» Terms of Business

The following sets out the Term of Business for SmartQuotes.ie (a trading name of PFP Financial Services Limited).
Please ensure that you read these terms thoroughly and if you have any queries we will be happy to clarify them. Any changes to our Terms of Business will be updated on the website.

Authorisation with the Financial Regulator
SmartQuotes.ie (a trading name of PFP Financial Services Limited) is regulated by the Financial Regulator as a Multi Agency Intermediary under Section 10 of the Investment Intermediaries Act 1995 (as amended). The firm is also registered as an Insurance Intermediary under the Insurance Mediation Regulations 2005. SmartQuotes.ie (a trading name of PFP Financial Services Limited) is also regulated by the Financial Regulator as a Mortgage Intermediary under the Consumer Credit Act, 1995. Copies of our authorisations are available on request by emailing info@pfp.ie. The Financial Regulator holds registers of regulated firms. You may contact the Financial Regulator on 1890 777777 or alternatively visit their website at www.financialregulator.ie to verify our credentials.

Services:
The SmartQuotes website is execution only - it does not offer advice (except in certain situations as noted below). The website offers Life Assurance, Mortgage Life Assurance (also known as Mortgage Protection) Specified Illness Cover and Income Protection. The website also offers Deposit Quotes, Wedding Insurance, Travel Insurance and Home Insurance (see below). The website transmits orders on client’s behalf to any of the insurance undertakings or product producers from whom the Company hold letters of appointment.

SmartQuotes.ie (a trading name of PFP Financial Services Limited) can provide a mortgage advisory and a pension advisory service if requested (see below).

All quotes from the online calculators are indicative (see below – Online Calculators Terms and Conditions of Use). For Protection Products all quotations are subject to underwriting.

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 Life Assurance (including Mortgage Life Assurance), Specified Illness Cover and Income Protection products.

PIBA
SmartQuotes.ie (a trading name of PFP Financial Services Limited) is a member of the Professional Insurance Brokers Association (PIBA). As a member of PIBA we must be in a position to place insurance with at least five insurers of the relevant form and therefore can give consumers greater choice than agents and tied agents

Remuneration Policy
Life Assurance and Protection Products:-
SmartQuotes.ie (a trading name of PFP Financial Services Limited) receives commission and other payments in respect of business going through the SmartQuotes website from insurers in the case of Protection product contracts. The normal annual premium for the first year only may be reduced by the percentage shown on the website and is paid by way of a commission rebate in respect of Life Assurance (including Mortgage Life Assurnace) and Specified Illness Cover (see below).

How does the rebate work?
For Life Assurance (including Mortgage Life Assurance) and Specified Illness Cover where policies are paid monthly we will refund you 70% of the first year’s premium (provided the monthly premium is €30 or more), paid monthly on the same day the direct debit is paid to the provider (eg Insurance Company) for the first twelve months.  It’s as simple as that.

Where the premium is below €30 per month the rebate will be calculated as follows (and the term if 10 years or more):
€20 to €29.99   Rebate of 60% payable
€19.99 or less   Rebate of 50% payable

Where the term of the policy is less than 10 years no rebate will apply.

Where policies are paid yearly, and the premium has been paid in full, we will refund you 70% of the first year’s premium, paid within 4 weeks after the commencement date of the policy (where monthly premium equivalent is €30 or more – where it is lower than these levels the calculations as above will apply)

It should be noted that if the policy is terminated within the first twelve months (by way of cancellation or non payment of premium) the commission rebate is refundable SmartQuotes.ie (a trading name of PFP Financial Services Limited) in full.

From month 13 onwards the normal monthly premium applies.

Tax Relief on Income Protection included in calculators
For Income Protection Tax Relief is available at the marginal rate. The rate of 49% on the website combines tax relief at 41% (higher rate 2010) plus 8% of PRSI and Health Levy (Class A PRSI/ Health Levy). This is based on an Income for 2010 of €75,000 for an employee. The rate of 49% is used for illustrative purposes and where clarification is required a Registered Tax Consultant (See Taxation section below) should be contacted.

Mortgages
Through the lenders or other undertakings with which we hold an agency, SmartQuotes.ie (a trading name of PFP Financial Services Limited) can provide advice on and arrange products from the following range: fixed-rate loans, variable rate mortgages, capital & interest mortgages, interest only mortgages, endowment mortgages, pension mortgages, 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 request.

