Terms of Business

These Terms of Business set out the basis on which JMT Financial Consultants Ltd trading as AIM Financial Planning will provide business services to you as a consumer of the firm. They also contain details of our regulatory and statutory obligations and the respective duties of both the firm and you in relation to such services.

Authorised Status

JMT Financial Consultants Ltd trading as AIM Financial Planning is regulated by the Central Bank of Ireland as an insurance intermediary under the European Communities (Insurance Mediation) Regulation 2005 (as amended) as an Investment Intermediary authorised under section 10 of the Investment Intermediaries Act 1995 (as amended), as a Mortgage Intermediary authorised under the Consumer Credit Act 1995 and as a Mortgage Credit Intermediary under the European Union (Consumer Mortgage Credit Agreements) Regulations 2016. Copies of our regulatory authorisation are available on request. The Central Bank holds registers of regulated firms and their authorised activities. You may contact the Central Bank of Ireland on 1890 777 777 or alternatively visit their website at www.centralbank.ie to verify our credentials.

Statutory Codes

Our firm is subject to and complies with the Consumer Protection Code 2012, the Minimum Competency Code 2011 and the Fitness and Probity Standards as laid down by the Central Bank of Ireland, details of which are available on the Central Bank Website – www.centralbank.ie

Choice

Our firm holds agencies giving you access to the broad market when it comes to retail life insurance and protection products. We also hold agencies with a wide array of investment and pension product providers, ensuring we can give you a well-informed view on the different options available.

Our firm does not have a ‘tied’ relationship with any institution that could compromise our ability to offer you fair market analysis and choice. We will identify and select a suitable product producer and on receipt of your instructions we will transmit orders on your behalf to one or more product producers.

Our Services

Our firm provides financial planning and arranges transactions on behalf of clients in relation to life insurance and other forms of protection policies, pensions, mortgages, investments/savings and deposits. AIM Financial Planning Limited is a member of Brokers Ireland. In addition to our regulated activities in relation to product services, we also offer a financial planning service, for a fee, which may or may not result in any product recommendations.

Life & Pensions, Deposits & Life Wrapped Investments

We will offer advice on a fair analysis basis in relation to protection policies, pensions, investments and savings. This means we will research a large number of contracts and product producers and recommend the most suitable product for you based on our professional opinion and analysis. We will ensure that the product is suitable for 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.

We will offer limited analysis of the market in respect of deposits. This means that we can offer advice and product arrangement for a limited number of financial institutions in this regard. We will provide you with deposit rates for Permanent TSB and EBS.

Additionally, in relation to deposit options available through pension products, the list of deposit providers lengthens substantially. This list will differ on a monthly basis as different deposit products open and close.

Mortgages

AIM Financial Planning can provide advice on and arrange mortgage products from the following range: fixed-rate loans, variable rate mortgages, capital & interest mortgages, interest only mortgages, endowment mortgages, pension mortgages and residential investment property.

Through our appointment with Brokers Ireland Network Services Ltd, AIM Financial Planning provides 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 our request.

Schedule of Fees & Charges

Remuneration Advisory, Financial Planning & Financial Services

We will be remunerated for business services we offer you our client in a number of ways:

  • By commission earned from Insurers and Product Producers to whom orders are transmitted, details of these payments will be included in a product information document.

and /or

  • By an initial fee, ongoing fee or hourly fees charged to the investment or pension platform you have chosen, which we will discuss and agree in advance of all transactions

and/or

  • By an initial fee, ongoing fee or hourly fees paid by you directly which we will discuss and agree in advance of all transactions. Fees paid directly by you may be subject to VAT.

and/or

  • You also have the option to pay for the services we provide by way of a combination of the commission and fees outlined above which we will discuss and agree in advance of all transactions.

Fee Table for Advisory and Financial Planning, Financial Services

Fees may be charged on an hourly rate. This will always be discussed and agreed in writing in advance of any work being undertaken on a client’s behalf.

Professional Advisor Professional Fee (Hourly Rate Ex VAT)
Directors €250.00
Qualified Financial Advisers €125.00
Support Staff €80
  • Additional fees may be payable for complex cases to reflect expertise or urgency. The basic hourly rate as outlined may be subject to change should these additional factors arise. This will always be discussed and agreed in advance of any work taking place.
  • Professional Fees are non-refundable in the event that a policy is cancelled

Mortgage Fees

We charge hourly fees in relation to mortgage advice and a fee of €500 for a mortgage application, this fee is non-refundable. This is not in any way an indication of mortgage/loan approval. Our fee will be notified to the lender who will include this fee into the calculation of the APRC (Annual Percentage Rate Charge).

We may receive up to 1% of the loan for arranging mortgage finance. This commission is paid by the mortgage lender. The actual amount of commission will be disclosed at a later stage in the ESIS (European Standardised Information Sheet) which will be forwarded to you. Information on the variation in levels of commission payable by the different creditors providing credit agreements being offered are available on request.

