Terms of Business
These Terms of Business set out the general terms under which we will provide business services to you and the respective duties and responsibilities of both us and you in relation to such services and are applicable from 07/06/2024. 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.
Authorisation and Codes of Conduct
Carron Insurances Limited is regulated by the Central Bank of Ireland as an Insurance, Investment and Mortgage Intermediary. Copies of our regulatory authorisations are available on request. You may contact the Central Bank of Ireland on 01-224 4000 or alternatively visit their website at www.centralbank.ie to verify our credentials on their register. Our reference code is C1629. We are also subject to the Consumer Protection Code, Minimum Competency Code and Fitness & Probity Standards which offer protection to consumers. These Codes can also be found on the Central Bank’s website.
As part of the process when giving our clients advice on Investments we will need to gather information with regards your investment knowledge and experience, if this information is not provided, we will not be in a position to determine whether the product is appropriate for you.
See below for a list of Providers we have agencies with:
| General Insurance Companies |
| Accident & General Insurance Services Ltd AIG Europe Ltd (Ireland Branch) Allianz Plc Aon Ireland Limited t/a Aon Arachas Corporate Brokers Ltd ARAG Legal Protection Ltd ARB Underwriting Ltd Arthur J Gallagher Insurance Brokers Ltd Aviva Insurance Ireland Dac AXA Insurance Dac BMCI Insurance & Investments Ltd Chubb European Group SE Citynet Insurance Brokers Ltd DUAL Underwriting Ireland DAC Ecclesiastical Insurance Group Generali Seguros y Reaseguros, S.A.U. t/a Liberty Insurance Hickey Clarke & Langan General Insurances Ltd KennCo Underwriting Ltd MJ O’Neill (Insurances) Ltd Munich Re Risk Solutions Ireland Ltd (MRRSI) NFP Commercial Insurance Solutions (Ireland) Limited Optis Insurances Ltd Prestige Underwriting (Ireland) Services Ltd RSA Insurance Ireland Dac Wrightway Underwriting Ltd Willis Risk Services (Ireland) Limited Zurich Insurance Europe AG |
| Life & Investment Companies |
| Aviva Life & Pensions Ireland Dac Irish Life Assurance plc Independent Trustee Co Ltd Newcourt Retirement Fund Managers Ltd New Ireland Assurance Co Plc Royal London Insurance Dac Standard Life International Dac Zurich Life Assurance plc Quest Retirement Solutions Limited Phoenix Life Assurance Europe DAC |
| Mortgage Lenders |
| Dilosk DAC t/a Dilosk and ICS Mortgages Finance Ireland Credit Solutions Dac Haven Mortgages Ltd |
Mortgages
Through the lenders or other undertakings with which we hold an agency, we can provide advice on and arrange mortgage products from the following range: fixed-rate loans, variable rate mortgages, capital & interest mortgages, interest only mortgages, endowment mortgages, pension mortgages and residential investment property. We provide mortgage advice on mortgages from the selection of lenders we have agencies with. 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. Where the creditor is unable to carry out an assessment of creditworthiness because the consumer chooses not to provide the information or verification necessary for an assessment of creditworthiness, the credit cannot be granted.
Disclosure of Information
We act as your representative to the companies we have agencies with, and 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 you understand the nature of the policy cover. Material information about medical history, non-smoker status, occupation category and any hazardous pursuits are central to underwriting decisions and it is imperative all information you provide to the insurer is accurate and complete.
You are under a duty to answer all questions posed by the insurer or us on your behalf, honestly and with reasonable care.
It is presumed, unless the contrary is shown, you would know all questions in an application or at renewal are material to the risk undertaken by the insurer or the calculation of the premium by the insurer, or both. Any failure to disclose material information may invalidate a claim and render your policy void.
You must inform and disclose any material information including any material changes that might take place between the time you complete an application form and the time you pay the first premium.
To assist us in providing you with a comprehensive service and to keep our records as up-to date as soon as possible, please notify us of any changes to your personal circumstances, e.g., name change, change of address, etc.
Sustainable Investing
We will consider adverse impacts of investment decisions on sustainability factors in our investment and insurance-based Investment advice.
We will gather your preferences of Sustainable Investing and build them into our Statement of Suitability for you. Ultimately, it is the Product Producers we have agencies with that build the Investment Products we advise on, and it will be their documentation we are relying on when advising you on Sustainable investments.
All information re Sustainable Finance Disclosures will be adhered to by the Product Producers and their brochures and documents will outline their disclosures.
Remuneration
Carron Insurances Limited is remunerated by commission and other payments from product producers on the completion of 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.
