Terms of Business - Life & Pensions
Terms of Business of Glennon Life & Pensions Clients
We look forward to welcoming you as a Frank Glennon (Life and Pensions) Client. These terms of business (the “Agreement” or “Terms of Business”) set out the basis on which Frank Glennon (Life and Pensions) Limited, trading as “Glennon”, herein referred to as “Glennon”, will provide insurance, investment, and consultancy services to you as a client of the firm. These Terms of Business are effective for all new customers with effect from the 26th February 2013, and for all existing customers from their policy renewal date falling due on or after this date. Please read these Terms of Business carefully and if you have any questions about any aspect please contact us immediately.
www.glennons.ie is a website operated by Frank Glennon (Life & Pensions) Limited (the “Website”), trading as “Glennon”.
Please note that in order to avail of any product or service through Frank Glennon (Life and Pensions) Limited it is a condition that you agree to these Terms of Business.
Frank Glennon (Life and Pensions) Limited, trading as “Glennon” is a professional firm of Insurance Brokers and Consultants and carries on their business at Charlemont House, Charlemont Place, Dublin 2, E-mail; Life-Pensions@glennons.ie. It is registered in the Company’s Registration Office under company number 41849 and is registered for value added tax (VAT) registration number 0653743R. Frank Glennon (Life & Pensions) Limited trading as “Glennon” is a member of the Galesburg Securities group of companies. Frank Glennon (Life and Pensions) Limited, trading as “Glennon” is authorised and regulated by the Central Bank of Ireland as an Insurance Intermediary under the Investment Intermediaries Act, 1995 as amended and is registered under the European Communities (Insurance Mediation) Regulation, 2005, which can be verified on the Insurance Mediation Register, available at www.centralbank.ie. Codes of Conduct issued by the Central Bank of Ireland apply to Frank Glennon (Life and Pensions) Limited, trading as "Glennon", including the Consumer Protection Code, Minimum Competency Code, and Fitness and Probity Standards, which can be accessed at www.centralbank.ie.
We will offer broad based advice on a fair analysis basis including:
- advice in relation to the nature of each of the products set out below and advising you as to which product is suitable for your needs;
- identifying and selecting a suitable product producer, based upon a fair analysis of the market;
- receiving and transmitting orders on your behalf for a product(s) to one or more product producers;
- the products for which Frank Glennon (Life and Pensions) Limited has appointments to act in relation to are: life assurance products (these include temporary assurance policies, whole of life policies, life assurance savings and investment policies, specified serious illness policies, and permanent health insurance policies), pensions (these include occupational pension schemes, personal pension policies, personal retirement savings accounts, approved retirement funds, annuities, buy-out bonds) and private medical insurance.
We place insurance policies with insurers licensed and/or approved to underwrite such policies and who are regulated by the Central Bank of Ireland or the Financial Regulator of the country in which they are established. We obtain financial information on insurers from a variety of sources, including a specialist independent rating agency. However, we do not accept any responsibility for the ongoing solvency of insurers with whom we place such policies.
Non Regulated Activities
Frank Glennon (Life & Pensions) Ltd. provides pension consultancy and administration services in relation to Revenue approved occupational pension schemes. The Central Bank of Ireland has published the Consumer Protection Code 2012 and this Code does not apply to these Revenue approved occupational pension schemes, which are the responsibility of the Pensions Board. Frank Glennon (Life & Pensions) Ltd., which acts as a Registered Administrator, complies with the Pensions Boards regulations in relation to how pension schemes are established and administered. These include core administration functions, such as the preparation of annual reports for trustees and annual benefit statements for members, as well as the maintenance of sufficient and accurate records of members and their entitlements. As a Registered Administrator, Frank Glennon (Life & Pensions) Ltd. is obliged to provide annual pension scheme information to the Pensions Board. A summary of the activities in relation to Revenue approved occupational pension schemes which are not covered by the Consumer Protection Code 2012 are as follows:
- Pension Scheme Design and Benefit Consulting
- Processing of Pension Contributions
- Maintenance of Member Records
- Processing scheme joiners and leavers
- Preparation of member Annual Benefit Statements
- Preparation of Trustee Annual Reports / Administrators Reports
- Drafting Trust Documentation
When seeking a quotation and/or arranging, amending or renewing a policy the information you provide must be true in every respect and you must not withhold or misrepresent any material information. Material information is any information which an insurer would regard as likely to influence their assessment or acceptance of the insurance. Failure to disclose all material information may lead to the voidance of a policy by an insurer. If you are in doubt as to whether or not such information is material, you should disclose it or contact Glennon for guidance. This information may include, but is not limited to, personal medical history, occupation details, previous claims experience, relevant convictions and/or pending prosecutions, etc.
