Terms of Business

TERMS OF BUSINESS

Gray Cunniffe Flaherty Ltd, Registered Office O’Connor Square, Tullamore, Co. Offaly is a private Limited Company and is authorised and regulated by the Central Bank of Ireland under European Union (Insurance Distribution) Regulations 2018, Ref Number 5911.

Phone: 057 9321515                                   Email: info@gcfinsurance.ie

These terms of business set out the basis on which Gray Cunniffe Flaherty Ltd will provide business services to you as a client of the Company. They also contain details of our regulatory and statutory obligations and the respective duties of both the Company and you in relation to such services.

Gray Cunniffe Flaherty Ltd. is a member of Brokers Ireland.

Authorised Status

Gray Cunniffe Flaherty Ltd is authorised by the Central Bank of Ireland as an Authorised Advisor under the Investment Intermediaries Act 1995 and is registered with the Central Bank of Ireland as an Insurance Intermediary under the Insurance Mediation Directive. Copies of our authorisation certificates are available on request.

Codes of Conduct

To provide protection to consumers Gray Cunniffe Flaherty Ltd is subject to the Consumer Protection Code, Minimum Competency Code and Fitness and Probity Standards. A copy of these codes can be found on the Central Bank’s website www.centralbank.ie.

Services Provided

We offer broad based advice based on a fair analysis basis in relation to all classes of insurance policies. We will identify and select a suitable product provider and on receipt of your instructions we will transmit orders on your behalf to one or more product provider (a list of which is available on request). The Company only transacts business through product providers who are regulated by the Central Bank of Ireland or other equivalent regulator.

We do not have a tied relationship with any provider which would compromise our ability to offer you unbiased advice. Whilst providing the service, we also strongly encourage you to read the policy documentation issued to familiarise yourself with Terms and Conditions.

Remuneration and Fees

Gray Cunniffe Flaherty Ltd is remunerated by a professional fee for the initial work activity and time spent in seeking the best product, terms and advice for your specific needs. An administration fee is also charged for the activity involved in the renewal of the policy and also for any alterations that take place during and at termination of the policy. A scale of our fees is noted hereunder. We are usually remunerated by commission received from the product providers for the work involved in placing an order and finalising the product with them on your behalf. Some product providers do NOT pay us a commission.

It is the policy of Gray Cunniffe Flaherty Ltd to disclose any fees charged on our documentation to you:

• An administration fee may apply to policies paid by direct debit and some product producers may collect our administration fee on our behalf on direct debit policies.
• We do not charge for payments made by credit/debit card.
• Any third party charges in connection with your policy will be included in the premium.

GENERAL INSURANCE

Advice without placement of a contract is chargeable on a time spent basis as follows:

LIFE INSURANCE AND PENSIONS

We reserve the right to amend these fees should the complexity of the product require a higher fee. We will confirm and agree this with you prior to any increased charges being applied.  Our average commission is 8% and with our average personal lines premium of €375 this means we must charge a fee to provide a proper service and maintain solvency. On return premiums where a policy is cancelled, altered, lapsed, transferred or other transaction leading to additional work we charge a maximum fee of €5,000.

Refunds

Under CPC 2012 regulations you are entitled to a refund within 5 business days. Refunds will be issued once Gray Cunniffe Flaherty has received confirmation of the refund from the Insurer.

Regular Reviews

We strongly advise that you regularly review the products that we have arranged for you. You should advise us of any change in your circumstances and request a review of your current policies so that we may ensure that you are given up to date advice and your products are amended if necessary to reflect your needs and changed circumstances. Failure to contact us to advise of a change in your circumstances and needs may result in you having insufficient insurance and/or products which are no longer suitable for you.

Conflicts of Interest

It is the policy of Gray Cunniffe Flaherty Ltd to avoid any conflict of Interest when providing services to its clients. However where an unavoidable conflict may arise we will advise you before proceeding to provide any service.

Your Duty of Disclosure

We strongly advise you to notify us of all matters that may affect the assessment of the risk you wish to insure. This is so that we can present the risk correctly to Insurers and protect your interests properly regarding claims. If you are not sure whether something will affect your policy, you should inform us anyway and we can advise you accordingly. Insurers can and do refuse claims for non-disclosure and we want to avoid our customers winding up in this situation.

The principle of Utmost Good Faith and disclosure apply when you take out an insurance policy, throughout the duration of that policy, when you renew your policy, when you make alterations to your policy, to any claim you make under your policy and throughout the claims process, and to any situations where you are required to provide information either to us or to Insurers. Failure to disclose any material information may result in the policy being void from inception.

