Terms of Business
These terms of business (the ‘terms’) set out the basis on which we will provide business services to you as a client of the firm.
1.1
Docal Ltd trading as DFP Pension & Investment Consultants (hereinafter ‘DFP’) is regulated by the Central Bank of Ireland and is authorised as an insurance intermediary registered under the European Union (insurance Distribution) Regulations 2018 and as an investment intermediary authorised under the Investment Intermediaries Act 1995 (as amended). Copies of our regulatory authorisations are available on request. Our authorisations can be verified by contacting the Central Bank of Ireland on 01 2246000 or alternatively on the Central Banks website www.centralbank.ie.
1.2
The full name and address of the firm and contact details are set out on the final page.
1.3
This is an important document as it forms the contract between you and DFP and you should read and ensure that you understand the contents. If there is any part of this document that you do not understand, you should contact us accordingly.
Codes of Conduct
2.1
We are subject to the Central Banks Consumer Protection Code, Minimum Competency Code, and itness & Probity Standards, which offer protection to consumers. These Codes may be found on the Central Banks website at www.centralbank.ie
Our Services
3.1
The services which the firm is authorised to provide are:
(i) Advising you in relation to the nature of each of the products set out below and advising you as to which product is suitable for your needs.
(ii) Identifying and selecting a suitable product producer.
(iii) Receiving and transmitting orders on your behalf for a product(s) to one or more product producers. A list of product producers that we hold agencies with can be provided on request. DFP has written letters of appointment on file for each appointment
3.2
in relation to investment instruments the firm will provide an enhanced level of service to our clients including (but not limited to) the following.
(i) Initial and ongoing Investment Advice
(ii) Ongoing suitability Assessments
(iii) Ongoing asset allocation advice
(iv) Review of valuation statements and provision of client policy schedule (at least annually)
(v) Review of the costs and charges associated with the product.
3.3
The products DFP advises on and arranges are Personal Pensions (Single and Regular Premium), Executive Pension (Single and Regular Premium) Buyout Bonds, Approved Retirement Funds (ARF Personal Retirement Savings Accounts (“PRSAs) (Single and Regular Premium), Savings (Regular Premium), Deposits, Structured products, Tracker Bonds, Investments (Single Premium), Group Pension Schemes, Mortgage Protection, Term Assurance, Pension Term assurance, Critical Illness, Income Protection, Keyman insurance, Co-Directors Insurance.
3.4
We are required to gather information about your preferences around sustainability as these relate to your approach to investing and investments. Your sustainability preferences will be captured as part of the initial fact finding exercise.
When providing advice, the firm does not currently consider the adverse impacts of investment decisions on sustainability and is not in a position to incorporate your sustainability preferences. This is because the information available to us in product producers’ literature to compare financial products and to make informed investment decisions about ESG products is not sufficient at present to allow us to make a reliable comparison. We expect that this position will change, and we will revisit our decision annually. When we are satisfied that we are in a position to do so, your sustainability preferences will form part of the assessment of investments that are suitable for you is required to gather information about your preferences around sustainability as these relate to your approach to investing and investments. Your sustainability preferences will be captured as part of the initial fact finding exercise.
Fair & Personal Analysis
4.1
We offer advice on a fair and personal analysis basis in relation to life assurance and pensions products, insurance policies, tracker bonds, PRSA’s and bank deposits. This means that we will research the market and recommend the products that are most suitable to your needs and requirements. We will also recommend a suitable product producer and on receipt of your instructions we will transmit orders on your behalf.
4.2
The concept of fair and personal analysis describes the extent of choice of products and providers offered by an intermediary with a particular category of life assurance, general insurance, mortgages, and / or special 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 and personal analysis must be such that could be reasonably expected of a professional conducting business, considering the accessibility information and product placement to intermediaries and the cost of such 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 product and service provided by the provider,
Cost, and
Any other relevant consideration
For investment products including insurance-based investment products we may recommend that you invest in model portfolios constructed by DFP. In these cases, you acknowledge that we will not have made the recommendation based on a fair and personal analysis basis
4.3
DFP is remunerated by commission received from product producers we have agencies with.
4.4
DFP does not have a tied relationship with any institution which might impair our ability to provide advice on an impartial basis.
Duty of Disclosure
When completing a proposal for an insurance product you are required to answer all questions posed by us or the Insurer honestly and with reasonable care. Specific questions will be asked. You should be aware that where a policy is incepted following the completion of a proposal form, we assume that you have checked the accuracy of all information provided.
In relation to 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.
