Terms of Business

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.

• Life and Pensions
• General Insurance
• Deposits
• Investments

Authorised Status

Michael Keville T/A MK Financial is regulated by the Central Bank of Ireland as an Investment Intermediary authorised under the Investment Intermediaries Act, 1995 (C8311), as an Insurance Intermediary under the European Union (Insurance Distribution) Regulations 2018.   

The foregoing information can be verified by contacting the Central Bank of Ireland, PO Box 559, Dublin 1, telephone 1890 777 777, (www.centralbank.ie.).

Our authorisation status can be verified on the following registers maintained by the Central Bank of Ireland which can be accessed on www.centralbank.ie:

Statutory Codes

Michael Keville is subject to the Consumer Protection Code, Minimum Competency Code and the Fitness & Probity Standards.  These codes can be viewed on the Central Bank’s website www.centralbank.ie.

Services Provided

Michael Keville will offer advice on a fair and personal analysis basis.  This means we will research the marketplace and providers and recommend the best product to suit your own needs. Our principal business is to provide advice and arrange transactions on behalf of clients in relation to life & pensions, general insurance products, deposits and   investments. A full list of insurers, product producers and lending agencies with which we deal is available on request.

Michael Keville acts as an impartial Broker which means that:

a) The principal regulated activities of the firm are provided on the basis of a fair and personal analysis of the market; and

b) You have the option to pay in full for our services by means of a fee.

Fair and Personal Analysis

The concept of fair and personal 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.

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 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 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.

Data /Agency Transfer

Any policies written as part of the advice to which this Terms of Business relates will be written under the specific agency number allocated to us by the institution providing the recommended Insurance/ assurance policy(s). Under this ToB you agree that we are permitted to arrange transfer of the related policy(s) to a different agency number, which could be a third party regulated advisor, provided we advise you beforehand in writing giving you a minimum of two months’ notice and the authority to refuse any agency transfer at that time.

Commissions & Charges

Michael Keville receives commission from the institutions which issue any Insurance / Assurance policies which may be required resulting from the advice provided. The amount of Commissions paid to Michael Keville is confirmed in writing to each client by the institution involved in underwriting the required policy Michael Keville may also charge a fee for any services provided but no fee may be charged until it has been confirmed to you in writing and the charge is accepted by you. 

Life & Pensions / Deposits & Life Wrapped Investments

Michael Keville provides life assurance and pensions on a fair and personal 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 assist you with 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 PHI and serious illness policies.

Specifically, on the subject of permanent health insurance policies it is our policy to explain to you a) the meaning of disability as defined in the policy; b) the benefits available under the policy; c) the general exclusions that apply to the policy; and d) the reductions applied to the benefit where there are disability payments from other sources.

For a serious illness policy, we will explain clearly to you the restrictions, conditions and general exclusions that attach to that policy.

Michael Keville holds an appointment with the following Insurance undertakings enabling Michael Keville to provide a fair and personal analysis of the Life Insurance/Protection Market:

Life Assurance Undertakings

1. New Ireland Assurance
2. Irish Life
3. Aviva Life & Pensions
4. Standard Life
5. Royal London
6. Friends First
7. Zurich
8. April Ireland

Non-Life

Michael Keville can arrange products from the following range: household, motor, commercial, public liability, employer liability, and travel insurance, on a referral basis

General Insurance Undertakings

• Insure4Less

Deposits

• Permanent TSB
• Investec Bank plc
• EBS

Sustainability Factors – Investment / IBIPs / Pension Advice

The Sustainable Finance Disclosure Regulations (SFDR) came into effect on the 10/03/2021. Currently, when providing investment advice and insurance based investment advice, the firm does not consider the adverse impacts of investment decisions on sustainability factors.

However, where clients express a preference to invest in investment instruments that meet sustainability criteria, (commonly referred to as having environmental, social and governance), ESG criteria we will advise on this basis. Our approach to SFDR regulation is something we will review on an annual basis.

Conflict of Interest Policy

It is the policy of the firm to avoid any conflict of interest when providing business services to its clients. 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 Policy

Michael Keville is remunerated on a commission basis and other payments from product producers or lender on completion of business. You may elect to pay in full for our services by way of a fee. When we receive recurring commission, this forms part of the remuneration for initial advice provided. Michael Keville may also opt to charge a fee in certain circumstances.  If this occurs, you will be fully appraised of the cost involved and a signed authority form will be obtained from you. 

Default of payments by clients

Michael Keville 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 on behalf of clients who subsequently default in any payment due to the firm.

Product producers may withdraw benefits or cover on 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.

Data Protection

Michael Keville complies with the Data Protection Act, 1988, 2003, the General Data Protection Regulation 2018 and the Irish Data Protection Act 2018, treating all personal data as confidential information. 

Michael Keville will use this data only for the purpose(s) intended. Michael Keville will not disclose such information except as permitted by your or as required by law.

Michael Keville 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 which can be viewed on our website www.mkfinancial.ie. If this medium is not suitable we will ensure you can easily receive a copy by email or post.

Please contact us at info@mkfinancial.ie if you have any concerns about your personal data.

We would also like to keep you informed of insurance, investment and any other services provided by us or associated companies with which we have a formal business arrangement; 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 advise us in writing, at our office at Boyle Enterprise Centre, Quarry Lane, Boyle, Co Roscommon. 

Regular Reviews

It is in your best interests that you review, on a regular basis, the products & advice which we have provided for you.