Premium Handling

Gray Cunniffe Flaherty Ltd will accept payments by cash, by cheque and by debit/credit cards in respect of all classes of insurance where:

• A proposal for Insurance has been accepted by an insurance undertaking
• An insurance undertaking has invited renewal of a policy of insurance
• A mid-term alteration has been made to a policy

Premiums are due on or before inception/renewal date. Under the Central Bank legislation strict rules apply in respect of payment of premiums to insurance companies and we cannot pay premiums to insurers which have not been received by us from clients. Therefore, to avoid policy cancellations, premiums must be paid prior to cover incepting/renewing.

Cancellation/Cooling Off Period

A consumer has the right to withdraw from an insurance policy within 14 days of the start of the policy without penalty and without giving any reason. The right of withdrawal may be exercised by notice in writing to Gray Cunniffe Flaherty Ltd quoting your policy number. Should this right be exercised, the insurance company may charge a pro rata premium for the period you are on cover. If the cover is motor insurance, the premium cannot be refunded until the Certificate and Disk have been received by Gray Cunniffe Flaherty Ltd.

You can cancel your policy by notice in writing at any time. Provided that all reasonable charges pertaining to costs incurred by Gray Cunniffe Flaherty Ltd have been paid and provided that no incident giving rise to a claim has occurred in the current period of insurance, you will be entitled to a proportionate return of the premium for the unexpired period of insurance, unless the policy is on a minimum premium basis, and if this is the case it will be noted on your policy schedule. If you cancel during your first year of cover with an insurer (outside the Cooling Off Period) short term rates will apply.

Failure to Pay or Default

We will exercise our legal right to receive payments due to us from clients for services provided in particular but not limited to instances where the Company has acted in good faith in renewing a policy or insurance for the client. Reimbursement will include any insurance premiums payable to Insurers and fees payable to the Company.

Insurers and product producers may withdraw benefits or cover in the event of a default on payments due under policies of insurance or other products arranged for you. We reserve the right to instigate cancellation proceedings in the event of the following:

• Your non-payment of the premium due at inception, renewal or mid-term alteration
• Your bank returns your cheque due to insufficient funds or any other reason
• Non-disclosure of any relevant information
• Non-receipt of required documentation
• Insurer imposed cancellation (circumstances will be outlined in policy documents)

Complaints Procedure

The Company’s procedure for the effective consideration and handling of complaints is set out as follows:

Complaints should be addressed in writing to the Managing Director, Gray Cunniffe Flaherty Ltd, seeking a meeting in person at our office to discuss the complaint. Your letter should describe in as much detail possible the nature of your complaint. On receipt of this letter to our office a formal complaints procedure will commence within 5 working days. We will investigate the complaint and update you in writing at intervals not greater than 20 business days from the date of receipt of your initial written complaint. A written response to your complaint will be issued to you not later than 8 weeks of receipt of your initial written complaint.

In the event that you are not entirely satisfied with the Company’s handling of and response to your complaint, you may contact Brokers Ireland, 87 Merrion Square, Dublin 2 and ultimately you have the right to refer the matter to the Financial Services and Pensions Ombudsman, 3^rd Floor, Lincoln House, Lincoln Place, Dublin 2, D02 VH29 or on 01-5677000 and info@fspo.ie.

Investor Compensation

Gray Cunniffe Flaherty Ltd is a member of the Investor Compensation Company Ltd (ICCL) Scheme established under the Investor Compensation Act 1988. The legislation provides for the establishment of a compensation scheme and the payment in certain circumstances of compensation to certain clients of firms (known as eligible investors) covered by the Act.

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.

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 under the Investor Compensation Act, 1998;or
• Compensation of up to €20,000.

Data Protection

Gray Cunniffe Flaherty Ltd is bound by the requirements of the General Data Protection Regulation 2018 and the Irish Data Protection Act 2018. We take great care with the personal details provided by you and we are committed to protecting and respecting your privacy. We wish to be transparent in how we process your data to demonstrate that we are adhering to GDPR regulations when processing your data and ensuring that you understand your rights as a client.

Any data obtained from you will only be processed in ways compatible with the purposed for which it was given and as outlined in our Data Privacy Policy. This Privacy Notice is easily accessible to you on our website www.gcfinsurance.ie. If you are unable to access the policy in this way we can provide a hard copy to you by post on request. Please contact us at info@gcfinsurance.ie if you have any concerns about your personal data.

Ant data provided by you will be held on a computer database and paper files solely for the purpose of arranging transactions on your behalf. The data will be processed only in ways compatible with the purposed for which it was given and as outlined in our Data Privacy Notice.

Governing Law and Language

The laws of the Republic of Ireland form the basis for establishing the relationship between you and Gray Cunniffe Flaherty Ltd. All contracts, terms, conditions and communications relating to any policy you may enter into with the Company will be in English.