Terms of Business & Privacy Notice Document

Effective from 31st March 2020

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

Infinity Financial Planning Limited C139550 is regulated by the Central Bank of Ireland as an insurance intermediary registered under the European Union (Insurance Distribution) Regulations 2018; 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 777 777 or alternatively visit their website at www.centralbank.ie to verify our credentials. 

 

Codes of Conduct

Infinity Financial Planning Limited 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

Infinity Financial Planning Limited is a member of the Professional Insurance Brokers Association (PIBA).  

Our principal business is to provide advice and arrange transactions on behalf of clients in relation to life and pensions products.  A full list of insurers, product producers and lending agencies with which we deal is available on request.

Infinity Financial Planning Limited. acts as an impartial Broker which means that:

  1. the principal regulated activities of the firm are provided on the basis of a fair and personal analysis of the market; and
  2. you have the option to pay in full for our services by means of a fee.

Fair & 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 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 those products,
  • The quality of the product and service provided by the provider, cost and Any other relevant consideration.

 

Lifestyle Financial Planning

Infinity Financial Planning Limited provides comprehensive Lifetime Cash-flow ‘Financial Master Plans’.  Where a client seeks such a Financial Master Plan, a consultancy fee of up to €150 per hour, with a minimum fee of €1,500, will apply.

 

Investment Intermediary Services

We provide investment Intermediary services on the basis of impartial advice.  This means that the firm does not accept any third party payments (i.e. Commissions) from Providers. 

A schedule of our fees is outlined below.
Or,
We are remunerated by commission from our investment intermediary services. 

Insurance Based Investment Products

We provide insurance based investment products on the basis of impartial advice.  This means that we will return to customers or offset against fees to be paid by the customer, any fees, commissions or non-monetary benefits paid or provided by any third party or person acting on behalf of a third party in relation to the services provided to that customer as soon as reasonably possible after receipt. 

Life & Pensions/Deposits & Life Wrapped Investments

We provide life assurance and pensions on a fair and personal analysis basis i.e. providing services on the basis of a sufficiently large number of contracts and product producers available in 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.

Statement of Charges

We may earn our remuneration on the basis of fee, commission and any other type of remuneration, including a non-monetary benefit or on the basis of a combination of these methods.  A non-monetary benefit will only be accepted if it enhances the quality of the service to our clients. 

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/assistance exceeds 5 hours. 

A summary of the details of all arrangements for any fee, commission, other reward or remuneration paid or provided to us which has been agreed with product providers is available in our office or on our website – https://infinityfinancial.ie/ourremuneration/

In certain circumstances, it will be necessary to charge a fee for services provided.  These are listed below.  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. 

If we receive commission from a product provider, this may/will 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

You may elect to deal with us on a fee basis.  

  • Principles / Directors/Certified Financial Planners: €200.00 (hourly rate, ex VAT)
  • Accounts Executive / Qualified Financial Advisor: €150.00 (hourly rate, ex VAT)
  • Support Staff: € 80.00 (hourly rate, ex VAT)

 

Additional fees may be payable for complex cases or to reflect value, specialist skills or urgency. We will notify you in advance and agree the scale of fees to be charged. 

 

Investment Fees

  • Principles / Directors/Certified Financial Planner: €200.00 (hourly rate, ex VAT)
  • Accounts Executive / Qualified Financial Advisor: €150.00 (hourly rate, ex VAT)
  • Support Staff: € 80.00 (hourly rate, ex VAT)

Additional fees may be payable for complex cases or to reflect value, specialist skills or urgency. We will notify you in advance and agree the scale of fees to be charged. 

 

Personal Retirement Savings Accounts (PRSAs) – Fees

Where advice is requested for PRSAs, the following hourly fees will apply;

  • Accounts Executive / Qualified Financial Advisor: €150.00 (hourly rate, ex VAT)
  • Support Staff: € 80.00 (hourly rate, ex VAT)

Additional fees may be payable for complex cases or to reflect value, specialist skills or urgency.  We will notify you in advance of providing you with these services. 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 the intermediary unless an arrangement to the contrary is made. 

 

Insurance Based Investment Products

We will return to customers or offset against fees to be paid by the customer, any fees, commissions or non-monetary benefits paid or provided by any third party or person acting on behalf of a third party in relation to the services provided to that customer as soon as reasonably possible after receipt. 

 

Insurance Based Investment Products

We will provide periodic assessments of the suitability of the insurance based investment product which we have recommended to you. 