Additional fees may be payable for complex cases or to reflect value, specialist skills or urgency. We will give an estimate of this rate in advance of providing you with services.
In relation to Group/Company Pension new business our fees are based as follows:
- New policy set up fee €750
- Annual fee per member €150.
We will discuss the types of service on offer and agree a fee basis tailored to you in writing and confirm it to you in writing. Payment of any fee charged is due on issue of our Invoice. If we receive commission from a Product Producer in addition to charging you a fee, we will not offset part or all of the commission against the fee to be charged unless agreed with you in writing. These fees may vary, depending on the nature and complexity of the services you require.
General Insurance Fee
- Personal Lines (Home & Motor) Administration Fee: €30.00.
- Commercial Lines Administration Fee: €50.00.
Mortgage Fees/Commission
We may receive up to 1% of the loan for arranging mortgage finance provided you do not redeem your mortgage in the early years. 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 by lender at loan offer stage.
Depending on your mortgage requirements and the additional advice you may require around securing a mortgage or advice on your existing mortgage Carron Insurances may charge a fee which will be advised to you at the outset and prior to submission of an application.
The following range of fees are payable.
- €250 at application stage for all first-time buyer or mover applications, payable after initial consultation and on submission of the requested mortgage documentation to us.
- €175 for review of existing mortgage where we engage with your existing lender on your behalf.
- €750 on all Buy to Let/2nd residence purchase applications.
- €500.00 on withdrawal/cancellation.
Unless stated all fees are payable within 14 days of invoice issue date. At our absolute discretion we may waive our fee. This will be agreed in advance.
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. A full list of lenders and remuneration are available on request.
We do not offset our fees from commission we may receive from providers.
If by investing in sustainable investment products there are any differences in charges etc., we will advise you of this in advance of advising you on your investment.
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 are available on our website.
Client Monies & Receipts
Carron Insurances Limited may only accept payment from clients payable to itself where an insurance undertaking has invited a renewal of a policy of insurance, or the proposal for insurance has been accepted by an insurance undertaking. In all other instances’ payment must be made out to the Product Provider. We shall issue a receipt for each non-negotiable or negotiable instrument or payment received. These are issued with your protection in mind and should be stored safely.
The acceptance by Carron Insurances Limited of a completed proposal DOES NOT in itself constitute the effecting of a policy. It is only when the Provider confirms the policy is in place that your policy is live.
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. Please 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.
Conflicts of interest
We at Carron Insurances Ltd will always act in our client’s best interests. It is the policy of our firm to avoid conflicts of interest when providing services to our clients. However, where an unavoidable conflict of interest arises, we will advise and agree this with you in writing before providing you with any service. As per above on remuneration policy we receive payment from the providers for your business.
Default on payments by clients
We will exercise our legal rights to receive payments due to us from clients (fees) for services provided. Product producers may withdraw benefits or cover in the event of default on payments due for products arranged for you. We would refer you to policy documents or product terms for the details of such provisions.
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 in writing within 5 business days advising you of the name of the person dealing with your complaint on behalf of the company. Please address any complaint to Carron Insurances Limited, 79 Main Street, Blackrock, Co. Dublin. 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 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 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), Lincoln House, Lincoln Place, Dublin 2, Lo call 01 5677000 or email info@fspo.ie. A full copy of our complaint’s procedure is available on request.
Investor Compensation Scheme
We are members of the Investor Compensation Scheme which 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. 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.
We are also members of the Brokers Ireland Compensation Fund. Subject to the rules of the scheme the liabilities of its members firm 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 Business Succession
These Terms of Business shall be governed by and construed in all respects according to the laws of the Republic of Ireland and will be deemed to cover any successors in business to Carron Insurances Limited.
Data Protection
Carron Insurances Ltd. complies with the requirements of the Data Protection Acts 1988-2018. We will provide you with our data privacy notice in relation to how we use your data which also can be accessed on our website: www.carroninsurances.ie.
We will still be allowed to contact you in relation to the business we have advised you on, even if you opt out of our marketing material. You have the right to be removed from our mailing lists in the future, by contacting us and requesting same in writing or by emailing info@carron.ie.
During our performance of the contract, we may wish to send messages and/or documents to each other by e-mail. Like other means of communication, email carries with it the responsibility of inadvertent misdirection or non-delivery of confidential material. All risks connected with sending commercially sensitive information relating to your business by e-mail are borne by you and not our responsibility. If you do not accept this risk, you should notify us in writing that e-mail is not acceptable means of communication. Both parties will carry out procedures to protect integrity of data. In particular, it is the recipient’s responsibility to carry out a virus check on attachments before launching any documents.