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. Should my firm change any of its business terms at a future date I will advise you at our next meeting. Please ensure that you read these terms thoroughly and if you have any queries we will be happy to clarify them.
AUTHORISATION WITH THE CENTRAL BANK OF IRELAND
Nixon Alexander Financial Services (48371) is regulated by the Central Bank of Ireland as an insurance intermediary registered under the European Union (Insurance Distribution) Regulations 2018; as an investment intermediary authorised under Section 10 the Investment Intermediaries Act 1995, and as an Investment Product Intermediary, under Section 31 of the Investment Intermediaries Act, 1995 (as amended) 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 on 1890 777 777 or alternatively visit their website at www.centralbank.ie to check our credentials.
CODES OF CONDUCT
Our firm is subject to the Minimum Competency Code and regulations 2017, the Consumer Protection Code 2012 and the Fitness & Probity Standards 2015 and the Handbook Of Prudential Requirements for Investment Intermediaries which offer protection to our consumers. These Codes can be found on the Central Banks website www.centralbank.ie
OUR SERVICES
Nixon Alexander Financial Services Ltd is a member of Brokers Ireland. Our principal business is to provide advice and arrange transactions on behalf of clients in relation to life, pensions, investments.
Nixon Alexander Financial Services Ltd holds written appointments with the following life assurance companies: Aviva Life & Pensions UK Limited, BCP Asset Management DAC, Cantor Fitzgerald Ireland Ltd, Friends First Life Assurance Company Limited, Irish life Assurance PLC, New Ireland Assurance Company PLC, Scottish Mutual International Ltd, Scottish Provident Limited, Standard Life Assurance Company, The Royal London Mutual Insurance Society Limited, Wealth Options Limited, Zurich Life Assurance plc.
Nixon Alexander Financial Services Ltd has selected one preferred product producer, Irish Life Assurance plc, for life insurance plans (including life assurance, specified illness cover, income protection, unit linked savings, investments, and pension plans), tracker bonds, and Personal Retirement Savings Accounts (PRSAs). Analysis of the market will be limited to products provided by Irish Life Assurance plc.
INVESTMENTS
Investment Products; while Nixon Alexander Financial Services Ltd considers the approach taken by Irish Life Assurance plc in terms of them integrating sustainability risks into their product offering, as we have selected one preferred provider for investment products, analysis when choosing a suitable investment product for you will be limited to products provided by Irish Life Assurance plc. However, should you specifically seek a financial product which has sustainable investment as its sole / specific objective, and no such product is available from the range of products offered by Irish Life Assurance plc, Nixon Alexander Financial Services Ltd will conduct analysis of the product offerings available from the other insurance undertakings, lenders and product producers with whom Nixon Alexander Financial Services Ltd holds written appointments.
When providing advice, Nixon Alexander Financial Services Ltd does not consider the adverse impacts of investment decisions on sustainability. The firm will review this annually and make revisions when and if appropriate.
LIFE & PENSIONS & INVESTMENTS
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. It is however, 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: d) the reductions applied to the benefit where there are disability payments from other sources.
For a specified illness policy, we will explain clearly to you the restrictions, conditions and general exclusions that attach to that policy.
STATEMENT OF CHARGES
Nixon Alexander Financial Services Ltd may receive commission and other payments from the life assurance provider to whom orders are transmitted. Summary details of these payments will be included in a product information document, under the Customer Information Notice Section, which you are legally entitled to receive before an application for a product is completed. These payments are included in the charges of your product. Any ongoing commission shown in the Customer Information Notice will be paid to me as long as I continue to be your Financial Adviser. The full details of the commission Nixon Alexander Financial Services Ltd receives for Life Assurance products (excluding Company pension products) will be included in your Welcome Pack which is issued to you. Details of company pension and bank products commission are available on request. In certain circumstances the firm may charge a fee for the services provided. If we do this we will provide you with a written estimate of this in advance of providing any business service.
