Terms of Business
Terms of Business for Sean Couch Financial Services Ltd t/a EDUC Mortgages and Dublin Mortgages , Brenard, Cullenstown Co Wexford Y35 CH66
Terms of Business – BI Version 2.0 Effective from April 1th 2021.
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:
Sean Couch Financial Services Ltd t/a EDUC Mortgages and Dublin Mortgage Company is regulated and authorised by the Central Bank of Ireland Registration Number C43586 as an insurance intermediary registered under the European Communities (Insurance Mediation) Regulations, 2005; as a Multi-Agency Intermediary/Authorised Advisor authorised under the Investment Intermediaries Act, 1995 and as a Mortgage Intermediary authorised 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 alternatively visit their website at www.centralbank.ie to verify our credentials.
Codes of Conduct:
Sean Couch Financial Services Ltd t/a EDUC Mortgages and Dublin Mortgage Company 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 principal business is to provide advice and arrange transactions on behalf of clients in relation to Mortgages, Investments, Life & Pensions Products. A full list of Insurers, Product Producers and Lending Agencies with which we Hold appointments with is as follows
K.B.C Bank Ireland plc.
Bank of Ireland
Ulster Bank Ireland Ltd.
Permanent tsb plc.
Haven Mortgages Limited. (Broker division of A.I.B )
Sean Couch Financial Services Ltd t/a EDUC Mortgages and Dublin Mortgages 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 intermediary to recommend a product that would be adequate to meet a client’s needs.
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 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.
Through the lenders or other undertakings with which we hold an agency for, Sean Couch Financial Services Ltd t/a EDUC Mortgages and Dublin Mortgages provide advice on and arrange mortgage products from the following range: fixed and variable rate mortgages, tracker mortgages, interest only mortgages, negative equity mortgages, self-build mortgages, pension mortgages and residential investment property mortgages.
Sean Couch Financial Services Ltd t/a EDUC Mortgages and Dublin Mortgages provides mortgage advice on a fair analysis basis (providing services on the basis of a sufficiently large number of contracts and product producers available on the market to enable the firm to make a recommendation, in accordance with professional criteria, regarding which contract would be adequate to meet your needs.
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.
Life & Pensions:
Sean Couch Financial Services Ltd t/a EDUC Mortgages and Dublin Mortgages provides life assurance and pensions on a fair analysis basis i.e. providing services on the basis of a sufficiently large number of contracts and product producers available on 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 Serious Illness Policies.
With regards to Serious/Critical Illness Insurance Policies, it is our policy to explain to you a) the meaning of disability /Serious and Critical illness as defined in the policy; b) the benefits available under the policy; c) the general exclusions that 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.
Sean Couch Financial Services Ltd t/a EDUC Mortgages and Dublin Mortgages 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.
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 we receive commission from a product provider, this will be offset against our fees.
Sean Couch Financial Services Ltd t/a EDUC Mortgages and Dublin Mortgages is remunerated by commission from lenders on completion of business. Details of this remuneration are available on request. This commission is paid by the mortgage lender.
Please note that lenders may charge specific fees in certain circumstances and if this applies, these fees will be specified in your Loan Offer. You have the right to pay a fee separately and not include it in the loan. Typically, this situation arises in relation to specialist lending.
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.
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.
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.
We ask that you make any complaint against our firm, relating to services provided by us, in writing. We will acknowledge your complaint within 5 business days and we will fully investigate it. 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 Ombudsman or the Pensions Ombudsman. A full copy of our complaints procedure is available on request.
Data Protection Sean Couch Financial Services Ltd t/a EDUC Mortgages and Dublin Mortgages complies with the requirements of the Data Protection Acts, 1988 and 2003.
Investor Compensation Scheme:
Sean Couch Financial Services Ltd t/a EDUC Mortgages and Dublin Mortgages is a members of the Investor Compensation Scheme operated by the Investor Compensation Company Ltd. 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. Client Acknowledgement: I (the undersigned) acknowledge and confirm that I have been provided with a copy of these Terms of Business/
Best Advice: Sean Couch Financial Services Ltd t/a EDUC Mortgages and Dublin Mortgages will endeavour to get you the cheapest product on the market from the panel of lenders and product providers we are authorised to advise on. This may not always be possible as you may not meet the lenders criteria.
I/we acknowledge that I have being provided with a Copy of the above terms of business.