Terms of Business 2021
These Terms of Business set out the general terms under which RHCLD Limited will provide mortgage, pension, life assurance, investment advice and financial services.
Authorised Status
RHCLD Limited trading as Citywide Financial Solutions is regulated by the Central Bank of Ireland as an investment business firm under the Investment Intermediaries Act, 1995; Our firm is also authorised as an insurance intermediary registered under the European Union (Insurance Distribution) Regulations 2018 and as a Mortgage Intermediary authorised under the Consumer Credit Act, 1995, and as a Mortgage Credit Intermediary under the European Union (Consumer Mortgage Credit Agreements) Regulations 2016. 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 on www.centralbank.ie to verify out credential. Our Central Bank number is C169146
Services Provided
RHCLD Limited provides its life, investment, pension services to our clients on a fair analysis basis. “Fair and personal analysis of the market” means that our firm provides its life, investment, pension services on the basis of a sufficiently large number of contracts and product providers available on the market to enable our firm to make a recommendation, in accordance with professional criteria, regarding which contract would be adequate to meet our clients/consumer’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 reasonably be 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 the products,
- the quality of the product and service provided by the provider,
- cost, and
- any other relevant consideration
RHCLD Limited are authorised to provide advice and arrange business on your behalf in relation to insurance policies, tracker bonds, and Personal Retirement Savings Accounts (PRSA’s). Insurance policies include mortgage protection, life and serious illness cover, pensions, permanent health insurance, savings plans.
RHCLD Limited provides its services with the following product producers with whom an agency is held:
| Royal London | Aviva Life & Pensions |
| Zurich Life Assurance | IFG Investment & Mortgage Service Ltd. |
| Dilosk T/a Dilosk & ICS Mortgages | Newcourt Retirement Fund Managers |
| Cantor Fitzgerald Ireland Ltd | Irish Life Assurance DAC |
| New Ireland |
|
Codes of Conduct
RHCLD Limited is subject to the following Codes of conduct issued by the Central Bank of Ireland. These codes offer protection to our clients and all of the Codes can be found on the Central Bank’s website www.centralbank.ie - Consumer Protection Code Minimum Competency Code Fitness & Probity Standards
Remuneration policy
RHCLD Limited may receive commission and other payments from the product producer with which business is placed.
Summary details of these payments will be included, where appropriate, in a product information document, in relation to insurance products.
A summary of the details of all arrangements for any fee, commission other reward or remuneration paid or provided to us which have agreed with product providers is available in our office or on our website – www.citywidefinancial.ie
In the case of life assurance, pensions and investments where our firm is not in receipt of commission, may charge a service fee, agreed with clients, depending on complexity of the transaction, time spent and nature and extent of the transaction. Our scale of fees for such cases range;
Directors Fee: from a minimum of €500 to a maximum of €700 per hour
Advisor fees: from a minimum of €250 to a maximum of €400 per hour
Support Staff from a minimum of €150 to a maximum of €200 per hour
We will notify you in advance and agree the scale of fees to be charged. We also offer all clients the option to pay in full for our services by means of a fee.
Mortgages
We may receive up to 1% (or whatever maximum is applicable) of the loan for arranging mortgage finance. This commission is paid by the mortgage lender. The actual amount of commission will be disclosed at a later stage in the ESIS (European Standardised Information Sheet) which will be forwarded to you. Information on the variation in levels of commission payable by the different creditors providing credit agreements being offered are available on request.
For example: We may charge a fee of €250 for advising on a mortgage application, this fee is non-refundable. This is not in any way an indication of mortgage/loan approval. Our fee will be notified to the lender who will include this fee into the calculation of the APRC (Annual Percentage Rate Charge).
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.
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.
Ongoing Suitability
Investments
Ongoing suitability assessments form part of the service to clients. On an annual basis the firm will issue a client report outlining changes in the services or instruments involved and/or the circumstances of the client.
Conflict of Interests
Our employees are required to comply with the policy of independence and disregard any conflict of interest when making a recommendation to you.
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. If you have not been advised of any such conflict you are entitled to assume that none arises. Our full conflicts of interest procedure is available on 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 in relation to changes in your circumstances, may result in you having insufficient cover and/or inappropriate investments.
Legal rights
RHCLD Limited will, if necessary exercise its legal rights to receive any payment due to it from clients for business services provided by it, and to be reimbursed for any value obtained by the firm on behalf of clients who subsequently default in any payment due to the firm.
Insurers may withdraw benefits, cover, or impose penalties in the event of default of any payments due under any products arranged for your benefit. Details of these provisions will be included in your product terms and conditions.
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.
Complaints Procedure
A complaint is defined as an expression of dissatisfaction by a customer, whether justified or not. Complaints may come from a number of different sources and may be received in writing, by telephone, email, or personal visit.
Our policy
- Our customer complaints are dealt with fairly and all problems are resolved as quickly as possible. All written complaints will be acknowledged in writing within 5 business days. We aim to resolve all complaints within 20 business days. A copy of our detailed complaints procedure is available on request.
- Where customers remain dissatisfied with the outcome of our efforts to resolve their complaint, they are notified of their right to refer their grievance to the Financial Services and Pensions Ombudsman (FSPO).
- It is preferred that all complaints are made in writing and should be addressed to Rob O’Neill, Managing Director, RHCLD Limited.
Confidentiality/Personal Data
Data Protection
We are subject to the requirements of the General Data Protection Regulation 2018 and the Irish Data Protection Act 2018. 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.
RHCLD 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 purposes 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 assessable. Please refer to our website www.citywidefinancial.ie, if this medium is not suitable we will ensure you can easily receive a copy by hard copy, or telephonic environment. (pre-recorded).
You have the right at any time to request a copy of any ‘personal data’ within the meaning of the GDPR that our office holds about you and to have any inaccuracies in that information corrected. Please contact us at info@citywidefinancial.ie if you have any concerns about your personal data.
Investor Compensation
RHCLD Limited is a member of the Investor Compensation Scheme established under the Investor Compensation Act 1998. The legislation provided for the establishment of a compensation scheme and to the payment in certain circumstances, of compensation to certain clients of firms (known as eligible investors) covered by the Act.
However, you should also be aware that a right to compensation would only arise where client money or 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 client’s loss, which is recognized as being eligible for compensation, or €20,000.
Brokers 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.
These Terms of Business are valid from 10th May 2021 until further notice.