Terms of Business
HDFS LTD T/A MONEYCARE
HDFS Ltd t/a Moneycare is regulated by the Central Bank as a Multi-AgencyIntermediary under the Investment Intermediaries Act 1995, as amended; as a mortgage intermediary authorised under the Consumer Credit Act, 1995, as amended and as an insurance intermediary registered under the European Communities (Insurance Mediation Regulations, 2005. The Central Bank holds registers of regulated firms. You may contact the Central Bank on 01-4104000 or visit their website on www.centralbank.ie to verify our credentials.
HDFS Ltd t/a Moneycare offer advice in relation to all aspects of mortgage finance and also in relation to life assurance products (Term Cover, Serious Illness and Permanent Health Cover) and General Insurance, Pensions, Investments, PRSAs & Health Insurance. We also send out orders on behalf to any of the insurance undertakings or products producers from whom the Company holds letters of appointment – a list which is enclosed in the terms of business.
Life Assurance – In the case of life assurance where HDFS Ltd t/a Moneycare is not in receipt of commission, reserves the right to charge a service fee, depending on the complexity of the transactions, time spent and the extent of the transaction, in a such case the fee will be agreed with clients before any advice is given. In a case where we are in receipt of commission payment from the life company, you will receive a copy of that companies key feature document which outlines all and any payments which we receive.
Mortgage Business - HDFS Ltd t/a Moneycare is in receipt of mortgage commissions from lenders at a rate of up to 1% of the value of the amount borrowed. A list of lenders whom HDFS Ltd t/a Moneycare hold agencies with is listed in this document.
In certain circumstances we may charge a fee for providing your mortgage, a fee depending on the type, complexity and time spent on the mortgage required may be up to €1000. All fees will be agreed with the client before any advice is given.
HDFS Ltd t/a Moneycare may make sub-commission payments to introducers of mortgage business to the company. All recipients of such sub-commission payments must be registered by the Central Bank as a Mortgage Intermediary.
Health Insurance & General Insurance – Where advice or service is provided by the firm in connection with a product or policy arranged through our agency by us we may, in addition to the commission paid by the insurer, can charge a fee of up to thirty five per cent of the premium including levy. In such a case a number of factors will be taken into account such as complexity, value, risk, specialist skills and amount of commission receivable from the insurer. We may also charge a fee of up to €30 for expenses incurred in resolving issued relating to payment clearances. Where we arrange for an external credit finance facility for clients to assist in premium payment we will receive up to 2.65% commission.
We have agencies with Aviva General and Allianz for general insurance and Hibernian Aviva Health for health insurance.
Complaints Procedure – Any complaint that you may have in relation to the business services provided should be made in writing to the firm outlining the nature of you complaint. This procedure ensures that all complaints are recorded and acknowledged within 5 business days. The complaint will be fully investigated by HDFS Ltd t/a Moneycare and a full response will be provided to you. We will attempt to investigate and resolves a complaint within 40 business days. In the event that you the client remains dissatisfied with the handling of and/or response to a complaint you are entitled to refer your complaint to the Financial Services Ombudsman.
Conflict of Interest – It is the policy of the firm to avoid any conflict of interest when roviding business services to its clients. However, where an unavoidable conflict may arise we will advise you of this in writing before proceeding to provide any business service. If you have nor been advised of any such conflict you are entitled to assume that none arises.
Consumer Protection – HDFS Ltd t/a Moneycare is a member of the Investor Compensation Scheme established under the Investor Compensation Act 1998. The legislation provides certain remedies to eligible clients on default by the firm. The main details of the operation and conditions of the scheme are outlined in Appendix 3. Your legal rights against the firm are not affected by this scheme.
Default Remedies – HDFS Ltd t/a Moneycare in the event of default by the client are:
Product providers are entitled to withdraw benefit or cover on default of any payments due under any products arranged for your benefit. It is therefore critical to the guaranteed continuance of your insurance that your premium is paid in full. Come insurers may include as a term of the insurance a settlement due date or in some cases a warranty under the terms of which the premium must be paid to them by a certain date. We inform our clients of such requirements and the relevant date in good time to allow the payment terms to be met. Failure to comply with the terms of the warranty may mean that the insurers obligation under the policy will be terminated. We will automatically advise you of any payments outstanding on you policy and the consequences of failure to pay premiums.
Appendix 2.
The following are a list of insurance undertakings and product producers from which HDFS Ltd t/a Moneycare holds written letters of appointment to act as an intermediary.
Non Life Insurance Appointments Lender Appointments |
Life Assurance Appointments Irish Life Canada Life Assurance (Ireland) Ltd New Ireland Assurance Aviva Life & Pensions |
Appendix 3.
Investor Compensation Act, 1998.
Under Section 38 (1) of the Investor Compensation Act, 1998 I wish to draw your attention to the following:
- 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;
- My firm is a member of the compensation scheme;
- Compensation may be payable where money or investment instruments owed or belonging to clients and held, or in the case of investment instruments, administered or managed by my firm cannot be returned to those clients for the time being and 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
- If it transpires that my 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 per cent of the amount of the client's loss which is recognised for the purposes of the Investor Compensation Act, 1988; or
- Compensation of up to €20, 000.