In certain circumstances it will be necessary to charge a fee for services provided. These are listed below for Standard PRSAs. In other circumstances where fees are chargeable, we will notify you in advance and agree the scale of fees to be charged. If we receive commission from a product provider, this will be offset against the fee which we will charge you. Where the commission is greater than the fee due, the commission may become the amount payable to the firm unless an arrangement to the contrary is made.
“A summary of the details of all arrangements for any fee, commission, other reward or remuneration paid or provided to Nixon Alexander Financial Services Ltd which it has agreed with product providers” is available on our website www.alexanderfs.ie
PERSONAL RETIREMENT ACCOUNT SAVINGS ACCOUNTS (FEES)
Where advice is requested for PRSAs, the following hourly fees will apply: Advisor fees: €100 – €200 per hour. Support staff: €40 – €60 per hour.
Additional fees may be payable for complex cases or to reflect value, specialist skills or urgency. We will give an estimate of this rate in advance of providing you with services. If we receive commission from a product provider, this will be offset against the fee which we will charge you. Where the commission is greater than the fee due, the commission will become the amount payable to the intermediary unless an arrangement to the contrary is made.
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 of changes in your circumstances, or request a review, may result in you having insufficient insurance cover and/or inappropriate investments.
ONGOING SUITABILITY REVIEWS
Ongoing suitability assessments form part of the service to our clients. On an annual basis the firm will carry out a periodic review.
DATA PROTECTION
Nixon Alexander Financial Services complies with 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. Your data will be passed to the relevant product producers with whom Nixon Alexander Financial Services Ltd has agencies for the purpose of arranging transactions agreed with you. Your data will be processed only in ways compatible with the purposes for which it was given and as outlined in our Data Privacy Notice and Data Protection Policy and Procedures. This information will only be used to provide you with business services, to meet any legal and regulatory obligations, and for legitimate business reasons. From time to time, we will send information about other financial products and services, provided by us or associated companies with which we have a formal business arrangement, which we think may be of interest to you. You have the right to ask us not to send you this marketing material and, at any time you can ‘opt out’ of receiving marketing material. You have a right to see the information that is held on you and you can do this by writing to me at the address given. We would like to contact you by way of letter, email or telephone call. If you would like to receive to receive such marketing information please complete the permission statements contained in the Terms of Business Client Acknowledgement Letter attached. 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 siobhan@alexanderfs.ie if you have any queries about your personal data.
CONFLICTS OF INTEREST
It is the policy of our Nixon Alexander Financial Services Ltd to avoid conflicts of interest when providing business services to its clients. However, where an unavoidable conflict of interest may arise we will advise you of this in writing before providing you with any business service. If you have not been advised on any such conflict you are entitled to assume that none arises.
DEFAULT ON PAYMENTS BY CLIENTS
Nixon Alexander Financial Services Ltd 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 it for clients arising from payments to it by clients which subsequently default. In particular, without limitation of the generality of the foregoing, the firm will seek reimbursement for all payments made to insurers on behalf of clients where the firm has acted in good faith in renewing a policy of insurance for the client.
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.
COMPLAINTS
Any complaint that you may have in relation to the business services provided should be made in writing to Nixon Alexander Financial Services Ltd outlining the nature of your complaint. All complaints will be acknowledged in writing within 5 business days of the complaint being received. The complaint will be fully investigated by Nixon Alexander Financial Services Ltd and a full response will be provided to you as soon as possible. We will aim to provide this response not later than 40 business days from receipt of your complaint and will provide you with a regular update on the progress of the investigation of the complaint at intervals of not greater than 20 business days, starting from the date on which the complaint was made. 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 and Pensions Ombudsman (contact details below). A full copy of our complaints procedure is available on request.
Financial Services & Pensions Ombudsman
Lincoln House
Lincoln Place
Dublin 2 D02 VH29
Telephone: 01- 5677000
E-mail: info@ fspo.ie
Web:
www.fspo.ie
COMPENSATION SCHEME
We are members of the Investor Compensation Scheme operated by the Investor Compensation Company Ltd. See below for details.
INVESTOR COMPENSATION SCHEME
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.
