Terms of Business

Regulatory Status
Ciaran Carroll trading as Ciaran Carroll Financial Services is a multi-agency intermediary other than a regulated entity registered with the Central Bank of Ireland under the Insurance Mediation Regulations 2005 and The Investment Intermediaries Act 1995. Ciaran Carroll Financial Services is authorised to provide the following services:

  • Financial advice in relation to
    • Life insurance and pensions
    • Investments.
    • PRSAs
  • Receive and transmit orders on your behalf for a product(s) from any of the product producers from which we have an appointment in writing.

We provide advice and are subject to the provisions of the following Codes of Conduct published by the Central Bank of Ireland which offer protection to consumers: The Consumer Protection Code, the Minimum Competency Code and the Fitness and Probity Standards.  These may be found at www.centralbank.ie.=

Consumer Protection
We are 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 set out in the 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. Your legal rights against us are not affected by this scheme.

In addition to the above mentioned compensation schemes we also hold Professional Indemnity Insurance.

Conflict of Interest
It is our policy to avoid any conflicts of interest when providing business services to clients. However, where an unavoidable conflict may arise we will advise you in writing and obtain your written consent to proceed before providing any such service.

Product Suitability
The suitability of all financial products depends on many factors and we undertake to use our experience and expertise in considering all relevant factors before recommending any product to you.  In order for us to fully assess your financial needs it is important that you provide all information we request from you. If you do not do so the advice we provide may not be as suitable had the full information been provided.  Before purchasing any product you will be advised of the product’s suitability and given a statement of reasons why, in our opinion, the product is suitable for your needs. All advice given will be based on our understanding of current law and Revenue practice. It may be that subsequent changes might affect the recommendations that have been made and these may need to be reviewed as a result.

Handling Money and Receipts
Payments should be made in favour of the provider of the product and not to us.  We will issue a receipt for each payment received.

We have written procedures in place for the effective consideration and handling of complaints. Any complaint that you may have should be addressed to the Compliance Officer, Ciaran Carroll Financial Services, 73, Westbury, Corbally, Limerick, telephone (061) 345281. All complaints will be acknowledged in writing within 5 business days of receipt.  The complaint will be fully investigated and the outcome of the investigation will be communicated to you within 5 business days of completion of the investigation. If you are dissatisfied with our handling of the complaint or our response to it you may refer the issue to the Financial Services Ombudsman or the Pensions Ombudsman as appropriate who may be contacted as follows:

Financial Services Ombudsman

3rd Floor, Lincoln House,

Lincoln Place,

Dublin 2

Lo Call: 1890 88 20 90

Tel:  353 1 6620899

Email:  enquiries@financialombudsman.ie

Pensions Ombudsman

36, Upper Mount Street

Dublin 2.

Tel:  353 1 6471650

Email: info@pensionsombudsman.ie


Your Duty of Disclosure to Insurers and Duty of Utmost Good Faith

The law in the Republic of Ireland deems insurance to be a special class of contract which imposes onerous duties upon prospective Insured’s and their agents, who are obliged to act with utmost good faith towards Insurers at all times. In addition they are obliged to disclose to Insurers, before the contract is concluded, all material information that is known to them.

If there is any breach of these duties the Insurers will be entitled to cancel the policy of insurance from inception, if the breach induced the making of the contract on the relevant terms, as well as seeking the recovery of all claims already paid under the policy. These duties of utmost good faith and disclosure also apply to the claims process.  In completing a proposal form or claim form or other documentation relating to an insurance policy, the accuracy of all answers, statements and / or information is your sole responsibility.

Claims should be advised to the insurer when the claim arises. The insurer will advise you of its claims requirements and provide you with a copy of its claims process on request.  If you experience any difficulty with the insurer’s claims process you should contact us.

Product Provider Security
We seek insurance and investment contracts for you from Institutions with which we hold a written appointment and from which we consider offer an appropriate product to meet the needs identified. We cannot and do not guarantee the solvency or continuing solvency of any Institution used and you should note that the financial position of an Institution can change at any stage.

Remuneration Policy

Ciaran Carroll Financial Services is remunerated by commission and other payments from product producers on the completion of your business. 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 ongoing advice with regards to the business we advise you on and we will provide you with an annual update on your Investment business. If we receive commission from a product provider, this will be offset against the fee which we will charge you. Where the commission is greater than the fee due, the commission will become the amount payable to us unless an arrangement to the contrary is made.

A summary of the details of all arrangements for any fee, commission, other reward or remuneration paid or provided to us by the product producers” is available on our website. If you need further explanation on this information, please do not hesitate to call us.

Data Protection
We keep records of our business transactions for at least six years, including personal data defined as sensitive under the Data Protection Acts. You have the right to inspect copies of all entries in our books or computerised records relating to transactions with you under GDPR. A copy of our data privacy statement is also available.

Contact details
Ciaran Carroll Financial Services may be contacted at 73, Clonard, Westbury, Corbally, Limerick. Telephone (087)0961950 email ciaranccarroll@eircom.net

Governing Law These Terms of Business shall be governed by and construed in all respects according to the laws of the Republic Of Ireland and are valid until further notice.

Acceptance of These Terms
I/We accept and return this Terms of Business confirming my/our agreement to Ciaran Carroll Financial Services ,
73, Clonard, Westbury, Corbally, Limerick, acting as my/our Financial Adviser and I/we also authorise Ciaran Carroll Financial Services  to hold my/our personal data on file, to contact me/us in writing, by telephone, including SMS, or by email in respect of financial services matters, and to obtain or provide any relevant information in respect of my/our existing policies or investments directly from or to the appropriate data processors, product or investment providers that I/we hold products with.

By signing this Declaration I/we give my/our explicit consent to any information about me/us, including where relevant, any sensitive personal data (such as health records), being processed by Ciaran Carroll Financial Services for the purposes of advising me/us appropriately as to the product that will suit my/our needs based on the information I/we have given. This may include information about me/us being used where appropriate for underwriting, administration, advisory, customer service, business analysis and prevention of money laundering and fraud.

I/We do not consent to the information being used by Ciaran Carroll Financial Services for marketing purposes.

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