TERMS OF BUSINESS OF COONAN MORTGAGE GROUP LIMITED
t/a COONAN MORTGAGE GROUP
Effective from January 2012 Property House, Main Street, Maynooth, Co Kildare
Coonan Mortgage Group Limited t/a Coonan Mortgage Group
Directors: W.J.Coonan: Will Coonan.
Company Reg. No. 431200
These Terms of Business set out the basis on which Coonan Mortgage Group Limited trading as Coonan Mortgage Group will provide business services to you as an individual private client of the firm. Please take a few minutes to read through these and if you have any queries we will be happy to answer them. If any material changes are made to these terms we will notify you.
The full name and address of the firm and contact details are set out on this document.
Authorisation with the Central Bank of Ireland
Coonan Mortgage Group is regulated by the Central Bank of Ireland as an Insurance Intermediary under the European Communities (Insurance Mediation) Regulations, 2005 and a Mortgage Intermediary authorized under the Consumer Credit 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 visit their website at www.centralbank.ie to verify our credentials. A list of
the product producers from whom the firm holds written letters of appointment is attached.
Codes of Conduct
Coonan Mortgage Group 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
COONAN MORTGAGE GROUP 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 & pensions/mortgages/general insurance products. A full list of insurers, product producers with which we deal is attached .
COONAN MORTGAGE GROUP acts as an Independent Broker which means that:
a) the principal regulated activities of the firm are provided on the basis of a fair analysis of the market; and
b) you have the option to pay in full for our services by means of a fee
Fair Analysis
The concept of fair analysis is derived from the Insurance Mediation Directive. It describes the extent of the choice of products and providers offered by an intermediary within a particular category of life assurance, general insurance, mortgages and/or a specialist area. The number of contracts and providers considered must be sufficiently large to enable an intermediay 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 anlysis 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 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.
COONAN MORTGAGE GROUP has appointments to act in relation to the following products: Mortgages, Life Assurance products including Life Assurance policies, Specified Serious Illness, Protection, Pensions, House & Contents insurance policies and Accident, Illness & Redundancy policies
Life & Pensions
COONAN MORTGAGE GROUP provides life assurance and pensions advice on a fair analysis basis. 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 serious illness policies.
For a serious illness policy, we will explain clearly to you the restrictions, conditions and general exclusions that attach to that policy. COONAN MORTGAGE GROUP provides Accident, Illness & Redundancy insurance on a limited basis through Assurant Intermediary Ltd.
Non Life
COONAN MORTGAGE GROUP provides general insurance on a limited analysis basis. We provide advice on the following product providers:
• KBC Home Insurance
• Aviva Home Insurance
We will also offer assistance to you in relation to processing claims on policies taken out with us and in seeking renewal terms on your cover.
Mortgages
Through the lenders or other undertakings with which we hold an agency, COONAN MORTGAGE GROUP 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 mortgages.
COONAN MORTGAGE GROUP provides mortgage advice on a fair analysis basis. 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.
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 of changes in your circumstances, or request a review, may result in you having insufficient insurance cover.
Disclosure of Information
Any failure to disclose material information may invalidate your claim and render your policy void.
Conflicts of Interest
It is our policy to avoid conflicts of interest in providing services to you. However, where an unavoidable conflict may arise we will advise you of this in writing before proceeding to provide any business service. If you have not been advised of any such conflict you are entitled to assume that none arises.
Remuneration
COONAN MORTGAGE GROUP is remunerated by commission and other payments from product producers or lenders on the completion of business. Where we receive recurring commission, this forms part of the remuneration for initial advice provided. You may choose to pay in full for our services by means of a fee.
Charges
Option 1
Coonan Mortgage Group does not charge a fee and is remunerated by the Product Producer on completion of the business.
Option 2
Client may choose to pay in full for our services by means of an up front standard fee of €500
Option 1:
Coonan Mortgage Group does not charge a fee and is remunerated by the Product Producer on completion of the business. Commission paid by the Product Producer is from .35% up to 1% of the loan.
