Frame Financial Ltd trading as Frame Financial is regulated by the Central Bank of Ireland
These Terms of Business set out the general terms under which our firm will provide business services to you and the respective duties and responsibilities of both the firm and you in relation to such services. Please ensure that you read these terms thoroughly and if you have any queries we will be happy to clarify them. If any material changes are made to these terms we will notify you.
Our Status
Frame Financial Ltd trading as Frame Financial (C44035) is regulated by the Central Bank of Ireland as an insurance intermediary registered under the European Union (Insurance Distribution) Regulations 2018 (IDR); as an Investment Intermediary authorised under the Investment Intermediaries Act, 1995. 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 777777 or alternatively visit their website at www.centralbank.ie to verify our credentials.
The Company is subject to the Consumer Protection Code, Minimum Competency Code and Fitness & Probity Standards which offer protection to consumers. These Codes can be found on the Central Bank’s website www.centralbank.ie
Our Services
Frame Financial Ltd trading as Frame Financial is a member of Brokers Ireland.
Our principal business is to provide financial advice and arrange transactions on behalf of clients in relation to life & pension, deposits and investment products. A full list of insurers and product producers with which we deal is available on request. We shall give advice and/or act as agent or arrange on your behalf investments of the following types:
□ Deposit Accounts □ Lump Sum Investments
□ Regular Savings □ Personal Pensions
□ PRSAs □ Executive Pensions
□ Group Pension Schemes □ ARF’s & AMRF’s
□ Life Assurance □ Serious Illness Cover
□ Income Protection □ Mortgage Planning
The principal regulated activities of the firm are provided on the basis of a fair and personal analysis of the market.
Life & Pensions, Deposits & Investment Services
The Company provides life assurance, pensions, deposits and investment services on a fair and personal analysis i.e. 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 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.
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 a 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 operating 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.
In order to ensure that the number of contracts and providers is sufficiently large to constitute a fair and personal analysis of the market, we will consider the following criteria:-
- The needs of the customer,
- The size of the customer order,
- The number of providers in the market that deal with brokers,
- The market share of each of those providers,
- The number of relevant products available from each provider,
- The availability of information about the products,
- The quality of the product and service provided by the provider,
- Cost, and
- Any other relevant consideration.
Before making any specific recommendations we take into account your objectives, attitude to risk and current financial position, and will recommend the most suitable product available, regardless of whether or not we hold an appointment in writing from the relevant product producer/non product producer. On request, we will provide you with a list of the product producers that we currently hold a letter of appointment with to act as an intermediary.
Sustainability Factors – Investment/IBIPs/Pension Advice
When providing advice, the firm considers the adverse impact of investment decisions on sustainability. As part of our research and assessment of products, the firm will examine the Product Providers literature to compare financial products and to make informed investment decisions about ESG products. The firm will at all times act in the client’s best interests and keep clients informed accordingly. The consideration of sustainability risks can impact on the returns of financial products.
Communicating with you and using third parties
We shall act on instructions given by you on any person you have nominated as long as you have written to us about that person. We can accept instructions over the telephone or in writing, which will not take effect until actually received by us. If we accept instructions over
the telephone, we may act on them before we receive confirmation, unless you specifically tell
tell us not to.
We shall keep you (or, if you want, the person you nominate) informed about transactions arranged for you. We will also send contract notes to you or that person. Any change in these instructions should be in writing.
You have a duty to inform us of any changes in your contact details, including your home address, email address and telephone number.
Statement of Charges
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The Company is remunerated by commission and other payments from product producers on the completion of business, or we may earn our remuneration on the basis of fee, commission and any other type of remuneration, including an economic benefit offered or given with the insurance contract.
You may choose to pay in full for our services by means of a fee. Where we receive recurring commission, this forms part of the remuneration for initial advice provided. Where we receive an ongoing payment by way of an additional annual management fee incorporated into the product this covers our costs of providing ongoing advice and regular valuations in relation to the product.
In certain circumstances, it will be necessary to charge a fee for services provided. These are listed below for life, pensions & investments, and PRSAs. 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 the method of calculation of the fee. Fees are due on receipt of any appropriate invoice. You must pay our invoices promptly.
If we receive commission from a product provider, this may be offset against the fee which we will 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.
