Terms of Business
Including Schedule of Fees/Charges & Important Information
Hastings (Westport) Ltd trading as Hastings Insurance Brokers, Irishweddinginsurance.ie, Mytravelinsurance.ie & Myfarminsurance.ie
David Flannelly (Holdings) Ltd trading as Flannelly Insurances & Hastings Insurance Brokers
Pat Hardiman Insurances trading as Hastings Insurance Brokers, thereafter referred to as ‘the firm’
Registered offices: The Octagon, Westport, Co. Mayo |Email: email@example.com | Web: www.hastings.ie. Registered in Ireland. Company registration no’s: Hastings (Westport) Ltd 233849 | David Flannelly (Holdings) Ltd 127825 | Pat Hardiman Insurances Ltd 63406. In addition we have the following branch offices:
The Octagon, Westport, Co Mayo Tel (098) 27227 |Email – Westport@hastings.ie
Market Square, Castlebar, Co Mayo Tel (094) 9023193 |Email – Castlebar@hastings.ie
Unit 4, Chapel Lane, Claremorris, Co Mayo Tel (094) 9362137 |Email – Claremorris@hastings.ie
Unit 3-5, DMek Centre, Teeling Street, Ballina, Co Mayo Tel (096) 21599 |Email – Ballina@hastings.ie
The Shambles, Vicar St, Tuam, Co Galway Tel (093) 24868 |Email – Tuam@hastings.ie
Unit 2, Adelaide Building, Wine St Car Park, Sligo Tel (071) 9148000 |Email – Sligo@hastings.ie
Terms of Business: These terms of business set out the general terms under which the firm will provide business services to you and the respective duties and responsibilities of both the firm and you in relation to such services. These terms replace with immediate effect, any previous terms of business document issued to you. Please ensure that you read these terms thoroughly and if you have any queries we will be happy to clarify them. Where any material changes are made to these terms, we will notify you.
Authorised Status: Hastings (Westport) Ltd (C4235), David Flannelly (Holdings) Ltd (C36356) and Pat Hardiman Insurances Ltd (2630) are regulated by the Central Bank of Ireland as insurance intermediaries registered under the European Union (Insurance Distribution) Regulations 2018, as Investment Intermediaries authorised under the Investment Intermediaries Act 1995. Hastings (Westport) Ltd and David Flannelly Holdings Ltd are registered as a Mortgage Intermediary authorised under the Consumer Credit Act, and as a Mortgage Credit Intermediary under the European Union (Consumer Mortgage Credit Agreements) Regulations 2016. Copies of our regulatory authorisations are available on request. The Central Bank of Ireland holds registers of regulated firms. 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. Hastings (Westport) Ltd, David Flannelly (Holdings) Ltd and Pat Hardiman Insurances Ltd are part of the Hastings Group.
Codes of Conduct: The firm is subject to the Consumer Protection Code, Minimum Competency Code and the Fitness and Probity Standards which offer protection to consumers. These codes can be found on the Central Bank of Ireland website at www.centralbank.ie.
Our Services: Our principle business is to provide advice and arrange transactions on your behalf in relation to Personal & Commercial General Insurance Products, Life Assurance, Pensions, Other Related Investments and Mortgages. Hastings (Westport) Ltd & David Flannelly (Holdings) Ltd are able to provide advice and arrange Mortgage facilities. A full list of insurers, product producers and lending agencies with whom we deal is available on request. The firm is a member of Brokers Ireland.
Fair and Personal Analysis: The concept of Fair and personal Analysis describes the extent of the choice of products and providers offered by an intermediary within a particular category of life assurance, general insurance, mortgages, and/or specialist area. The number of contracts and providers considered must be sufficiently large to enable an intermediary to recommend a product that would be adequate to meet a client’s needs. The number of providers that constitutes ‘sufficiently large’ will vary depending on the number of providers operation in the market for a particular product or service and their relative importance in and share of that market. The extent of fair analysis must be such that could be reasonably expected of a professional conducting business, taking into account the accessibility of information and product placement to intermediaries and the cost of the search.