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. Please note that lenders may charge specific fees in certain circumstances and if this applies, these fees will be specified in your Loan Offer. 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 of €500 for our services. This will be advised in writing to you in advance.

General Insurance:   Travel and Wedding Insurance
PFP Financial Services Limited receives a commission in respect of Travel and Weddings Insurance business going through the SmartQuotes website from Blue Insurances.

General Insurance:   Household Insurance
All new household insurance business is referred to Mercury Insurance Brokers Limited with whom we have an agency agreement, a firm regulated by Financial Regulator. When you select our on-line quotation facility for a household quote you will receive a quote from a SmartQuotes.ie representative which has been prepared by Mercury Insurance Brokers.

SmartQuotes.ie (a trading name of PFP Financial Services Limited) will receive a commission for all business transacted via our agency with Mercury Insurance Brokers Limited.
Household business is transacted on an execution only basis (see below).
Terms of Business of Mercury Insurance Brokers Limited will be issued on acceptance of a quote.

Cooling-Off Period
With most policies you have a ‘cooling off’ period during which you can cancel a policy and get a refund of any premiums you have paid.  These will be clearly advised in the policy information received from SmartQuotes (a trading name of PFP Financial Services Limited) or the relevant insurer.

Pensions Advisory
SmartQuotes (a trading name of PFP Financial Services Limited) can provide advice on PRSA’s, Personal Pension, Executive Pensions, Group Pensions, Buy Out Bonds and other related pension products as requested.  For this SmartQuotes (a trading name of PFP Financial Services Limited) is remunerated by commission and other payments from product producers on the completion of business. In certain circumstances, it will be necessary to charge a fee for services provided.

Advisor fees: €100 – €200 per hour.
Support staff: €40 – €60 per hour.

Additional fees may be payable for complex cases or to reflect value, specialist skills or urgency. We will give an estimate of this rate in advance of providing you with services. If we receive commission from a product provider, this will 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 intermediary unless an arrangement to the contrary is made.
Any fees where applicable will be advised in advance to the client in writing.

Conflict of Interest:
It is the policy of SmartQuotes (a trading name of PFP Financial Services Limited)  to avoid a conflict of interest when providing services to clients. Where an unavoidable conflict arises we will advise you of this in writing before providing any business service. If you have not been informed of any such conflict you may assume that none arises.

Complaints Procedure:
SmartQuotes (a trading name of PFP Financial Services Limited) has a written procedure for handling customer complaints. This procedure ensures that all complaints are recorded and, where appropriate, acknowledged in writing within 5 business days. On completion of our investigation we will provide you with a report of the outcome.
If you remain dissatisfied with the handling of and/or response to a complaint you may refer the matter to the Financial Services Ombudsman or the Pensions Ombudsman. A full copy of our complaints procedure is available on request.

Consumer Protection:
PFP Financial Services Limited is a member of the Investor Compensation Scheme Ltd established under the Investor Compensation Act 1998. The legislation provides for the establishment of a compensation scheme and to the payment in certain circumstances, of compensation to clients of firms covered by the Act. However you should also be aware that a right to compensation would only arise where money or investment instruments held by this Company on your behalf cannot be returned either for the time being or for the foreseeable future and where the client falls within the definition of eligible investor as contained in the Act.:and if it transpires that the firm is not in a position to return client of the firms: and to the extent that the client’s loss is recognised for the purposes of the Act. In the event that a right to compensation is established, the amount payable is the lesser of 90% of the client’s loss, which is recognised as being eligible for compensation or €20,000.
PFP Financial Services Limited also holds Professional Indemnity insurance of €1,500,000 in compliance with the Insurance Mediation Directive.

Default on payments by clients
Our firm will exercise its legal rights to receive payments due to it from 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.

Client’s Money:
PFP Financial Services Limited does not accept cash or any negotiable instrument for the payment of insurance premiums. All business on the SmartQuotes website will be on the basis of payment by direct debit/ cheque with funds being paid directly to the insurance company.
In the case of general insurance funds are paid by the client directly to Blue Insurances (Wedding and Travel Insurance) and Mercury Insurance Brokers Limited (Household Insurance). In certain cases where the Direct Debit option is selected for Household Insurance the payment will be made by Direct Debit directly to the insurer.

