Terms of business

Terms of business

CONSUMER INFORMATION
Veritan Consultants Limited t/a Brady Burns & Associates (“The Company”) is an independent professional firm of Insurance Brokers & Consultants and is regulated by the Financial Regulator as an Authorised Advisor. The firm is also a member of the Irish Brokers Association (IBA) and Brokerline Direct (BLD).
The Company is a member of the investor compensation scheme established under the Investor Compensation Act 1998.This legislation provides for the establishment of a compensation scheme and to the payment, in certain circumstances, of compensation to clients of the Company covered by the Act. In the event that the right to compensation is established, the amount payable is the lesser of 90% of your loss which is recognised as being eligible for compensation or €20,000. Further information on the scheme is available from the Financial Regulator.
In addition to the Compensation available under the “Investor Compensation Act, 1998”, The Company is bonded through its membership of IBA for EUR250,000 (in aggregate) with an inner limit of EUR100,000 per client.

DESCRIPTION OF SERVICES
The Company does not have any tied relationships with any institutions that could compromise our ability to offer clients independent advice and choice. The Company. is authorised to provide broad-based advice in relation to all classes of non-life insurance (motor, property, liability, marine etc), receive and transmit orders on behalf of clients for products to the Product Producers for which we hold appointments.

CONFLICT OF INTEREST
It is the policy of the Company to avoid any conflict of interest when providing business services to our clients. However where an unavoidable conflict may arise we will advise you in writing prior to providing any advice or service.

COMPLAINTS
There is a written procedure in place for handling complaints in relation to the service provided. This procedure ensures that complaints will be recorded and written complaints acknowledged in writing within 14 days. All complaints will be investigated and the outcome of this investigation will be communicated to the complainant. Should the matter not be resolved the client may contact the following supervisory bodies – Financial Regulator, PO Box 9138, College Green, Dublin 2. Insurance Brokers Association, 87 Merrion Square, Dublin 2. Financial Services Ombudsman’s Bureau, 32 Upper Merrion Street, Dublin 2.

GENERAL STATEMENT OF REMUNERATION
The Company is remunerated by commission on non-life insurance and may in certain classes of business charge a modest arrangement fee. In determining fees, factors such as specialist skills, complexity, value, risk and urgency will be taken into account. The rate of fees charged are consistent with the rates recommended by our professional body, the IBA. On personal lines business (private motor/household etc) we may charge a fee of up to a maximum of €75 per transaction on new business, renewals, cancellation or mid term adjustments and this charge will be itemised on your invoice We may apply a charge of up to 25% on all other business. Refunds in premium will be returned in a timely manner once received from the relevant provider. We reserve the right to amend these fees should the complexity of the product require a higher fee. We will agree this fee with you prior to any increased charge being applied. A fee of €30 may be charged for duplicate documentation.

PREMIUM HANDLING
The Company will accept payments in cash and by cheque in respect of all classes of insurance in the circumstances permitted under Section 25G of the Investment Intermediaries Act, 1995. The Company is not authorised to accept cash or negotiable instruments in any other circumstances. Third Party cheques cannot be accepted. Cheques should be made payable to The Company for the exact amount requested on the invoice.
The Company shall issue a receipt for each non-negotiable or negotiable instrument or payment received This is required pursuant to Section 30 of the “Investment Intermediaries Act, 1995.”. Receipts are issued with your protection in mind and should be stored safely.

FAILURE TO PAY OR DEFAULT IN PAYMENT
Where cover is arranged and the client fails to pay within the credit terms agreed the Company would advise the Product Producer involved and the policy will be cancelled. Please read policy for cancellation conditions.

(These Terms of Business are valid from 1st January 2014 until further notice)