All telephone calls including outbound calls may be recorded and monitored for regulatory, quality and training purposes.
Glennon receives commission from insurers with whom we arrange insurance policies details of which are available on request on policies arranged for each customer. Glennon may also receive additional commission payments from certain Insurers based on factors such as profitability, premium volume and/or growth. Where we arrange a policy for you with an insurer with whom we do not hold an appointment in writing, or in circumstances where we do not take commission from an insurer, then we will charge you a specific consultancy fee for our services. If we do this, we will provide you with a written estimate of the anticipated consultancy fee in advance of providing any business service. This fee will reflect the complexity of the transaction involved, and the estimated time spent in providing consultancy, research and administration services. Our standard fees are charged as follows:
Consultancy Fee: €250 per hour
Administration Fee: €100 per hour
We reserve the right to amend the fee advised to you at the outset, should the complexity of the transaction involve more work than had been previously anticipated. We will confirm and agree any increased fee with you prior to any additional charges being applied.
Product Suitability Statements
Prior to arranging or providing a product or service, we will issue a Product Suitability Statement which sets out the reasons why the product(s) or service(s) offered or recommended is/are considered suitable, or the most suitable, for your particular needs, objectives and circumstances. You must read this statement to satisfy yourself that the cover offered by the policy selected fully meets your requirements. By accepting these Terms of Business you acknowledge that you have read and understand the information contained within the Policy Suitability Statement.
Any insurance arranged by Glennon is subject to all the terms, conditions and exclusions of the policy of the insurer selected. You must read the insurer's policy, which is available on request from us, in order to satisfy yourself that the cover offered by the policy meets with your requirements. By accepting these Terms of Business you acknowledge that you have read and understand the information contained within the policy selected.
The provisions of this Agreement may be varied or superseded at any time by agreement in writing between us but any such variation shall not affect any rights or obligations of either of us already accrued. You or we may initiate such variations.
Conflicts of Interest
It is the policy of Glennon to avoid any conflict of interest when providing business services to its clients. However, where an unavoidable conflict of interest arises we will advise you of the steps we propose to take in order to protect your interests before providing you with any business service.
Default by you:
All insurance policies are arranged on the express condition that pending receipt of the premium from you, Glennon reserve the right, notwithstanding delivery of a policy, insurance certificate or receipt to you, to cancel the policy, obtain a refund from the insurers and apply same in reduction of the amount due from you. Glennon will, if necessary, exercise its legal rights to receive any payments due to it from clients for services provided by it and to be reimbursed for any value obtained by the firm for clients arising from payments by the firm on behalf of clients who subsequently default on any payment due to the firm.
Insurers may withdraw benefits or cover on default of any payments due under any policies arranged for your benefit or on failure by you to accurately provide all material information in relation to such insurance policies.
Default by Glennon:
In the unlikely event that we cannot meet our liabilities to you, any monies paid by you to us for an insurance policy are deemed to be accepted by the Insurer with whom we have arranged your insurance. Glennon is a member of the Investor Compensation Scheme established under the Investor Compensation Act 1998 which provides certain remedies to eligible clients on default by us. The main details of the operation and conditions of the scheme are given in the section below. Your legal rights against Glennon are not affected by this scheme.
Investor Compensation Act 1998
Glennon is a member of the Investor Compensation Scheme established under the Investor Compensation Act 1998 (“1998 Act”) which provides certain remedies to eligible clients on default by us. The right to compensation will arise only:
- If you are an eligible investor as defined by the 1998 Act;
- If we are not in a position to return client money or investment instruments owned or belonging to our clients; and
- To the extent that your loss is recognised for the purposes of the 1998 Act.