Claims
All claims are handled by the relevant insurer.  In the event of a claim please contact us (see below) and we will provide you with the relevant contact details of the insurer.

Agency Appointments
SmartQuotes.ie (a trading name of PFP Financial Services Limited) holds agencies with the main Life Insurance companies in Ireland – a list of agencies held is available on request.  All wedding insurance and travel insurance is placed via our agency with Blue Insurance, a firm regulated by Financial Regulator.  All Household Insurance is placed via our agency with Mercury Insurance Brokers Limited, a firm regulated by the Financial Regulator.

Confidentiality
All information received by us will be treated in the strictest confidence.  We will only disclose information obtained in the following circumstances:

1. Where we are obliged to do so by our regulator or
2. Where we are required to do so by law or
3. On your written instruction

Data Protection
PFP Financial Services Limited complies with 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.

Governing Law
Irish law will give the provision of the services covered by PFP Financial Services, and the Irish Courts will have exclusive jurisdiction over any dispute.

Important legal information
Online Calculators - Terms & Conditions of use
A. Usage Agreement
You agree that the results produced from any of the online calculator applications is not a quotation for service and that you understand that related results produced represent an indicative or "ball-park" set of costs, and that accurate calculation results and quotations can only be received directly from a company representative after full details have been received on an application form. All applications are subject to underwriting from the relevant insurer.
B.  Limited License
We grant you a non-exclusive, revocable right to use the calculator applications solely for the purpose of receiving an indicative cost of theoretical circumstances. We may revoke your license at any time without notice.
C. Disclaimers
We make no express or implied warranties or representations with respect to the calculator applications (including, without limitation, warranties of fitness, merchantability, non-infringement, or any implied warranties arising out of a course of performance or trade usage). In addition, we make no representation that the operation of the applications will be uninterrupted or error-free, and we will not be liable for the consequences of any interruptions or errors.

Information submitted on application forms
It is the responsibilty of the client to ensure that all information submitted is complete and accurate.
It should be noted that clients(s) have a duty to disclose any material facts, which come to light between the date, the proposal form is signed and the date the policy is issued. Failure to do so may result in any subsequent claim being refused.
When you are applying for Life Assurance, Mortgage Life Assurance, Income Protection or Specified Illness Cover you are under a legal obligation to disclose all relevant details about your health or any other relevant item as requested on the application form. If it subsequently transpires that you did not disclose on your application something which was relevant and which you knew about, then the insurance company may cancel the cover under the policy and no claim will be paid. The insurance company will rely on what you have told them in your application. When in doubt about a specific item it should be disclosed and the relevant Insurance Company will decide on it relevant. Where you do not wish to disclose this information to the intermediary the Insurer can be contacted directly.

Execution Only
We can arrange for you to purchase certain products on our website but cannot provide specific advice on your circumstances (except as noted below in respect of Pensions and Mortgage). This is known as an execution only. By ticking the relevant box during the quote process and/ or by signing the execution only letter you are acknowledging you have neither requested nor been given any advice in relation to this product.
For Pension Products and Mortgages an advisory service is available if requested by the client. Please request this when talking to a representative or by emailing info@smartquotes.ie

Cover
Clients should note that no cover is confirmed as being in place unless the original policy documents have been received or confirmation has been received in writing from the insurer that cover is in place.

Communication
From time to time we may communicate with users of the site to advise them of current products.  If you do not wish to receive these emails please unsubscribe on receipt of the email or email info@smartquotes.ie with the subject line “unsubscribe”.

Investment Warning
The value of your investment can fall as well as rise. Past performance is not a guide to future performance. The Euro value of denominated assets can rise and fall as a result of exchange rate fluctuations.

Taxation
Where references are made to tax relief or taxation these figures are for illustrative purposes only. Where clarification is required a Registered Tax Adviser should be contacted. A full list is available at http://www.taxireland.ie

Contact Details
PFP Financial Services Limited trading as SmartQuotes
Place of Business
Garland House,
23-30 Rathmines Park,
Rathmines,
Dublin 6,
Ireland
Telephone No: + 353 1 6853813
Fax No: + 351 1 6853388