Fees and Charges
6.1
DFP may receive commission and other payments from the product producers to whom orders are transmitted. Where we receive recurring commission, this forms part of the remuneration for initial advice provided. Where appropriate, a product information document will be provided to you in relation to certain insurance and pension products. In respect of other types of investments, details of commission payments will be provided to you separately. We may receive additional remuneration from product producers based on the volume of business placed. We may also receive renewal indexation or trail commissions while your policy remains in force. All of these payments contribute to the overall cost of running our business and providing you with service on an ongoing basis. The commission arrangements DFP has in place with product producers we have agencies with is available on our website at: www.edfp.ie
6.2
DFP may also charge you a fee for the service provided. If we arrange a product with you with a product producer with whom we do not hold an appointment in writing then we will charge you a fee for our services. This fee will reflect the average level of commissions payable by other product producers for similar type of products. If we do this, we will provide you with a written estimate of this in advance by providing any business service. Where it is not possible to provide the exact amount, we will provide you the method of calculation of the fee.
Client Money
We are not authorised to hold client money. Therefore, if you choose to pay for products we arrange by cheque or bank draft these should be made payable to the product producer and we will pass them on. We will issue a receipt for any such payments we receive.
Conflicts of Interest
It is the policy of DFP 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. You may agree that we don’t have a duty to disclose any matter which comes to our notice in the course of our business if doing so would constitute a breach of duty owed to other persons.
DFP 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 for clients arising from payments 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.
Complaints
Whilst we acknowledge that you have a right to make a verbal complaint to us, it would be preferable that any complaints are made in writing. Complaints will be recorded by us. If they are not resolved within that timeframe, complaints will be acknowledged within 5 days, will be fully investigated by DFP and a full response will be provided to you. A written update will be issued to you every 20 working days by a nominated person within the firm while the complaint is ongoing. We will provide you with a comprehensive response not later than 40 working days from receipt of your complaint. In the event that you remain dissatisfied with the firms handling and response to your complaint you are entitled to refer your complaint to the Financial Services & Pensions Ombudsman. A copy of our Complaints Procedure is available on our website.
Financial Sevices & Pensions Ombudsman, Lincoln House, Lincoln Place, Dublin 2 T: 01 567 7000, E: info@fspo.ie, www.fspo.ie
DFP is a member 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 Investors Compensation 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 clients loss is recognised for the purposes of the Act.
Where an entitlement to compensation is established, the compensation payable will be lesser of:
90% of the amount of the clients loss which is recognised for the purposes of the Investor Compensation Act 1998; or
Compensation of up to €20,000 (twenty thousand euro)
For further information on the investor scheme, contact the Investor Compensation Company Ltd. On 01 224 4955.
11.1
Brokers Ireland Compensation Scheme
We are a member of Brokers Ireland and 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.
Data Protection
12.1
We are subject to the requirement of the General Data protection Regulation 2016 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.
12.2
DFP 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 GDFR 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 Statement, which can be accessed on our website at www.edfp.ie. We will ensure that this privacy statement is easily accessible. Should you wish to obtain a hard copy of the privacy statement rather than viewing it on our website, please request from DFP. You may also request a copy of our privacy Policy should you wish to view this policy also. Please contact us at info@edfp.ie if you have any concerns about your personal data.
12.3
Unless you instruct us otherwise, we may, where appropriate communicate with you and with third parties via email or by other electronic means. The recipient is responsible for virus checking emails and any attachment.
12.4
With electronic communication there is a risk of non-receipt, relayed receipt, inadvertent misdirection or interception by third parties. We use software to reduce the risk of viruses being transmitted through emails or electronic storage devices. However, electronic communication is not totally secure and we cannot be held responsible for loss caused by viruses nor for communications which are corrupted or altered after dispatch.
Client Identification
13.1
Our firm in accordance with the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 (as amended) is required to identify our clients for the purposes of anti-money laundering provisions. We may request from you, and retain, such information and documentation as we require for these purposes and/or make searches of appropriate data bases.
13.2
Under the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 we are required to;
Maintain identification procedures for all new clients;
Maintain records of identification evidence; and
Report, in accordance with the relevant legislation and regulations, any knowledge or suspicion of money laundering.
Ongoing Suitability
Ongoing suitability assessments form part of our service to clients. This means that on at least an annual basis we will revisit our previous recommendations to assess if they remain suitable for you, taking into account any changes in your requirements that we have recorded through our regular interaction of that you have notified to us.
It is in your best interests that you review on a regular basis the products which we have arranged for you. As your circumstance change, your needs will change. We endeavour to meet with you on a regular basis to discuss your needs in line with your circumstances, however, you must advise us on any changes and request a review of the relevant policy so that we can ensure 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 insurance cover and / or inappropriate investments.
The agreement between the parties may be terminated by either party by written notice at any time but such termination shall not affect any rights or obligations already accrued by you or DFP.
Governing Law
These Terms of Business shall be governed and construed in accordance with the laws of Ireland. These parties hereby submit to the exclusive jurisdiction of the courts of Ireland. Our failure to exercise any right or remedy to which we are entitled under it shall not constitute a waiver thereof.
DATE: These Terms of Business are effective from March 2026 until further notice.