Personal & Commercial General Insurance – Non Life: Hastings (Westport) Ltd, David Flannelly (Holdings) Ltd & Pat Hardiman Insurances Ltd can provide advice on and arrange products in relation to General (non-life) Insurance products including but not limited to: Household (Owner Occupied, Rental, Holiday Homes), Private Motor, Commercial Motor, Marine, Farm, Travel, Gadget, Wedding, Key, , Commercial, Property, Liability, Professional Indemnity, Motor Fleet, Goods In Transit, Office/Shop, Manufacturing and other related products. The firm normally provides general insurance (non-life) on a fair and personal analysis basis. In certain circumstances the firm may recommend a product or service based on a limited analysis basis and this will be disclosed to you, i.e. providing services on the basis of a limited number of contracts within the market. The names of those product providers whose products or services we consider as part of our limited analysis is available on request.
Health Insurance: Hastings (Westport) Ltd & David Flannelly (Holdings) Ltd provide health insurance on a limited analysis basis (providing services on the basis of a limited number of contracts and product providers available on the market), for who we exclusively conduct insurance distribution business. Hastings (Westport) Ltd & David Flannelly (Holdings) Ltd hold appointments with Irish Life Health dac and can assist with selection of the most suitable health insurance plan for your needs. Whilst we can compare and contrast the various plans available on the market this is done on a limited analysis basis and we are unable to place business with various other providers.
Dental Insurance: Hastings (Westport) Ltd, David Flannelly (Holdings) Ltd & Pat Hardiman Insurances Ltd provide dental insurance on a limited analysis (providing services on the basis of a limited number of contracts and product providers available on the market), for who we exclusively conduct insurance distribution business. Hastings (Westport) Ltd, David Flannelly (Holdings) Ltd & Pat Hardiman Insurances Ltd hold appointments with ARB Underwriting Ltd who provide Dental Insurance. Cover is underwritten by DeCare Dental Insurance Ireland Ltd. When purchasing Dental Cover, this is provided on a limited analysis basis and we are unable to place business with various other providers.
Travel Insurance: Mytravelinsurance.ie is a registered business name of Hastings (Westport) Ltd who have an arrangement with one chosen Insurer to provide cover for travel insurance. When purchasing travel insurance through Mytravelinsurance.ie via the internet this is provided on a limited analysis basis (providing services on the basis of a limited number of contracts and product providers available on the market). Mytravelinsurance.ie is underwritten by Chubb European Group Ltd t/a Chubb Bermuda International and Combined Insurance. Refer to individual policy terms and conditions for cover and underwriting details.
Optional Cover: From time to time we may offer optional cover to enhance the cover of a product, not included in the policy offered by the provider. You do not have to purchase any optional cover in order to buy the main product or service. Policy wording and further information concerning optional extras is available on request.
We will also offer assistance to you in relation to processing claims on policies taken out with us and in seeking renewal terms on your cover.
To ensure continuity of cover, where you have an existing policy which is due to expire and where we have been unable to contact you, we may put continuing cover in force whilst awaiting your instructions. You will be liable for any premiums payable to the relevant insurer for the period of time between renewal and when we receive your instruction. You have the right not to avail of this service.
Life, Pensions & Insurance Based Investment Products: Hastings (Westport) Ltd, David Flannelly (Holdings) Ltd & Pat Hardiman Insurances Ltd provide life assurance cover, serious illness cover, income protection and pension advice on a fair and personal analysis basis ie, providing services on the basis of a sufficiently large number of contracts and product producers available on the market to enable us to make a recommendation, in accordance with professional criteria, regarding which contract would be adequate to meet your needs. We will provide assistance to you for any queries you have in relation to the policies or in the event of a claim during the life of the policy 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 permanent health insurance 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 the policy. In the case of Insurance Based Investment Products, ongoing suitability assessments form part of the service to clients. On an annual basis the firm will issue a client report outlining any changes in the services or instruments involved and/or any change in circumstances.
