency with. These product providers provide; investments, pensions, savings plans, deposit accounts, life cover, serious illness cover and income protection. Please see the attached agency list for the product providers that we hold agencies with, in Appendix 2. Our Client Review Process: Ark Finance typically uses a financial fact find review, to assist us in giving you best advice. If you have a particular area of need or interest, we can, upon your direction, focus in detail on this particular area of need only. We will review the facts as you provide them to us, to determine what financial products are applicable to you. If we feel you have need for financial products, we will advise you of the types of product you should consider. We will also search through the range of products from our product providers and recommend specific products we feel would fulfil your needs. At each stage of the process we will explain to you why we feel recommended products are applicable. We will step you through any calculated protection cover values, or pension contribution values we recommend. We will explain the risk profile of any recommended investments, to ensure you are comfortable with the risk level. It is important that you are fully informed with regard to recommendations of products. If you are unsure of any aspect of the financial review or recommendations, please ask your financial advisor for further explanation. In particular please ensure you are fully aware of the risks involved with investments, see investments paragraph on next page. We recommend that clients review their financial position on an annual basis. With this is mind we will encourage clients to schedule review meetings on an annual basis. We will also keep clients up to date on investment / financial news by offering access to our news letter The Angle. If you do not wish to be contacted in this way, please let us know. But we feel we are following best practice by keeping clients informed and advised on a regular basis. Charges: When charging client fees for services provided, we will provide you with an estimate before providing that service. Typically where analysis & reports are produced, there will be a fee applied based on the complexity of the client s case. Our current advisory rate is 250 per hour. The minimum charge for any report produced is 500 plus VAT. Claregate Street, Kildare, Co. Kildare info@arkfinance.ie Tel Kildare Tel Dublin Fax

2 Commissions: Ark Finance is remunerated by the product providers we hold an agency with through commissions. We disclose commission on each transaction as is directed under regulations. Where clients have already been charged for analysis & reporting, we will take these charges into consideration when setting commission levels on products. Marketing Fees: For clients who are investing in property, we may source product from developers / property marketing firms, on behalf of clients. We may receive a marketing fee from these firms for introducing our clients to their products. We will tell you if we receive such fees and will let you know what that fee is. Our motivation for using such firms, is that we have knowledge of their previous developments and we know the management team involved. Conflicts Of Interest: It is our policy to avoid conflicts of interest. Where during the course of business any case arises that a conflict of interest is unavoidable, we will bring the nature of the conflict to your attention and deal with the transaction in a professional manner. Premiums: If you do not pay premiums when they fall due, the insurer may withdraw benefits or cancel cover. It is your responsibility to ensure that sufficient funds are in the appropriate account when premiums fall due. Complaints: Ark Finance has a formal complaints procedure, which you may have a copy of upon request. We will acknowledge the receipt of a formal complaint within five working days and fully investigate that compliant. On completion of the investigation you will receive a formal response. If you are unsatisfied with the outcome of the investigation, you are entitled to refer the matter to the applicable regulatory body. Policy Documentation: Upon completion of arranging financial products on your behalf, you will usually receive the policy documentation / investment certificate from the provider. When you receive this documentation you should check it carefully to ensure it meets your needs and matches your instructions. Compensation scheme: Ark Finance Ltd. is a member of the Investor Compensation Scheme operated by the Investor Compensation Company Ltd. Please see Appendix 3 for details. Data Retention: We do not share client data with anyone without client permission. We do however need to provide chosen product providers with client details in order to put in place products chosen with the client. We also may need to provide specific data to government bodies, who may have the right to that information under legislation. We are required under law to retain client details for a minimum period of 6 years. As we intend to continue our working relationship with clients, we will retain client details for as long as we feel it is required. You have the right to access your client file data at any time Risks: All investments have a level of risk. It is important that your risk profile is matched to the appropriate investment products. We will endeavour to assist you in achieving this. However, you should ensure that you are fully aware of the risks involved, ask your advisor to explain any aspect that you are not fully clear with. On certain products we may require you to acknowledge (by signature) your awareness of the risks involved. Claregate Street, Kildare, Co. Kildare info@arkfinance.ie Tel Kildare Tel Dublin Fax

3 Appendix 1 Claregate Street, Kildare, Co. Kildare info@arkfinance.ie Tel Kildare Tel Dublin Fax

4 Appendix 2 List of current agencies held by Ark Finance Ltd. December 2017 Life Assurance Offices: Aviva Life & Pensions Limited Friends First Life Assurance Co. Ltd Irish Life Assurance PLC New Ireland Assurance Co. PLC Standard Life Assurance Ltd. The Royal London Mutual Insurance Society Ltd. Zurich Life Assurance PLC Royal London Mutual Insurance Society Limited Investment Product Companies: Wealth Options Limited BCP Asset Management Limited Bespoke Investments Limited BlackBee Investments Greenman Investments Stockbrokers: Dolmen Securities Davy Stockbrokers Banks: KBC Bank Ireland (Investment products) EBS (Deposits) Permanent TSB (Deposits) General Insurance: Dolmen Insurance Brokers Ltd. - (Household Insurance) Claregate Street, Kildare, Co. Kildare info@arkfinance.ie Tel Kildare Tel Dublin Fax

5 Appendix 3 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 Ark Finance Ltd 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 company cannot be returned to those clients for the time being and there is no reasonable foreseeable opportunity of the company 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 company is not in a position to return client money or investment instruments owned or belonging to the clients of the company; 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 up to 20,000 For further information contact the Investor Compensation Company Ltd. at info@investorcompensation.ie Web: Claregate Street, Kildare, Co. Kildare info@arkfinance.ie Tel Kildare Tel Dublin Fax