Life, Pensions, Personal Retirement Savings Accounts (PRSAs), Deposits and Investment Services – Fees
You may elect to deal with us on a fee basis. Fees may be charged on an hourly rate. This will always be discussed and agreed in writing with the customer in advance of inception of any policy.
| Professional Advisor | Professional Fee
(Hourly Rate Ex VAT) |
| Directors | €350.00 |
| Accounts Executive/ Qualified Financial Advisers | €250.00 |
| Support Staff | € 120.00 |
Additional fees may be payable for complex cases or to reflect value, specialist skills or urgency. Our scale of fees for such cases range from a minimum of €300 per hour to a maximum of €500 per hour. We will notify you in advance and agree the scale of fees to be charged.
Professional Fees are non-refundable in the event that a policy is cancelled. Fees are to be paid for within 14 days of receipt of the invoice.
Clawback
If we receive commission from a product provider [and off-set the commission against the fee which we would otherwise have charged you] but the commission is subsequently clawed-back by the provider because of early encashment by you or because of the transferring of the assets or business to another provider or in any circumstances consequent on your actions or omissions, we will charge a fee to you that is equal to 100% of the clawed-back commission. That fee will be owing in simple contract upon the claw-back of the commission.
Sustainability Factors- Investments/IBIPs/Pension Advice
When assessing products, we will consider the different approach taken by product providers in terms of them integrating sustainability risks into their product offering. This will form part of our analysis for choosing a product provider.
Ongoing Suitability
Investment Products Subject to MIFID Article 3 Regulations: – Where we receive an ongoing payment by way of an additional annual management fee incorporated into a product subject to MIFID Article 3 Regulations, an ongoing suitability assessment forms 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 the circumstances of the client.
Insurance based Investment Products:- We will provide periodic assessments of the suitability of the insurance based investment product which we have recommended to you.
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 which may result in you having insufficient insurance cover and/or inappropriate investments. We would therefore advise that you contact us to ensure that you are provided with up to date advice and products best suited to your needs
Completed Proposal Forms/Statement of Fact:
Completed proposal forms or Statements of Facts will be provided to you. These are important documents as they form the basis of insurance contract between the insurer and you the consumer. You should review and confirm that the answers contained within are true and accurate.
Disclosure of Information
Consumers – Duty of Disclosure when completing documentation for new business/renewals and midterm adjustments:
Section 14 (1) – (5) of the Consumer Insurance Contracts Act which is effective from the 1st of September 2021 alters consumers duty of disclosure:
You are required to answer all questions posed by us or the insurer honestly and with reasonable care – the test will be that of the ‘average consumer’. Average consumer as per Directive No. 2005/29/EC of the European Parliament and of the Council of 11 May 2005 is reasonably well informed and reasonably observant and circumspect, taking into account social, cultural and linguistic factors.
Specific questions will be asked. Where you do not provide additional information (after being requested to do so) it can be presumed that the information previously provided remains unchanged.
Failure to answer all questions honestly and with reasonable care can result in the Insurer being able to rely on proportionate remedies for misrepresentation, which include but are not limited to the insurer voiding the contract of insurance.
Your Money
We do not hold money received in the course of providing investment services to our clients. Accordingly any money, which we receive on your behalf, will be forwarded to you or to a named third party on your instruction forthwith. Any cheques or banker’s orders withdrawn by you in respect of amounts owed to third parties should be drawn in favour of the third party concerned.
Cooling Off Period
A consumer (as defined by SI No 853 of 2004 – Distance Marketing Directive) 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 (except in the case of travel policies whose operative period is for one month or less) without penalty and without giving any reason. This is known as the cooling off period. In the case of Life and Pension Products that cooling off period is extended to 30 days. The right of withdrawal may be exercised by notice in writing to Frame Financial, quoting your policy number provided that no claim or adjustment has been made or is intended to be made or no incident has occurred which is likely to give rise to a claim. Should this right be exercised, your insurer may charge for the period you are on cover. Please note that the policy set up charge is non refundable if you choose to withdraw from the policy within the cooling off period.
Conflicts of interest
It is the policy of the company to avoid conflicts of interest when providing service to clients. When an unavoidable conflict of interest arises the client will be informed of this fact. If you have not been advised of a conflict of interest you may assume that none arises or exists. If a conflict of interest does exist, business with that consumer may only proceed where the consumer has acknowledged the existence of the conflict in writing and has agree to proceed. Personal gain or advantage will never be allowed to interfere with or be given higher priority than service to the client. Neither Officers nor employees of the Company may accept gifts or rewards, monetary or otherwise, likely to conflict with their or the Company’s duty to the client as a regulated entity. A full copy of our conflicts of interest policy is available on request.