Where an entitlement to compensation is established, the compensation payable will be the lessor of 90% of your loss which is recognised for the purposes of the 1998 Act or EUR 20,000. Your legal rights against Glennon are not affected by this scheme.
Glennon are committed to providing high quality customer service. If you have any complaint in relation to the services provided by us you should write to our Customer Services Manager outlining the nature of your complaint. Any such complaint will be acknowledged as soon as possible but not later than five business days from the date of receipt informing you of the contact person who will deal with your complaint. Your complaint will be fully investigated and we will inform you of the progress of our investigation at intervals of not more than twenty business days. We will aim to provide a full response to you as quickly as possible but not later than forty business days from the date of receipt of your complaint or if circumstances dictate such longer period of which you will be informed in writing. If your complaint is not resolved to your satisfaction you should then contact our Chief Executive, Frank Glennon (Life and Pensions) Ltd. If your complaint is still not resolved to your satisfaction and you remain dissatisfied with our final response to your complaint you can refer your complaint to the Financial Services Ombudsman’s Bureau at 3rd Floor, Lincoln House, Lincoln Place, Dublin 2; Phone Lo-Call 1890 88 20 90; 353 1 6620899, Fax 353 1 6620890; e-mail: firstname.lastname@example.org; Website: www.financialombudsman.ie; or where appropriate to the Office of the Pensions Ombudsman, 36 Upper Mount Street, Dublin 2, Phone 353 1 6471650, Fax 353 1 676 9577; email: email@example.com. Your right to take legal action is not affected by following any of the above procedures.
Either of us may terminate this Agreement by written notice at any time. Termination will not in any event affect accrued rights, existing commitments or any contractual provision intended to survive termination and will be without penalty or other additional payment save that you will pay:-
- any outstanding amounts due to us and/or to insurers with whom we have placed insurances on your behalf; and
- any additional expenses necessarily incurred by us in settling or concluding outstanding obligations.
Applicable laws require that some of the information or communications we send to you should be in writing. When using our Website, you accept that communication with us will be mainly electronic. We will contact you by email or provide you with information by posting notices on our Website. For contractual purposes, you agree to this electronic means of communication and you acknowledge that all contracts, notices, information and other communications that we provide to you electronically comply with any legal requirement that such communications be in writing. This condition does not affect your statutory rights.
We will not be liable or responsible for any failure to perform, or delay in performance of, any of our obligations that is caused by events outside our reasonable control (“Force Majeure Event”). A Force Majeure Event includes any act, event, non-happening, omission or accident beyond our reasonable control. Our performance of this Agreement is deemed to be suspended for the period that the Force Majeure Event continues, and we will have an extension of time for performance for the duration of that period. We will use our reasonable endeavours to bring the Force Majeure Event to a close or to find a solution by which our obligations may be performed despite the Force Majeure Event.
If we fail to insist upon strict performance of any of your obligations under these Terms of Business, or if we fail to exercise any of the rights or remedies to which we are entitled under these Terms of Business, this shall not constitute a waiver of such rights or remedies and shall not relieve you from compliance with such obligations. A waiver by us of any default shall not constitute a waiver of any subsequent default. No waiver by us of any of the terms of this Agreement shall be effective unless it is expressly stated to be a waiver and is communicated to you in writing by our authorised personnel.
If any of the terms of this Agreement are determined by any competent authority to be invalid, unlawful or unenforceable to any extent, such term, condition or provision will to that extent be severed from the remaining terms, conditions and provisions which will continue to be valid to the fullest extent permitted by law.
This Agreement and any document expressly referred to in it constitutes the whole agreement between us and supersedes and replaces any previous arrangement, understanding or agreement between us relating to the subject matter of this Agreement.
This Agreement is subject to the laws of Ireland and the Courts of Ireland will have exclusive jurisdiction over any dispute.
Data Protection Notice
Glennon respects your right to privacy and wishes to comply with our obligations under the Data Protection Acts 1988 and 2003. The purpose of this Notice is to outline how we deal with any Personal Data you provide to us. “Personal Data”, “Sensitive Personal Data” and “Data Controller” each have the meaning given in the Data Protection Acts 1988 and 2003.In this Notice Personal Data includes personal information given by you to us, whether in your proposal, any claim you submit to us or any Personal Data we collect in connection with any product or service we provide to you. Frank Glennon (Life and Pensions) Limited, shall be the Data Controller in respect of all such Personal Data collected.
