MCGEOUGH FINANCIAL CONSULTANTS LTD MARKET SQUARE, LETTERKENNY, CO. DONEGAL
Terms of Business2018-12-03T09:24:17+00:00

Terms of Business

McGeough Financial Consultants Ltd. of Market Square, Letterkenny, Co. Donegal specialises in the provision of Life Insurance, Investment and Pension services to consumers.

Authorised Status:

McGeough Financial Consultants Ltd. is authorised by the Central Bank of Ireland under the Investment Intermediaries Act, 1995 to provide advice on, and arrange Tracker Bonds, PRSA’s and Bank Deposits. Our firm is also registered as an Insurance Intermediary under the European Union (Insurance Distribution) Regulations, 2018 (as amended). The Central Bank of Ireland holds registers of regulated firms. You may contact the Central Bank of Ireland on (01) 4104000 or alternatively visit their website on www.centralbank.ie to verify our credentials.

Our firm is subject to the Central Bank’s Consumer Protection Code 2012 and the Minimum Competency Code. These codes offer protection to our clients and can be found on the Central Bank’s website www.centralbank.ie.

Regulatory Status:

McGeough Financial Consultants Ltd. is regulated by the Central Bank of Ireland.  Our regulator number is C44617.

Services:

McGeough Financial Consultants Ltd is authorised to offer advice and place business on your behalf in relation to all aspects of life insurance (mortgage protection, term assurance, whole of life, serious illness), savings, investments, pensions and deposits.

Our firm provides life, investment and pension services to our clients on a “fair and personal analysis basis” for insurance based products.  “Fair and personal analysis of the market” means that our firm provides its services on the basis of a sufficiently large number of contracts and product producers available in the market to enable our firm to make a recommendation, in accordance with professional criteria, regarding which contract would be adequate to meet our consumer’s needs.

In relation to non-insurance based investment products, other than bank deposit accounts, we provide advice on a limited analysis and non-independent basis, as we may receive remuneration from the product providers of such products.

These products include structured products which may typically be listed bonds and shares, collective instruments, unit trusts and tracker bonds. The product providers with which we currently hold agencies for these products are BCP Asset Management, Bespoke Investments, Cantor Fitzgerald, J & E Davy and Merrion Stockbrokers.

Remuneration Policy:

McGeough Financial Consultants Ltd. is remunerated by commission from the product providers we deal with, details of which are available on request.  We may receive renewal commissions on an ongoing basis- these contribute to our administration costs in providing you with services.

Conflict of Interest:

It is the policy of McGeough Financial Consultants Ltd.to avoid a conflict of interest when providing services to clients.  Where an unavoidable conflict arises we will advise you of this in writing before providing any business services.  If you have not been made aware of any such conflict you may assume that none arises.

It is the policy of McGeough Financial Consultants Ltd.to avoid a conflict of interest when providing services to clients.  Where an unavoidable conflict arises we will advise you of this in writing before providing any business services.  If you have not been made aware of any such conflict you may assume that none arises.

Complaints Procedure:

McGeough Financial Consultants Ltd. has in place a written procedure for the handling of complaints. This procedure ensures that all complaints are recorded and acknowledged within 5 business days.  All complaints are fully investigated and the complaint updated at intervals of not greater than 20 business days.  We will attempt to investigate and resolve a complaint within 40 business days.

In the event that a client remains dissatisfied with the handling of and/or response to a complaint they may refer the matter to The Financial Services and Pensions Ombudsman, Lincoln House, Lincoln Place, Dublin 2, D02 VH29.

Consumer Protection:

McGeough Financial Consultants Ltd. is a member of the Investor Compensation Scheme established under the Investor Compensation Act 1998. The legislation provides for the establishment of a compensation scheme and to the payment in certain circumstances, of compensation to clients of firms covered by the Act. However, you should also be aware that a right to compensation would only arise where money investment instruments held by this company on your behalf cannot be returned either for the time being or for the foreseeable future and where the client falls within the definition of eligible investor as contained in the Act.  In the event that a right to compensation is established, the amount payable is the lesser of 90% of the clients loss, which is recognised as be eligible for compensation, or €20,000.

Ongoing Suitability:

We do not conduct a periodic assessment of the suitability of insurance-based investment products or non-life financial instruments on an ongoing basis unless instigated at your request.

Regular Reviews:

It is in your best interest 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 or investment so that we can ensure that you are provide 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.

Product Producers:

A list if product producers from which our firm holds a letter of appointment is available on request.

Default Remedies:

An outline of the action and remedies which the relevant product producers may take in the event of default by a client is included in the product producers documents which are issued to you at inception. McGeough Financial Consultants Ltd. will exercise its legal rights to receive any payments due to it from clients for business services provided.

Data Protection:

McGeough Financial Consultants Ltd. complies with the requirements of the General Data Protection Regulation 2018 and the Irish Data Protection Act 2018. We are committed to protecting and respecting your privacy.  We wish to be transparent on how we are accountable with the GDPR in relation to not only processing your date but ensuring you understand your rights as a client.  The data will be processed only in ways compatible with the purposes for this is was given and as outlined in our Data Privacy Notice which will be given to all our clients at the time of data collection. We will ensure that this Privacy Notice is easily assessable.  Please refer to our website www.mcgeoughfinancial.ie. If this medium is not suitable we can easily provide you with a copy of post or email.

If you have any concerns about your personal data you may contact us by post, phone or email info@mcgfinance.ie.

Disclosure Information

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

Client acknowledgement & Consent

I/We acknowledge and confirm that I/we have been provided with a copy of the Terms of Business for McGeough Financial Consultants Ltd. and that

I/we have read through and understand these terms.

I/We consent to McGeough Financial Consultants Ltd. and its associated forms contacting me/us by letter, email, SMS text or telephone regarding any products which may be of interest. Where a third party has introduced me to McGeough Financial Consultants Ltd., I/we also consent to the disclosure to that third party of information

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