Investment Intermediary Services: Hastings (Westport) Ltd, David Flannelly (Holdings) Ltd & Pat Hardiman Insurances Ltd provides investment intermediary advice on a limited analysis basis through the following product providers: BCP. Wealth Options and Davy. We can recommend and arrange an investment product to suit your needs. We will research and obtain information on your behalf concerning any investment product, its approval process and so identifying the target market. Ongoing suitability assessments form part of the service to clients. On an annual basis the firm will issue a client report outlining changes in the services or instruments involved and/or any change in circumstances.
Mortgages: Through the lenders or other undertakings with which we hold an agency, Hastings (Westport) Ltd and David Flannelly (Holdings) Ltd can provide advice on and arrange mortgages products including but not limited to: fixed-rate loans, variable rate mortgages, capital & Interest mortgages, interest only mortgages, endowment mortgages, pension mortgages and residential investment property mortgages. Hastings (Westport) Ltd & David Flannelly (Holdings) Ltd provides mortgage advice on a fair analysis basis. 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.
Regular Reviews: It is in your best interests that you review, on a regular basis, the products we have arranged for you. As your circumstances change, your needs may 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.
Policy Documentation: Following inception of cover we will issue a policy document from the Insurer which sets out in detail the conditions applicable, operation, endorsements, terms and conditions, exceptions and warranties included. We strongly recommend that you read this document carefully and contact us in the event that you require any clarification of the details therein.
Continuity of Cover: You must contact us ahead of the expiry date of your existing policy for cover to continue. If your policy is paid on direct debit through the Insurer Provider, the direct debit will be automatically rolled over unless you inform us otherwise.
Statement of Charges: We may earn our remuneration on the basis of a fee, commission and any other type of remuneration, including a non-monetary benefit or on the basis of a combination of these remunerations. A non-monetary benefit will only be accepted if it enhances the quality of the services to our clients. You may choose to pay in full for our services by means of a fee for selected products (refer to Schedule of Fees). Where we receive recurring commission, this forms part of the remuneration for initial advice and/or for renewal of the policy. We reserve the right to charge additional fees if the number of hours relating to on-going advice/assistance exceeds two hours.
A summary of the details for all arrangements for any fee, commission other reward or remuneration paid or provided to us which we have agreed with product providers is available in our office or on our website – www.hastings.ie
In certain circumstances, it may be necessary to charge a fee for services provided. These are listed below for life, pensions & investments, non-life business and mortgages. In other circumstances where fees are chargeable or where you choose to pay in full for our service by fee, we will notify you in writing in advance and agree the scale of fees to be charged if different from fees outlined below. Where it is not possible to provide the exact amount, we will provide you with the method of calculation of the fee.
If we receive commission from a product provider, this may be offset against the fee which we may charge you. Where the commission is greater than the fee due, the commission may become the amount payable to the firm unless an arrangement to the contrary is made.
Non Life (Personal & Commercial Lines): The firm may be remunerated by a non refundable fee for the initial work activity and time spent in seeking the best terms, advice, product and Insurer for your specific needs. An administration fee may be charged for the activity involved in the renewal of the policy and alterations which take place during and/or at termination of a policy. Please refer to the ‘Schedule of Fees & Charges’ below. We are usually remunerated by commission received from Insurers on completion of business. Details of commission arrangements are available on our website. Where an override commission is received, this will be disclosed in general terms. In certain circumstances additional fees may be payable for complex cases to reflect value, specialist skills or urgency. Fees for cases of this nature may be charged from a minimum of €200 per hour to a maximum of €300 per hour. We will notify you in advance and agree the scale of fees to be charged.
