These Terms of Business including Schedule of Fees & Charges set out the basis upon which Provest Private Clients Limited t/a Provest Private Clients and Provest Pension Consultants, will provide Financial Advisory services to you. They also contain details of our regulatory and statutory obligations and the respective duties of both our firm and you in relation to such services. This is an important document – please read carefully and if you have any questions please contact us. If there are any material changes to the information in this document, you will be issued with a revised copy as soon as possible.
Address: Provest Private Clients Limited t/a Provest Private Clients and Provest Pension Consultants, 5 The Mall, Maryborough Hill, Douglas, Cork T12 XN9Y.
Contact details: Phone: 353 21 201 0123 Email: info@provest.ie
Authorised Status
Provest Private Clients Limited C178583 t/a Provest Private Clients and Provest Pension Consultants, is regulated by the Central Bank of Ireland as an Investment Intermediary under the Investment Intermediaries Act, 1995 (as amended) (IIA) and an Insurance Intermediary under the European Union (Insurance Distribution) Regulations, 2018 (IDR). Copies of our statements of Authorised Status from the Central Bank of Ireland are available on request. Alternatively, the Central Bank of Ireland holds registers of regulated firms which can be viewed on their website www.centralbank.ie.
Statutory Codes
Provest Private Clients Limited t/a Provest Private Clients and Provest Pension Consultants, is subject to and complies with the Consumer Protection Code, Minimum Competency Code and Fitness & Probity Standards. These Codes offer protection to consumers and can be found on the Central Bank of Ireland website www.centralbank.ie.
Our Services
Provest Private Clients Limited t/a Provest Private Clients and Provest Pension Consultants is a member of Brokers Ireland.
Financial Services Products & Services we offer: Life Assurance, Pension and Pre & Post Retirement Planning and Investments.
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, Pension and Pre & Post Retirement Planning, Investments 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 reasonably be 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.
We provide advice on a fair and personal analysis basis and offer our clients an extensive choice of appropriate products that best serve their needs and circumstances. On receipt of your instructions we will transmit orders on your behalf to one or more Insurance/Product Producers with whom we hold a written appointment (a list of which is available on request).We do not have any ‘tied’ relationships with any institution that would compromise our ability to offer you impartial advice and choice. We do not guarantee nor make representations in regard to, and expressly disclaim responsibility for the financial security of the Insurance Companies and Product Producers with which we place business.
We do not offer any opinion or advice (on a professional basis or otherwise) on any product provider or products, whether regulated or not, offered by any provider unless Provest Private Clients Ltd holds an agency to place business with such provider. We do not provide advice on, or arrange, investments in unregulated products. Should you engage with such providers or invest with them Provest Private Clients Ltd takes no responsibility for any such engagement, or the financial soundness of, or any loss arising from, any investment you may make.
We do not hold a shareholding in any insurer and no insurer has a shareholding in our firm.
Provide Assistance
We will provide assistance to you for any queries you may have in relation to Life policies (Life Assurance/Permanent Health Insurance (PHI)/Serious Illness (SI)) 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 PHI and Serious Illness policies.
Specifically on the subject of PHI policies we will 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 an SI policy, we will explain clearly to you the restrictions, conditions and general exclusions that attach to that policy.
Complex Investments Instruments (MiFID) & Periodic Assessment of Suitability
We may offer or arrange products which fall under the Markets in Financial Instruments Directive. If so, advice will be offered on an limited analysis and non-independent basis from the following providers as we may receive commission from these providers – BCP, Cantor Fitzgerald, Conexim, Newcourt, and Quilter Cheviot. The firm does not provide Periodic Assessments of Suitability on these products as we do not generally advise on complex investments Instruments.
Sustainable Investments
Sustainable investing is the process of incorporating environmental, social and governance factors into investment decisions. Sustainability is a broad term with many branches. The key legislative background is derived from the EU Taxonomy regulation, the Sustainable Finance Disclosure Regulation (‘SFDR’) and the Insurance Distribution Directive (‘IDD’).
The key product providers with which we engage have developed responsible investment as part of their investment philosophies and sustainability policies. These providers are obliged to specify certain classifications of funds identifying whether or not they meet sustainability characteristics. Some funds have very clear sustainability characteristics, with potential Principle Adverse Impacts also identified. However, some funds may not meet the sustainable investing standards for various practical and technical reasons.
We will engage with you to identify your risk attitude towards sustainable investing. We aim to provide you with investments to match your sustainable investment preferences. In some instances we may not be able to identify funds to meet these preferences and we will explain alternative options.
We take due care so that our internal remuneration policy with respect to investment or insurance advice on insurance-based investment products (‘IBIPs’) promotes sound and effective risk management in relation to sustainability risks and does not encourage excessive risk‐taking with respect to sustainability risks.
Schedule of Fees & Charges:
Remuneration Financial Services
We will be remunerated for business services we offer you, our client, in a number of ways:
By commission earned from Insurance and Product Producers to whom orders are transmitted. Summary details of these payments will be included in a product information document, where applicable. We may receive commissions from Product Producers in the form of trail, renewal, indexation payments, all of which contribute to the costs of providing services to you on an ongoing basis.
And/or
By you directly in the form of a fee which we will discuss and agree in advance of all transactions; see Fee Table below.
And/or
You also have the option to pay for the services we provide by way of a combination of commissions and fees which we will discuss and agree in advance of all transactions.
Fee Table for Advisory and Financial Planning 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 €325.00
Accounts Executive/Qualified Financial Advisers €200.00
Support Staff €80.00
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. Where it is not possible to provide the exact amount, we will provide you the method of calculation of the fee.