However, a fee to the client would be applicable in the following circumstances:
a) If we provide mortgage advice and obtain Approval in Principle for you and you subsequently do not proceed with the full mortgage application through our firm, we will charge you an arrangement fee of €300.
b) If we provide mortgage advice and obtain a Loan Offer for you, and you subsequently do not proceed with your mortgage application through our firm, we will charge you an arrangement fee of €500 for our services.
c) The lender claws back part of its commission paid to us in the event of the mortgage being paid back early. We reserve the right to pass this charge on to you in the event of your mortgage being redeemed within the first thirty six months of drawdown. In the case of PTSB it is 60 months. The amount will be based on the clawback applied by the Bank/Building Society with whom your mortgage was originally placed. In the event of you remortaging through Coonan Mortgage Group this clawback will be waived.
Option 2:
The client may choose to pay in full for our services by means of an up front standard fee of €500.
If we receive commission from a product provider, this will be offset against the fee we will charge you. Where the commission is greater than the fee due, the commission will become the amount payable to the firm unless an arrangement to the contrary is made.
In the event of any change in the above fee structure we will notify you in writing in advance.
Default on payments by clients
Coonan Mortgage Group will, if necessary, exercise its legal rights to receive any payments due to it from clients for business 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.
Product producers may withdraw benefits or cover on default on payments due on any products arranged for you. We would refer you to policy documents or product terms for the details of such provisions.
Mortgage lenders may seek early repayment of a loan and interest if you default on your repayments. Your home is at risk if you do not maintain your agreed repayments.
Data Protection
Coonan Mortgage Group complies with the requirements of the Data Protection Acts, 1998 and 2003.
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. The data will only be processed in ways compatible with the purpose for which it was given.
We would also like to keep you informed of mortgage, insurance, investment and any other services provided by us or associated companies with which we have a formal business arrangement and which we think may be of interest to you. We would like to contact you by way of letter, email or telephone call. If you do not wish to receive such marketing information please tick the box at the end.
Complaints
Any complaint that you may have in relation to the business services provided should be made in writing to the firm outlining the nature of your complaint. Any such complaint will be acknowledged within 5 days. The complaint will be fully investigated by Coonan Mortgage Group and a full response will be provided to you. In the event that you remain dissatisfied with the firms handling and response to your complaint you are entitled to refer your complaint to the Financial Services Ombudsman or the Pensions Ombudsman. A full copy of our complaints procedure is available on request.
Client Acknowledgement
I acknowledge and confirm that I have been provided with a copy of the Terms of Business of Coonan Mortgage Group and that I have read through and understand these terms.
I confirm having read the paragraphs in relation to Data Protection in the Terms of Business and above, and consent to Coonan Mortgage Group making contact with me by letter, phone, email, or SMS text in relation to the range of services provided by Coonan Mortgage Group or its associated or partnership companies and to the sharing of relevant information as indicated.
I do not wish to avail of these services, please tick ( )
Signed..................................................................... Date ..................................................
Signed..................................................................... Date ..................................................
Appendix 2
Product Producers from which Coonan Mortgage Group holds written letters of appointment to act as an intermediary.
Haven Mortgages Ltd
Allied Irish Banks Plc
ICS Building Society
Irish Life & Permanent Plc
PIBA Network Services Limited
Seniors Finance Ireland Limited
Dublin City Council
Cork City Council
Kilkenny County Council
Galway County Council
KBC Bank Ireland plc trading as KBC Homeloans ltd
Caledonian Life
Eagle Star Life Assurance Co of Ireland Ltd
Friends First Life Assurance Company Ltd
Aviva Life & Pensions Ltd
Irish Life Assurance Plc
New Ireland Assurance Company Plc
Scottish Mutual International Plc
Scottish Provident Limited
Standard Life Assurance Company
KBC Home Insurance
Hibernian General Insurance
Assurant Intermediary Limited
Download a pdf version of our terms of business