Terms of Business Effective from 02/08/2022.
DATA PRIVACY NOTICE FOR NIXON ALEXANDER FINANCIAL SERVICES LTD.
MeetingHouse Street, Raphoe, Co. Donegal
This is the privacy notice of Nixon Alexander Financial Services Ltd and tells you what we use your personal information for and explains your rights around how we use it. Please read this Privacy Notice to understand how and why we use your personal information. If you give us personal information about someone else, please make sure you have their permission and make them aware of this Privacy Notice, as it also applies to them.
Nixon Alexander Financial Services complies with the requirements of the General Data Protection Regulation 2018 and the Irish Data Protection Act 2018. Should you have any queries, please contact Siobhan Alexander (Office Manager)
COLLECTION AND USE OF PERSONAL DATA
We use personal information to arrange transactions on your behalf as agreed with you, to service our customers, assist with claims and the payment of plan benefits. We must have a lawful basis to collect and use personal information.
Needed For Your Contract:
We need to collect and use your personal information to provide your plan contract. This includes, but is not limited to, your name, date of birth, contact and bank account details. Depending on the plan type this can include health, employment, pension and salary information. We restrict access to, and use of, any sensitive personal information. We also create new personal information.
Personal information needed for plan contracts is held and used to;
- process your application;
- set up and issue your plan;
- provide you with information about your plan;
- to help the administration of your plan and assist with the payment of your plan benefits;
- provide customer care and service; and
- contact you to inform you of any relevant actions you may need to take.
· Required By Law:
We use your personal information to comply with law and regulations such as;
- reporting to regulators;
- keeping proper books and records; and
We carry out internal reporting, quality checking, compliance controls and audits to help meet these obligations.
We must collect certain personal information to comply with Anti-Money Laundering law. This depends on your plan type. To do this, we use your name, date of birth, address, nationality and occupation information.
- Up to date proof of identification and address.
- Screening of all customers against Financial Sanctions and Politically
- Exposed Persons (PEP) lists.
- Where needed we carry out searches of publicly available information
You must give us your tax residence information and tax identification number for tax reporting with product producers. In order to give you information and updates on your plan, we use your plan and contact details. We use our customer personal information, including yours, to identify the target market for our regulated services.
In order to receive financial advice from us, you must give personal and financial information for your current and future needs to be assessed. This enables us to recommend the most suitable financial product for you. This also involves creating new and assumed personal information about you. We complete an analysis of you using your personal information to comply with regulations. When you give us your personal information we will check to see if we already have a record of you. This helps us to comply with your Data Protection Rights.
LEGITIMATE INTERESTS
We use your personal information for our legitimate interests as shown below. This doesn’t affect your privacy rights. We believe these uses benefit our customers. You can contact us if you have any questions using the above contact details of this Privacy Notice.
Statistical Analysis
We combine and group personal information for analysis to help us understand our customers and develop better services for you.
We use summary information to help promote our services and products from our product providers.
YOUR CONSENTS
You need to give consent for us to collect and use personal information classed as sensitive or for certain uses of your personal information. You are given the choice to provide consent, or not. When we collect your consent, we will explain what we need it for and how you can change your mind in the future.
- Profiling:
- Direct Marketing:
We believe it may help you if we know whether you have products and services provided by other companies or if other services may be of interest to you. We will use this to provide you with additional services with your consent.
Consent and How to Withdraw Consent
If we process your personal information based on consent, you have the right to withdraw that consent at any time. The opt-out methods will depend on how the consent was collected and will be explained when you give us your consent, e.g. you can change your mind using the opt-out link in any direct marketing emails sent to you. You will also be able to withdraw consent by contacting us directly.
How and Where do we get your Personal Information
You provide us with your personal information directly when you contact us, complete our forms, speak with us or visit our website, and social media accounts. For more information on what personal information is collected and used on our website please see our Website Privacy Policy. We also get personal information from solicitors, employers or regulators (where relevant).
We also create new personal information about you based on information you have given us and through your interactions with us such as noting your online preferences.