Life, Pensions, Investment Based Investment Products & Investment Intermediary Services: We are remunerated by both commission and/or fees. You may elect to deal with us on a fee basis as follows: Up to €250 per hour (Senior Consultant) or €150 per hour (Consultant) and €100 per hour (Administration Support) spent for our services. An Annual review fee of 0.5% of the Fund may also apply. Additional fees may also be payable for complex cases to reflect value, specialist skills or urgency of up €250 per hour (Senior Consultant) or €150 per hour (Consultant) and €100 per hour (Administration Support) spent for our services. We will notify you in advance and agree the scale of fees to be charged.
Mortgages: 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. We may charge a fee for advising and arranging your mortgage application up to €250 per hour (Mortgage Advisors) and €100 per hour (Administration Support) spent for our services, 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). 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. Where we secure an Offer and you subsequently do not proceed with your mortgage application through our firm, we may charge you an arrangement fee up to €250 per hour (Mortgage Advisors) and €100 per hour (Administration Support) spent for our services. This will be discussed prior to submission of any loan application.
Schedule of Fees & Charges: We reserve the right to amend any fees should the complexity of the advice require enhanced professional services. We will confirm and agree any additional this fee, as set out below, with you prior to any increased charge being applied. Any fee charged at inception of a policy will not be refunded in the event of cancellation.
|Personal Lines||*Up to €250||*Up to €250||Up to €100|
|Commercial Lines||*Up to max 100%
of Premium & Levies
|*Up to max 100%
of Premium & Levies
|Up to max 100%
of Premium & Levies
|Life/Pensions/Insurance Based Investment Products/Investment Intermediary Services: We are remunerated by both commission and/or fees. You may elect to deal with us on a fee basis as follows: Up to €250 per hour (Senior Consultant) or €150 per hour (Consultant) and €100 per hour (Administration Support) spent for our services. An Annual review fee up to 0.5% of the Fund may also apply. Additional fees may also be payable for complex cases to reflect value, specialist skills or urgency of up €250 per hour (Senior Consultant) or €150 per hour (Consultant) and €100 per hour (Administration Support) spent for our services. We will notify you in advance and agree the scale of fees to be charged.|
|Mortgages: We may receive up to 1% of the loan for arranging mortgage finance and charge a fee for advising and arranging your mortgage application up to €250 per hour (Mortgage Advisors) and €100 per hour (Administration Support). Or, in the event we have not been successful in securing an Offer or you choose not to proceed with your Offer, we may charge you a one-off fee of up to €250 per hour Mortgage Advisors) and €100 per hour (Administration Support) on time spent for our services. This will be discussed prior to submission of any loan application.|
* On occasion we may need to charge rates different to the above depending on the complexity of the case. Such fees may be charged from a minimum of €200 per hour to a maximum of €300 per hour. We will notify you of these in advance.
Bank charges incurred by us will be charged to the customer. The firm has a policy of charging an administration fee of €10 to cover the expenses of a returned cheque or direct debit default. A charge of €20 may be made for duplicate documentation.
Any other fee charged by a third party/product producer will be levied as part of the transaction.
As a credit intermediary we are usually remunerated by the premium/credit finance provider on arranging finance on your behalf. We may be in receipt of remuneration of up to 5% of the annual premium from the premium finance provider.
Default on Payments: We may exercise our legal rights to receive payments due to us from clients (fees and insurance premiums) for services provided. In particular, without limitation to 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.
Conflicts of Interest: It is the policy of our firm to avoid any conflicts of interest in providing business services to you. However, where an unavoidable conflict arises we will advise you of this in writing before providing you with any service. A copy of our conflicts of interest policy is available on request.
Email & SMS Service: As part of the service provided by the firm, we may from time to time correspond with you by means of Email or Text Message in connection with your policy. The firm will only use any mobile number or email address provided by you for this purpose. In the event you change your mind and you do not wish us to communicate with you in this way, please contact the office.