Please note that lenders may charge specific fees in certain circumstances and if this applies, these fees will be specified in your Loan Offer. You have the right to pay a fee separately and not include it in the loan. Typically, this situation arises in relation to specialist lending.

Handling Clients’ Money

Our preferred policy is to accept cheques made payable to third party product providers in all cases. Our firm will accept payment by cheque in respect of all classes of insurance in the circumstances permitted under Section 25G (1) of the Investment Intermediaries Act, 1995. In certain situations, our firm can accept cheques/bank drafts from clients made payable to AIM Financial Planning in respect of investment, PRSA or insurance policy premiums but only where (1) an insurance undertaking has invited renewal of a policy of insurance or (2) a proposal for insurance and/or PRSAs has been accepted by an insurance undertaking.

Disclosure of Information

It is your responsibility to provide complete and accurate information for Insurers/Product Producers when arranging a policy. Failure to disclose any material information to your Insurers/Product Producer may invalidate your cover and could mean that all or part of a claim will not be paid.

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.

Complex Investments Instruments (MiFID*) & Periodic Assessment of Suitability:

Where we provide an investment service that involves a periodic suitability assessment, we will provide you with a report annually outlining any changes in the services or instruments involved &/or the circumstances of you, our client. *Markets in Financial Instruments Directive

Conflict of Interest

It is the policy of our firm to avoid any conflict of interest when providing business services to our clients. However, where an unavoidable conflict may arise we will advise you of this in writing before proceeding to provide any business service.

Default by the Client & Termination of the Client Relationship

In the event of default by a client, whereby a fee is outstanding or where a fee has not been waived in agreement with a client (where AIM Financial Planning accepts a commission from the product producer), due process will be followed by our firm in relation to the collection of the fee/commission outstanding.

Product producers may withdraw benefits or cover on default of any payments due under any products arranged for your benefit. Details for these provisions will be included in your product terms and conditions.

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.

The relationship between AIM Financial Planning and the client can be terminated at any stage, by either party. This should be communicated in writing and cannot be backdated. The termination will be without prejudice to the completion of any transactions already initiated and the client will remain responsible for the payment of any fees up to the date of termination, or the date of completion of any transactions in progress, whichever is the later.

Cancellation

You, the customer can cancel your policy at any time by giving notice in writing subject to the terms and conditions of the applicable policy.

Complaints

Whilst we are happy to receive verbal complaints, it would be preferable that any complaints are made in writing. We will acknowledge your complaint within 5 business days and we will fully investigate it. We shall investigate the complaint as swiftly as possible, and, the complainant will receive an update on the complaint at intervals of not greater than 20 business days. On completion of our investigation, we will provide you with a written report of the outcome. If you are still dissatisfied with our handling of or response to your complaint, you are entitled to refer the matter to the Financial Services and Pensions Ombudsman (FSPO), where relevant. A full copy of our complaints procedure is available on request.

Investor Compensation Scheme

Our firm is a member of the Investor Compensation Scheme operated by the Investor Compensation Company DAC (ICCL). This legislation provided 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.

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 our firm, cannot be returned to those clients for the time being and there is no reasonably foreseeable opportunity of our firm being able to do so.

The right to compensation will arise only:

  • If the client is an eligible investor as defined in the Act
  • If it transpires that our firm is not able to return client money or investment instruments owed or belonging to clients of our firm
  • 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 (a) 90 per cent of the amount of the client’s loss which is recognised for the purposes of the Investor Compensation Act 1998 or (b) Compensation of up to €20,000. For further information, contact the Investor Compensation Company Ltd. on (01) 224 4955.

Brokers Ireland Compensation Fund

We are also members of the Brokers Ireland Compensation Fund. Subject to the rules of the scheme the liabilities of its members firms up to a maximum of €100,000 per client (or €250,000 in aggregate) may be discharged by the fund on its behalf if the member firm is unable to do so, where the above detailed Investor Compensation Scheme has failed to adequately compensate any client of the member. Further details are available on request.

Governing Law and Language

The laws of Ireland form the basis for establishing relations between you and our firm. All contracts, terms, conditions and communications relating to any policies you may enter into with this firm will be in English.

Anti – Money Laundering/Countering the Financing of Terrorism

Our firm reserves the right to request any facts about a client which it reasonably believes it needs to know in order to comply with the prevailing Criminal Justice (Money Laundering and Terrorist Financing) legislation.

Data Protection

AIM Financial Planning complies with the requirements of the General Data Protection Regulation 2018 and the Irish Data Protection Act 2018. AIM Financial Planning is committed to protecting and respecting your privacy. We wish to be transparent on how we process your data and show you that we are accountable with the GDPR in relation to not only processing your data but ensuring you understand your rights as a client.

The data will be processed only in ways compatible with the purposes for which it was given and as outlined in our Data Privacy Notice, this will be given to all our clients at the time of data collection.

Please contact us at breda@aimfinancial.ie if you have any concerns about your personal data.