Termination
Either of us may terminate this engagement letter by written notice at any time. Termination
will not in any event affect accrued rights, existing commitments or any contractual provision intended to survive termination and will be without penalty or other additional payment save that you will pay (i) our fees pro rata to the date of termination; (ii) any additional expenses necessarily incurred by us in terminating this engagement letter; (iii) any losses necessarily realised in settling or concluding outstanding obligations.
Complaints
Upon receipt of an oral complaint, we will provide the option to have the complaint addressed through the firms established complaints procedure. We will permit and facilitate submission of complaints in writing by post and by electronic means. We will acknowledge your complaint in writing within 5 working 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 working 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 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). A full copy of our complaint’s procedure is available on the firm’s website https://framefinancial.ie/ and on request.
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 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.
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 at (01) 224 4955.
Brokers Ireland Compensation and Membership Benefits Scheme (BIC)
We are also members of the Brokers Ireland Compensation and Membership Benefits Scheme (BIC) 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.
Default on payments by clients
Our firm will exercise its legal rights to receive payments due to it from clients (fees and insurance premiums) for services provided. In particular, without limitation of 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.
Data Protection
The Company is subject to the requirements of the General Data Protection Regulation 2018 and the Irish Data Protection Act 2018. The Company 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. We will ensure that this Privacy Notice is easily assessable. Please refer to our website www.framefinancial.ie. If this medium is not suitable you can easily receive a hard copy by post or email.
Please contact us at info@framefinancial.ie if you have any concerns about your personal data.
Consumer Insurance Contract Act 2019
Following the commencement of the Consumer Insurance Contract Act 2019 which was implemented to protect consumers, there is important information that you should be aware of, which we are bringing to your attention. There are obligations on you as the consumer and duties that you must fulfil at the various stages of the process of arranging and renewing your insurance policy. Please read the following information very carefully and if you have any questions, please ask a member of our staff.
New Business & Renewal:
You may cancel a contract of insurance, by giving notice in writing to the insurer, within 14 working days after the date you were informed that the contract is concluded. This does not affect the notice periods already provided under European Union (Insurance and Reinsurance) Regulations 2015 ( S.I. No. 485 of 2015 ) or the European Communities (Distance Marketing of Consumer Financial Services) Regulations 2004 ( S.I. No. 853 of 2004 ) which is 30 days in respect of life policies, irrespective of whether the sale took place on a non-face to face basis, and 14 days in respect of general policies and only on sales that took place on a non-face to face basis (distance sales).
The consumer is under a duty to pay their premium within a reasonable time, or otherwise in accordance with the terms of the contract of insurance. A court of competent jurisdiction can reduce the pay-out to the consumer where they are in breach of their duties under the Act, in proportion to the breach involved
Post-Contract Stage and Claims
:
An insurer may refuse a claim made by a consumer under a contract of insurance where there is a change in the risk insured, including as described in an “alteration of risk” clause, and the circumstances have so changed that it has effectively changed the risk to one which the insurer has not agreed to cover. Any clause in a contract of insurance that refers to a “material change” will be interpreted as being a change that takes the risk outside what was in the reasonable contemplation of the contracting parties when the contract was concluded.
You must cooperate with the insurer in an investigation of insured events including responding to reasonable requests for information in an honest and reasonably careful manner and must notify the insurer of the occurrence of an insured event in a reasonable time.
You must notify the insurer of a claim within a reasonable time, or otherwise in accordance with the terms of the contract of insurance. If you become aware after a claim is made of information that would either support or prejudice the claim, you are under a duty to disclose it. (The insurer is under the same duty). If you make a false or misleading claim in any material respect (and knows it to be false or misleading or consciously disregards whether it is) the insurer is entitled to refuse to pay and to terminate the contract.
Where an insurer becomes aware that a consumer has made a fraudulent claim, they must notify the consumer advising that they are avoiding the contract of insurance. It will be treated as being terminated from the date of the submission of the fraudulent claim. The insurer may refuse all liability in respect of any claim made after the date of the fraudulent act, and the insurer is under no obligation to return any of the premiums paid under the contract.