CDDA summary of the details of all arrangements for any fee, commission, other reward or remuneration paid or provided to the intermediary which it has agreed with product providers is available on our website https://infinityfinancial.ie/ourremuneration/

 

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.

 

Disclosure of Information

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

 

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.

 

Default on Payments by Clients

We will exercise our legal rights to receive payments due to us from clients (fees and insurance premiums) for services provided.  In particular, without limitation to 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 a 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

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 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 business days starting from the date on which the complaint was 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 & Pensions Ombudsman (FSPO).  A full copy of our complaint procedure is available on request. 

 

Data Protection

We are subject to the requirements of the General Data Protection Regulation 2018 and the Irish Data Protection Act 2018.  

Infinity Financial Planning Limited 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 purpose 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 accessible.  Please refer to our website www.infinityfinancialplanning.ie .  If this medium is not suitable we will ensure you can easily receive a hard copy.

Please contact info@infinityfinancial.ie if you have any concerns about your personal data. 

 

Compensation Scheme

We are members of the Investor Compensation Scheme operated by the Investor Compensation Company Limited.  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 (know as eligible investors) of authorised investment firms, as defined by 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 recognized 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.

 

Broker Ireland Compensation Fund

We are also members of 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. 

Privacy Policy

Infinity Financial Planning Limited is committed to respecting and protecting your privacy and would like you to feel safe when you give us your personal details. We will always clearly identify ourselves in correspondence and on our website.

Our principal business is to provide advice and arrange transactions on behalf of clients in relation to life, pensions, investments and savings.

In order to provide you with relevant information, respond to your enquiries and requests for products and/or services we sometimes request that you provide us with information about yourself. This Privacy Notice will inform you of the information we gather and how it is used.

Infinity Financial Planning Limited maintains the same privacy practices with respect to data that is collected off-line and on-line and this notice also covers both those methods of data collection and use. Infinity Financial Planning Limited complies with EU General Data Protection Directive (GDPR) for the collection, use, and retention of all personal data.

You may visit our website without identifying yourself or revealing any personal information. Infinity Financial Planning Limited collects domain information from your visit to customise and improve your experience on our website. This website may collect certain information from your visit, including the date and time of your access, the pages you have accessed, the name of the Internet Service Provider and the Internet Protocol (IP) address by which you are accessing the internet, and the internet address from which you linked to our site, if applicable. We use this information to better understand how our website is being used so that we can improve its performance.

 

For the purposes of the GDPR the data controller is: Pat Leahy

Contact details are pat.leahy@infinityfinancial.ie 

Please read this Statement carefully as this sets out the basis on which any personal data we collect from you, or that you provide to us, will be processed by us.

Some portions of our website may request that you give us information about yourself, from which we are able to identify you, such as your name, email or other address.

 

Use of the information we gather/purpose why we are processing your information Generally, we may collect your data for one or more of four reasons based on below;

  1. To respond to your request(s) for advice or products or queries in relation to same.
  2. Reviewing your financial, insurance or products as is prudent or required.
  3. To recommend products that protect your lifestyle, e.g. protecting your family in the event of death.
  4. Planning your financial future, e.g. retirement funding, savings and investment options.

 

When we collect information about you, we intend to tell you why we are asking for the information and what we intend to do with it. You will have the option of not providing the information, in which case you may still be able to access other parts of this website, although you may not be able to access certain services. In certain areas of our website, we may, where appropriate, enable you to ‘opt in’ to certain uses of your information e.g. personal data and direct marketing.

Data will not be held for longer than is necessary and general client details will be held while you are a customer. Our Regulator, The Central Bank of Ireland, requires that where clients have products with us that we maintain their data for six years after the last product expires or is cancelled.

The information we collect about you or your computer is used to run the website, respond to your requests or process any transactions you have requested. It may also be used to verify your identity, send you information or contact you in relation to an Infinity Financial Planning Limited product or service that you are using or that we believe may be of interest to you after you have chosen to ‘opt in’.

 

Special Categories of Personal Data  

If we collect any special categories of personal data (e.g. health, religious beliefs, racial, ethnic origin — financial information is not classified as special categories of personal data) — we will obtain your explicit consent.

 

Sharing Information with Third Parties

In certain instances, we may make your information available to third parties with whom we have a relationship where that third party is providing services on our behalf to clients. You can view the list of product providers we hold agencies with via the Central Banks website. We will only provide those third parties with information that is necessary for them to perfonn the services and we take measures to protect your information.