Data Protection: We are subject to the requirements of the General Data Protection Regulations 2018 and the Irish Data Protection Act 2018. The firm 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 Privacy Notice/Statement, this will be given to all out clients at the time of data collection. We will ensure that this Privacy Notice/Statement is easily accessible. Please refer to our website – www.hastings.ie, if this medium is not suitable we will ensure you can easily receive a copy by post/email. Please contact us a Dataprotection@hastings.ie if you have any concerns about your personal data. The firm may record all landline telephone calls, inbound and outbound, for verification, quality and training purposes. All data captured by these facilities are managed and safely stored in accordance with all applicable Data Protection Laws.
Compensation Scheme/Consumer Protection:
Investor Compensation Scheme: 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. The Investor Compensation Company Ltd (ICCL) was established under the 1998 Act to operate such a compensation scheme and our firm is a member of this scheme. Compensation may be payable where money or investment instruments owed or belonging to clients and held, administered or managed by the firm cannot be returned to those clients for the time being and where there is no reasonably foreseeable opportunity of the firm being able to do so. A right of 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 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% of the amount of the client’s loss, which is recognised for the purposes of the Investor Compensation Act, 1998, or; 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 member 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.
Research/Market Security: We use both local and international Insurers/markets to obtain the best terms and conditions available. We do not, and can not, guarantee the financial security of any Insurer. If you have any concerns or queries concerning the security offered or regulatory status of an Insurer please contact The Central Bank of Ireland and/or the appropriate regulatory authority for the Insurer concerned.
Claims: It is important that you familiarise yourself with the policyholder’s duties and insurers’ rights as set out in the Conditions/Claims Conditions section if insurers’ policy wordings. We will offer assistance to you in relation to processing claims on policies taken out with us and in seeking renewal terms on your cover.
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 will 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 starting from the date on which the complaint is made. On completion of our investigation, we will provide you with a written report of the outcome. In the event that you are not entirely satisfied with the firms handling of and response to your complaint, you are entitled to refer the matter to the Financial Services and Pensions Ombudsman (FSPO). A full copy of our complaints procedures is available on request.
Cooling Off Period and Cancellation: A consumer (as defined by SI No 853 of 2004) who purchases an insurance policy over the phone or through the internet, without any face-to-face contact has the right to withdraw from an insurance policy (as defined under SI No 853 of 2004) within 14 days of the start date of the policy (30 days in the case of Life Insurance or a Personal Pension) without penalty and without giving any reason – this is known as the ‘Cooling Off’ period. The right of withdrawal may be exercised by notice in writing to us, quoting your policy number. Should this right be exercised the Insurer 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 of Insurance and Windscreen Disc have been received by us. Cooling off rights do not apply where the service supplied is, or relates to, travel or baggage insurance or an insurance policy under which insurance cover is provided for less than one month.
You, the customer can apply to cancel your policy outside the cooling off period at any time by giving notice to the firm in writing. Policy cancellation is subject to the terms and conditions of your policy. Please note that any fee charged at inception of a policy will not be refunded in the event of cancellation.
Disclosure of Information: Any failure to disclose material information may invalidate your claim and/or render your policy void. Our advice is that should you be in any doubt as to whether a fact is material you should disclose it.
Please note that due to the complexity of the firms data management system throughout the branch network, any material facts disclosed in one branch WILL NOT automatically reflect on the firm’s system across all branches, therefore it is important that where you hold policies in different branches throughout the firm, any material fact disclosed in one branch must also be disclosed in any other branch where policies may be held.
IF YOU REQUIRE CLARIFICATION CONCERNING ANY MATTER CONTAINED IN THE FIRM’S TERMS OF BUSINESS DOCUMENT PLEASE CONTACT US FOR GUIDANCE
Please retain a copy of this Terms of Business for your reference
Effective Date 31st March 2020 (Version 2)