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Terms And Conditions

Terms of Business

OMAC Life & Pensions Ltd T/A OMAC Life, 10 Dublin Road, Drogheda, Co. Louth is regulated by the Central Bank of Ireland – Ref. No. C5197.

Enclosed are the Company’s Terms of Business and Statement of Authorised Status, which outline the basis on which we provide services to our clients. Please ensure that you read this document. These Terms of Business apply to all business transactions undertaken for you or services provided to you and will remain in force until further notice. Should we make any material changes to our Terms, we will advise you in advance of providing any further services to you.

Data Protection

OMAC Life & Pensions Ltd T/A OMAC Life complies with the requirements of the General Data Protection Regulation 2018 and the Irish Data Protection Act 2018. The data which you provide to us will be held on a computer database and paper files for the purpose of arranging transactions on your behalf. Your data will be passed to the relevant product producers with whom OMAC Life has agencies for the purpose of arranging transactions agreed with you. Your data will only be processed in ways compatible with the purpose for which it was given and as outlined in our Data Privacy Notice and Data Protection Policy and Procedures.

From time to time, we will send information about other financial products and services, provided by us or associated companies with which we have a formal business arrangement, which we think may be of interest to you. You have the right to ask us not to send you this marketing material and, at any time you can ‘opt out’ of receiving marketing material. You have a right to see the information that is held on you and you can do this by writing to me at the address given.

We would like to contact you by way of Letter, email or telephone call. If you would like to receive such marketing information, please complete the permission statements contained in the Terms of Business

Client Acknowledgement Letter enclosed. You have the right at any time to request a copy of any ‘personal’ data’, within the meaning of the GDPR, that our office holds about you and to have any inaccuracies in that information corrected. Please feel free to contact us here at OMAC Life at info@omaclife.ie  if you have any queries about your personal data.

Yours Sincerely,
Orla McEvoy QFA 
Managing Director

OMAC Life & Pensions Ltd T/A OMAC Life

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.

Authorisation with the Central Bank of Ireland

OMAC Life & Pensions Ltd T/A OMAC Life is regulated by the Central Bank of Ireland – Ref No. C5197, as an insurance intermediary registered under the European Communities (Insurance Mediation) Regulations, 2005; as a Broker 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 777 777 or alternatively visit their website at www.centralbank.ie to verify our credentials.

Codes of Conduct

OMAC Life & Pensions Ltd T/A OMAC Life 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

OMAC Life & Pensions Ltd T/A OMAC Life is a member of Brokers Ireland. Our principal business is to provide advice and arrange transactions on behalf of clients in relation to life, pensions & investment products.

The firm holds written appointments from the following Product Providers Aviva Life & Pensions UK

Limited, BCP Asset Management Ltd, Friends First Life Assurance Company Limited, Irish Life Assurance

Plc, New Ireland Assurance Company plc, Standard Life Assurance Company, The Royal London Mutual Insurance Society Limited, Wealth Options Limited, Zurich Insurance plc, Zurich Life Assurance plc, Davy Select.

OMAC Life & Pensions Ltd T/A OMAC Life acts as a Financial Broker offering Financial Advice and Financial Planning. 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 a 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 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 specified illness policy, we will explain clearly to you the restrictions, conditions and general exclusions that attach to that policy.

Disclosure of Information 

Any failure to disclose material information may invalidate your claim and render your policy void.

OMAC Life & Pensions Ltd T/A OMAC Life is remunerated by commission and other payments from product producers or lenders 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 initial advice provided. We reserve the right to charge additional fees if the number of hours relating to on-going advice/planning exceeds that of a standard business case, e.g. Brokers Ireland equates 15 hours to a standard Life Cover plan.

Commissions

OMAC Life & Pensions Ltd T/A OMAC Life may receive commission and other payments from Life Assurance Provider to whom the orders are transmitted. Summary details of these payments will be included in a product information document, under the Customer Information Notice section, which you are legally entitled to receive before an application for a product is completed, and full details will be included with your Cooling-Off Letter and Welcome Pack. Any ongoing commission shown in the Customer Information Notice will be paid to the firm as long as we continue to be your Financial Adviser. Details of charges and commission payments are available on request.

In certain circumstances, it will be necessary to charge a fee for services provided. These are listed below for life, pensions, investments, non-life business and Standard 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.

Fees

Advisers €200.00 per hour

Paraplanning €150.00 per hour

Administration Staff €75 per hour

Travel €100.00

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, or failure to request a review, may result in you having insufficient insurance cover and/or inappropriate investments.

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. If you have not been advised on any such conflict you are entitled to assume that none arises. A full copy of our conflicts of interest policy is 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.

Complaints

We ask that you make any complaint against our firm, relating to services provided by us, in writing. We will aim to acknowledge your complaint within 5 business days and we will fully investigate it, unless the complaint has been resolved within that timeframe. We will aim to provide you with updates on your complaint at intervals no longer than 20 days (from day 1), and we will aim to have the complaint resolved within 40 days. If it is not possible to resolved the complaint within this timeframe, we will provide you with an update outlining when we aim to have the complaint resolved. On completion of our investigation, we will provide you with a written report of the outcome. We will aim to provide this response no longer than 40 business days from receipt of your complaint. 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 (see contact details below). A full copy of our complaints procedure is available on request.

Financial Services and Pensions Ombudsman

Lincoln House

Lincoln Place

Dublin 2

D02 VH29

Phone: 01 567 7000

E-mail: info@fspo.ie

Web: www.fspo.ie

Data Protection

OMAC Life & Pensions Ltd T/A OMAC Life complies with the requirements of the General Data Protection Regulation 2018 and the Irish Data Protection Act 2018. The data which you provide to us will be held on a computer database and paper files for the purpose of arranging transactions on your behalf. Your data will be passed to the relevant product producers with whom OMAC Life has agencies for the purpose of arranging transactions agreed with you. Your data will only be processed in ways compatible with the purpose for which it was given and as outlined in our Data Privacy Notice and Data Protection Policy and Procedures.

From time to time, we will send information about other financial products and services, provided by us or associated companies with which we have a formal business arrangement, which we think may be of interest to you. You have the right to ask us not to send you this marketing material and, at any time you can ‘opt out’ of receiving marketing material. You have a right to see the information that is held on you and you can do this by writing to me at the address given. We would like to contact you by way of Letter, email or telephone call. If you would like to receive such marketing information, please complete the permission statements contained in the Terms of Business Client Acknowledgement Letter enclosed. You have the right at any time to request a copy of any ‘personal’ data’, within the meaning of the GDPR, that our office holds about you and to have any inaccuracies in that information corrected. Please feel free to contact us here at OMAC Life at info@omaclife.ie  if you have any queries about your personal data.

Compensation Scheme

We are members of the Investor Compensation Scheme operated by the Investor Compensation Company Ltd. See below for details.

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 Fund We are also members of 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.

These Terms of Business are effective from May 2018.