The information we collect may be used, stored and processed in the EU, UK, United States, Switzerland or in any other country in which Infinity Financial Planning Limited does business.

We will always try to process data within the EU and UK.

Infinity Financial Planning Limited may disclose information it has collected about you on the website if required to do so by law or when necessary to protect the rights of Infinity Financial Planning Limited or its employees.

 

Data Subjects Rights

Infinity Financial Planning Limited facilitate you, our clients, rights in line with our data protection policy and the subject access request procedure. This is available on request. Your rights as a data subject:

At any point while we are in possession of or processing your personal data, you, the data subject, have the following rights:

 

  • Right of Access — you have the right to request a copy of the information that we hold about you.
  • Right of Rectification — you have the right to correct data that we hold about you that is inaccurate or incomplete.
  • Right to be Forgotten — in certain circumstances you can ask for the data that we hold about you to be erased from our records.
  • Right to Restriction of Processing — where certain conditions apply to have a right to restrict the processing.
  • Right of Portability — you have the right to have the data we hold about you transferred to another organisation.
  • Right to Object — you have the right to object to certain types of processing such as direct marketing.
  • Right to Object to Automated Processing, including Profiling — you have the right to be subject to the legal effects of automated processing or profiling.
  • Right to Judicial Review — if Infinity Financial Planning Limited refuses your request under rights of access, we will provide you with a reason as to why.

All of the above requests will be forwarded on should there be a third party involved as we have indicated in the processing of your personal data.

 

Data Security

Infinity Financial Planning Limited’s intent is to strictly protect the security of your personal information; honour your choice for its intended use; and carefully protect your data from loss, misuse, unauthorised access or disclosure, alteration or destruction. We have taken appropriate steps to safeguard and secure information we collect online, including the use of encryption when collecting or transferring sensitive data.

However, you should always take into consideration that the internet is an open forum and that data may flow across networks with little or no security measures, and therefore such information may be accessed by people other than those you intended to access it.

 

How to Update and/or Amend the Personal Information you have Provided

You are entitled to know whether we hold information about you and, if we do (subject to certain limitations), to have access to that information and have it corrected if it is inaccurate or out of date. To exercise your Right of Access or to update your details under your Right of Rectification or Erasure please email your request to the contact address below with proof of identity.

 

Complaints

In the event that you wish to make a complaint about how your personal data is being processed by Infinity Financial Planning Limited or how your complaint has been handled, you have the right to lodge a complaint directly with the data supervisory authority and or our Data Protection Officer, Pat Leahy, 021 4508851 or pat.leahy@infinityfinancial.ie 

Link below to the complaints section of the Data Commissioner website; https://www.dataprotection.ie/docs/MakingaComplainttotheDataProtectionCommissioner/r/18.htm

 

Or email Data Protection Commissioner to info@dataprotection.ie

 

Failure to Provide Further Information

If we are collecting your data for a contract (e.g. life policy) and you cannot provide this data, the consequences of this could mean the contract cannot be completed or details are incorrect.

 

Profiling — Automatic Decision Making 

 

Profiling:

Financial advisors use profiling in their business. The main categories are;

  1. Risk Profiling
  2. Profiling for Marketing Purposes
  3. Establishing Affordability and Providing Quotations for Financial Services

 

  1. Risk Profiling:

To establish a customer’s attitude to investment risk (relates to pensions and investments) advisors have automated calculators which calculate the customers attitude to various levels of risk having answered a series of questions.

 

  1. Profiling for Marketing Purposes:

When we seek to contact you about other services as outlined above we run automated queries on our computerised data base to establish the suitability of proposed products or services to your needs.

  

  1. Establishing Affordability and Providing Quotations for Financial Services.

 

Business Relationships

Where our website contains links to other websites. Infinity Financial Planning Limited is not responsible for the privacy practices or the content of such websites. Infinity Financial Planning Limited uses pixels, transparent GIF files and other methods to help manage online advertising.

 

Contacting Us

If you have any questions or comments about our privacy notice or practices, please contact us. Infinity Financial Planning Limited may modify or update this privacy notice from time to time or at any time without prior notice. You can check the “Last Updated” date below to see when the notice was last changed. We encourage you to check this notice often so that you can continue be aware of how we are protecting your personal information. Your continued use of the website constitutes your consent to the contents of this privacy notice, as it may be modified from time to time.

 

Email: info@infinityfinancial.ie