Terms of Business
Terms of Business
O’Reilly Cullen Gillmor Ltd. is a broker, an authorised advisor, which is in a position to place your business with leading insurers (and other financial institutions – where relevant). This firm does not have any “tied” relationship with any institution that would compromise our ability to offer you independent advice and choice. This firm is also a member of the Irish Brokers Association (IBA).
O’Reilly Cullen Gillmor Ltd. arranges and provides advice in relation to all classes of Life Insurance, Pensions, Mortgages, Investments and Savings Policies.
Consumer Protection
O’Reilly Cullen Gillmor Ltd. is regulated by the Irish Financial Services Regulatory Authority as an Authorised Advisor and as a Mortgage Intermediary.
Investor Compensation Company Ltd. (ICCL)
This firm is a member of the investor compensation scheme established under the Investor Compensation Act, 1998. This 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 be aware that a right to compensation will only arise where money or investment instruments held by this firm on your behalf cannot be returned either for the time being or in the foreseeable future and where the client falls within the definition of eligible investor as contained in that Act. In the event that a right to compensation is established, the amount payable is the lesser of 90% of your loss, which is recognised as being eligible for compensation or €20,000.
In addition to the compensation available under the “Investor Compensation Act, 1998”, O’ Reilly Cullen Gillmor Ltd. is bonded through its membership of IBA for €126,974 with an inner limit of €63,486.90 per client.
Remuneration Policy
O’ Reilly Cullen Gillmor Ltd. is remunerated by both commission and fees. In the event of advice being offered that O’Reilly Cullen Gillmor Ltd. would not be remunerated by the standard commission terms offered by the providers, this would be advised to you, and agreed with you, prior to any advice being given or action taken.
Our current basic hourly rate is €190 for Directors and consultants and €64 for support staff. In determining the rate and any additional charges, factors such as specialist skills, complexity, value, risk and urgency will be taken into account. The rates of fees charged are consistent with the rates recommended by our professional body, the IBA.
Conflict of Interest
It is the policy of the firm to avoid any conflict of interest when providing business services to its clients. However, where any unavoidable conflict may arise we will advise you of this in writing before providing any business service. If you have not been advised of any such conflict you may assume that none arises. In the case of Hibernian Life, Irish Life, New Ireland, Friends First, Standard Life and Scottish Provident we are entitled to an “over-ride commission”. Whether or not we receive this extra commission depends on the amount of overall business we do with these companies.
Complaints
Any complaints regarding the service you have received from any member of staff should be addressed to Mr. Stephen Gillmor, Managing Director. Where it appears to O’Reilly Cullen Gillmor Ltd. that the complainant is not satisfied with outcome of the firm’s investigation into the complaint, the firm shall ensure that the complainant is notified of his/her right to refer the matter to IFSRA. A full copy of the complaints procedure is available on request.
Handling Clients’ Money
O’ Reilly Cullen Gillmor Ltd. will only accept money in respect of all classes of insurance where the money represents premiums in respect of either a renewal of a policy which has been invited by an insurance undertaking, or a proposal accepted by an insurance undertaking.
Receipts
O’ Reilly Cullen Gillmor Ltd shall issue a receipt for each non-negotiable or negotiable instrument of payment received. This is required pursuant to Section 30 of the “Investment Intermediaries Act, 1995”. Issued with your protection in mind and should be stored safely.
Product Providers
We are appointed to sell and advise on the products produced by the companies listed below. These are primarily Life Insurance, Savings policies, Pensions, PRSAs, Lump Sum Investments and Income Protection products.
Company Name
Caledonian Life, 2-4 Merrion Row, Dublin 2. Irish Life, 16/17 Beresford Place, Dublin 1. Canada Life, Temple Road, Blackrock, Co. Dublin. New Ireland Assurances, 11/12 Dawson St., Dublin 2. Eagle Star, Frascati Road, Blackrock, Co. Dublin. Scottish Provident, 53 Fitzwilliam Sq., Dublin 2. Friends First, Friends First House. Standard Life, 30 Herbert St., Dublin 2. Hibernian Life & Pensions, 60/63 Dawson St., Dublin 2.
Nov 03