To Whom do we Pass your Personal Information
We pass personal information to:
• Data processors:
Companies that act as service providers under contract with us and only process your personal information as instructed by us. Your personal information is transferred securely and is not used by other parties for any other reason. Our main Data Processors Aviva Life & Pensions UK Limited, BCP Asset Management DAC, Cantor Fitzgerald Ireland Ltd, Friends First Life Assurance Company Limited, Irish life Assurance PLC, New Ireland Assurance Company PLC, Scottish Mutual International Ltd, Scottish Provident Limited, Standard Life Assurance Company, The Royal London Mutual Insurance Society Limited, Wealth Options Limited, Zurich Life Assurance plc, Bonner Gill & Co Ltd, BIS, Veeam Cloud Solutions. The categories of services that we use other Data Processors for include: document management, administration, underwriting, customer services, marketing, actuarial services, accountancy audits, Financial Sanctions and PEP screening
• Trustees:
– appointed in connection with the plan contract.
• Investment Service Providers:
– We pass limited personal information to investment service providers
– where you want to access these services through your plan e.g.
– Stockbroker or Online Trading Platform.
• Regulators:
– Regulators and the Revenue Commissioners or as needed to comply with
– regulations and laws.
DO WE TRANSFER YOUR PERSONAL INFORMATION OUTSIDE OF THE EU?
Your personal information is processed and stored within the EU.
HOW LONG DO WE KEEP YOUR PERSONAL INFORMATION FOR?
We keep and use your personal information for as long as you have a relationship with us. We also hold it after this where we need to for complaints handling, for system back-ups needed for disaster recovery and for as long as we have to under regulations. We will let you know how long we keep personal information for when you avail of a single or specific service such as a quote or call-back.
WHAT ARE YOUR RIGHTS?
You have a number of rights over your personal information which you can exercise free of charge by contacting us using the details in this Privacy Notice. You will need to give us information to help us identify you and we will respond to you within one month in line with current regulations. Any restrictions to your rights will be explained in our response.
Right to Information
You have a right to the information set out in this Privacy Notice. We will inform you of our updated Privacy Notice, if we change the type of personal information we collect and / or how we use it. We have controls in place to protect your personal information and minimise the risk of security breaches. However should any breaches result in a high risk for you, we will inform you without delay.
Right to Restrict or Object
You can restrict or object to any unfair and unlawful collection or use of your personal information. You can object to any automated decision making that has a legal or similar significant impact for you and ask for the decision to be made by a person. You can withdraw consent and object to, for example direct marketing.
Right to Correct and Update
You can ask us to correct and update personal information we hold about you. Your plans are long term contracts and to provide you with the best service it is important we have your up to date personal information, such as contact details.
Right to Delete and be Forgotten
You can have your personal information deleted if it is incorrect or has been processed unfairly or unlawfully. If you have withdrawn consent you can ask for your personal information to be deleted. We will keep a record of your request so we know why your personal information was deleted. If we have provided a regulated product or service to you, we must keep your personal information for a minimum period by law.
Right to Portability
You can ask for a copy of all personal information that you gave us (including through your interactions with us), and which we hold in an automated format. You can receive this in a machine readable format that allows you to keep it. You may also request us to send this personal information in a machine readable format to another company. The format will depend on our ability to provide this in a secure way that protects your personal information. We will not likely be able to use a copy of your personal information sent to us in this way from another company. This is because we can only collect personal information that we need. We also need your most up to date personal information for underwriting and to comply with regulations.
Right To Access
You have the right to know what personal information we hold about you and to receive a copy of your personal information. We must tell you:
why we hold it;
who we pass it to, including whether we transfer it outside the EU;
how long we keep it for;
where we got it from; and
if we carried out any automated-decisions, and if so, the logic behind it and what it means for you.
This right does not allow you to access personal information about anyone else. To access your personal information please write to us using the contact details in this Privacy Notice. To help us respond as quickly as possible please let us know if you are only looking for copies of specific personal information.