References to “we” and “us” in this Notice (and the consents obtained herein) shall be construed accordingly as references to Frank Glennon (Life and Pensions) Limited trading as “Glennon”.
Uses: The Personal Data you supply to us may be used by us and, where necessary, our associated companies and agents for the following purposes:
- for the provision of insurance broking and administration services (including securing quotations, arranging, managing and renewing insurance policies and processing insurance claims);
- to contact you in connection with the provision of our services; and
- to respond to any communications you might send to us.
By sending your Personal Data to us for the purpose of the provision of insurance broking and administration services you signify your consent to your Personal Data being processed by us for the purposes set out in this Notice.
Disclosure: We will not disclose your Personal Data to third parties unless you have consented to this disclosure or unless the third party is required to fulfil the provision of our service to you (and in such circumstances, the third party is bound by similar data protection requirements).
We will disclose your Personal Data if we believe in good faith that we are required to disclose it in order to comply with any applicable law, a summons, a search warrant, a court or regulatory order, or other statutory requirement.
We reserve the right to transfer your Personal Data to a third party in the event of a sale, merger, liquidation, receivership or transfer of all or substantially all of the assets of our company and our rights and duties under our arrangements with you, provided that the third party agrees to adhere to the terms of this Notice and provided that the third party only uses your Personal Data for the purposes that you provided it to us. You will be notified two months in advance in the event of any such transfer and you will be afforded an opportunity to opt-out (provided an opt-out would not nullify the effect of your insurance policy).
Marketing: We may use your Personal Data to keep you informed by post, telephone, e-mail or other means of communication of our products and services which may be of interest to you. In addition if you provide Personal Data to us and your policy with us lapses, we may contact you to inform you of our products and services which may be of interest to you. On the occasion of each such communication to you we will provide you with the option not to receive any further communication from us.
On this basis, if you do not wish your information to be used for these marketing purposes please notify us accordingly if corresponding by post, or email Life-Pensions@glennons.ie.
Sensitive Data: In order to provide you with our insurance broking and administration services, we may need to collect Sensitive Personal Data relating to you (such as, for example, Personal Data relating to your medical history or any previous criminal convictions). Any Sensitive Personal Data that we collect will be used solely for the purpose of the provision of insurance broking and insurance administration (including underwriting, processing, claims handling, reinsurance and fraud prevention).
Retention: Except to the extent we are required or permitted to do so by law or by a competent authority (e.g. the Central Bank of Ireland), we will not retain your data for longer than is necessary for the purposes for which it is obtained. You may inform us of any changes to your Personal Data, and in accordance with our obligations under the Data Protection Acts 1988 and 2003, we will update or delete your Personal Data accordingly.
Representation: The accuracy of the Personal Data you provide to us is paramount to the provision of valid insurance and administration services. Accordingly, when you provide us with Personal Data, you warrant and represent to us that in respect of any Personal Data of any data subject which you provide to us you have the authority of the relevant data subject(s) to disclose such Personal Data to us and that all such data is accurate, complete and up to date.
Consent: By providing us with your Personal Data you consent to all of your Personal Data being used for the purposes of the provision of insurance broking and insurance administration (including underwriting, processing, claims handling, reinsurance and fraud prevention).
Access: Under the Data Protection Acts you are entitled to certain information about, and access to copies of, your Personal Data. If you wish to exercise this right please forward your request in writing to us (being as specific as possible please) for the attention of the Data Protection Officer. Please include appropriate evidence of your identity and a cheque for the statutory fee of €6.35. We will respond to valid requests within forty days of receipt.
Policy Governing Law
The laws of Ireland will apply to your policy and Irish Courts will have jurisdiction to hear any disputes regarding your policy unless otherwise stated on your proposal form or in your policy terms and conditions.
Your insurance policy and all communications in respect of your policy will be in English
For full details of all your policy terms, conditions and exclusions please consult your policy document, and/or schedule and/or Motor Certificate and Disc of Insurance which you have been given and which are available on request from us. If you have any queries on any aspect of your insurance policy or the services we provide please do not hesitate to contact us.