In the event of a death, disability, serious illness or retirement claim, Provest may charge a fee for the additional consultation time spent dealing with you, insurers, pension scheme trustees, and assisting Executors, Solicitors and any other parties in relation to the admission and processing of the claim.
Professional Fees are non-refundable in the event that a policy is cancelled.
Where we are remunerated by a combination of commission and fees, commissions received will not be offset against fees payable by you unless otherwise agreed with you in writing.
A summary of the details of all arrangements for any fee, commission other reward or remuneration paid or provided to us which have agreed with product providers is available in our office or on our website – www.provest.ie
PROVEST PRIVATE CLIENTS and PROVEST PENSION CONSULTANTS DOES NOT RECEIVE OR BENEFIT FROM ANY NON-MONETARY BENEFITS.
Handling Client’s Money
For lump sum pension and investment products, we can only accept payment by way of cheques payable to product providers, we do accept payments to our firm. Regular premium insurance policies are generally paid by direct debit collection by insurers from clients back accounts.
Receipts
Our firm will issue a receipt to you for each payment received.
Conflicts of interest
It is the policy of our firm to avoid conflicts of interest in providing services to you. However, where an unavoidable conflict of interest arises, we will advise you of this in writing before providing you with any service. A full copy of our conflicts of interest policy is available on request.
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 Insurance/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, may result in you having insufficient insurance cover and/or inappropriate investments.
Default on payments by clients
Our firm will exercise its legal rights to receive payments due to it from clients for services provided. Insurance/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.
Cancellation
You, the customer can cancel your policy or other product at any time by giving notice in writing subject to the terms and conditions of the applicable policy or product.
Complaints
We ask that you make any complaint against our firm, relating to services provided by us, preferably in writing, however verbal complaints will also be accepted. We will acknowledge your complaint within 5 business days and we will fully investigate it. A written update will be issued to you every 20 business days by a nominated individual within our firm. We will aim to have a comprehensive response to your complaint will be issued within 8 weeks of receipt of your initial complaint. You are entitled to refer the matter to the office of the Financial Services & Pensions Ombudsman (01 5677000 or info@fspo.ie). A full copy of our complaints procedures is available on request.
Investor Compensation Scheme
We are members of the Investor Compensation Scheme established under the Investor Compensation Act 1998. The Act provides that compensation shall be paid to eligible investors (as defined in the Act) to the extent of 90% of an investor’s net loss or €20,000, whichever is the lesser, and is recognised as being eligible for compensation. Further details are available on request.
Brokers Ireland Compensation Scheme
We are a member of Brokers Ireland and 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
Provest Private Clients Limited t/a Provest Private Clients and Provest Pension Consultants, complies with the General Data Protection Regulation (GDPR) and the Data Protection Act 2018. We collect your personal details in order to provide the highest standard of service to you. We take great care with the information provided; taking steps to keep it secure and to ensure it is used only for legitimate purposes. The data which you provide to us will be held on a computer database and paper files for the purposes of arranging transactions on your behalf.
You have the right at any time to request a copy of any “personal data” within the meaning of the GDPR and Data Protection Act 2018 that our offices holds about you and to have any inaccuracies in that information corrected. Any request should be forward to the Compliance Officer. Please contact us at dataprotection@provest.ie if you have any concerns about your personal data.
Consumer Insurance Contracts Act 2019
The Consumer Insurance Contracts Act is aimed at enhancing consumer protection. Set out below are some specific points arising from the legislation:
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
The consumer 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.
The consumer must notify the insurer of a claim within a reasonable time, or otherwise in accordance with the terms of the contract of insurance.
If the consumer becomes aware after a claim is made of information that would either support or prejudice the claim, they are under a duty to disclose it. (The insurer is under the same duty).
If, when making a claim, a consumer provides information that is false or misleading 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 on paper or on another durable means 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.
In addition, please note the following:
You will be asked specific questions prior to taking out a policy. You are required to answer all questions asked by us, or the insurer, honestly and with reasonable care.
An insurer may repudiate liability or limit the claim payment if it establishes that there has been non-disclosure of material information and that the insurer would not have issued a policy or issued a policy on the terms on which it did if that information had been known to the insurer. Likewise, where there has been misrepresentation by a consumer, an insurer may, depending on the type of misrepresentation, reduce the amount of a claim or refuse to pay a claim.
A copy of an application form or proposal form, where such is relevant to the particular contract, will be provided to you showing the insurers specific questions and information required for underwriting purposes. You must review the document(s) provided and check that the answers you provided to insurers, or to us when assisting you to complete the application form or proposal form, are accurate. If any information or answer provided is incorrect you must notify us immediately.
Direct Marketing
We would like to keep you informed of the various Pension, Insurance, Investment and any other services provided by us, and which we think may be of interest to you. If you wish to receive such marketing information email us at info@provest.ie.
These Terms of Business including Schedule of Fees & Charges are valid from 27th April 2021, until further notice.
Provest Private Clients Limited t/a Provest Private Clients and Provest Pension Consultants
5 The Mall, Maryborough Woods, Douglas, Cork T12XNY9
Directors Mark O’Sullivan | Kieran McAuliffe | Tel 353 21 201 0123
Company No. 616275 | VAT No. 3514696MH
Registered Office : Avonlea, Demesne, Lucan, Co. Dublin
Provest Private Clients Limited t/a Provest Private Clients and Provest Pension Consultants C178583 is regulated by the Central Bank of Ireland