Wealth Ways Terms of Business

 

Authorised Status

Wealth Ways Limited is regulated by the Central Bank of Ireland as an Investment Intermediary under the Investment Intermediaries Act, 1995 (as amended) and as an Insurance Intermediary under the European Union (Insurance Distribution) Regulations, 2018. Wealth Ways Limited regulatory number is C4333945. The Central Bank of Ireland maintains a register of all regulated firms at www.centralbank.ie.

Our certificates of authorisation are on display in our office at The Fairgreen, Westport, Co Mayo. A copy is available to you on request, or on our website www.wealthways.ie. Alternatively, please call on 098 63621.

Statutory Codes

The Company is subject to and complies with the Consumer Protection Code, the Minimum Competency Code and the Fitness and Probity Standards. These Codes offer protection to consumers and can be found on the Central Bank of Ireland website www.centralbank.ie

Our Services

Wealth Ways Limited provides financial planning advice and/or insurance, investment and pension advice. Any advice or recommendations that we offer will be based on clients stated objectives and circumstances and takes into account any restrictions that clients wish to place. We will confirm to clients in writing the basis of our reasons for recommending any financial products. Wealth Ways Limited is regulated and authorised by the Central Bank of Ireland to advise on and if appropriate arrange suitable life assurance, investment, savings & pension policies.

With the significant number of provider appointments we hold, we can offer our clients an extensive choice of suitable products on a fair and personal analysis basis that best serve their needs and circumstances. The Company does not have any ‘tied’ relationships with any institution that would compromise our ability to offer clients impartial advice and choice. We represent our customers when dealing with insurers.

Remuneration Policy

Wealth Ways Limited is a fee based financial planning firm that provides clients with the option to either pay by a fee, commission or a combination of both. Wealth Ways Limited will agree the basis of payment with clients before work commences. Fee option – Our fees will be based on a combination of time needed to complete the required work, the complexity of the case and the specialist knowledge required. Wealth Ways Limited will agree the amount or basis of our invoices with clients in advance. Fees are subject to VAT. Commission option – Wealthways Limited may be remunerated by commission earned from insurers and product producers to whom orders are transmitted. Summary details of these payments will also be included in a product information document, where relevant, which you will receive before an application form for a product is completed, and extended details will also be included with your cooling-off letter, where relevant. Any additional charges for services rendered by our financial planning division will be clearly disclosed to the client in writing prior to the inception of the insurance and will be agreed with the consumer in writing. We may receive additional remuneration from product producers based on volume business placed or otherwise.

We may also receive renewal or trail commissions while your products remain in force. All these payments contribute to the overall cost of running our business and providing you with an ongoing service. Commissions are not offset against any fees chargeable unless agreed with you in writing. If for any reason a client ceases to be a client of ours and we subsequently receive any amounts of commission, we shall be entitled to retain such amounts. It is the client’s responsibility to notify any company from which we are receiving commission of your change of agent. If we have arranged for your fee to be offset by commissions derived from a product which you subsequently cancel or cease to pay, and in consequence we are obliged to refund commissions paid to us, we reserve the right to charge you a fee to reimburse us for the amount of commission refunded.

Client’s instructions

Clients’ instructions may be communicated to Wealth Ways Limited orally, by email or in writing, if orally they should be subsequently confirmed in writing.

Policy Conditions

A summary of your policy benefits is outlined in the financial plan and disclosed in the policy schedule. The policy document details the specific terms and conditions of your policy. You should read and keep them in a safe place in the event of a claim. If your understanding of the cover you have purchased or the investment you have made is different than that detailed in the policy document, then you should inform Wealth Ways Limited orally and then in writing immediately.

Client Responsibilities

The advice Wealth Ways Limited offers is limited by reference to the disclosure of material facts provided by our clients. For Wealth Ways Limited to deliver the services agreed we are dependent upon the information provided by our clients in a reasonable time frame. Clients are also obliged to disclose any and all material facts when a policy is being taken out. If any new material facts come to light or there is a change in an existing one, then this event should be reported in a timely fashion. If you are in any doubt as to whether a particular event is material, please disclose the information. In the case of a policy effected by a company then the directors of the company or any persons appointed by them are responsible for disclosing all material facts.

Ongoing Suitability of Investments/Insurance

If we provide you with a periodic suitability assessment of insurance policies and financial instruments, this will be outlined in a separate Service Level Agreement which will be signed by you and us. Otherwise, we do not conduct periodic suitability assessments on an ongoing basis. However, 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 or investment 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 or failure to request a review, may result in you having insufficient insurance cover and/or inappropriate investments.

Consumer Protection

We are members of the Investor Compensation Scheme established under Section 38 of the Investor Compensation Act 1998. The Act provides that compensation shall be paid to eligible investors (as defined in the Act) to the extent of 90% of an investor’s net loss or €20,000, whichever is the lesser and is recognised as being eligible for compensation. Further details are available on request.

 Handling Clients’ Money

Wealth Ways Limited will accept payments by cheque or Electronic Fund Transfer (EFT) in respect of all classes of insurance in the circumstances permitted under Section 25G of the Investment Intermediaries Act, 1995 and/or the European Union (Insurance Distribution) Regulations 2018. Wealth Ways Limited does not handle client monies directly unless in settlement of an invoice for professional services raised by us.

Default on Payment by Clients

The Company will exercise its legal rights to receive payments due to it from clients for business services provided. The Company will seek reimbursement for all payments made on behalf of clients where it has acted in good faith. Insurers may withdraw benefits or cover in the event of default on payment due under policies of insurance arranged for you. Please refer to policy documents and insurance product terms and conditions for details of such provisions.

Conflict of Interest

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 providing any business service. If you have not been advised of any such conflict you may assume that none arises.

Receipts

Wealth Ways Limited shall issue a receipt for each non-negotiable or negotiable instrument or payment received. This is required under our regulatory obligations. These are issued with your protection in mind and should be stored safely.

Sustainable Finance Disclosure Regulation

Taking due account of the size, nature and scale of our activities when providing Investment advice and Insurance Based Investment advice we will not consider the adverse impacts of investment decisions on sustainability factors. We will review this option annually.

Complaints Procedure

We ask that you make any complaint against the Company relating to business services provided by us in writing. We will acknowledge each complaint within 5 business days of the complaint being received. We will provide the complainant with the name of the Complaints Officer who will be the main point of contact until the complaint is satisfactorily resolved or cannot be processed any further. We will provide the complainant with a regular written update on the progress of the investigation of the complaint at intervals of not greater than 20 business days. We will attempt to investigate and resolve the complaint within 40 business days of having received the complaint. When the 40 business days have elapsed, if the complaint is not resolved, we will inform the complainant of the anticipated timeframe within which we hope to resolve the complaint. We will also inform the complainant of their right to refer the matter to the Financial Services & Pensions Ombudsman’s FSPO Tel.01-5677000. Where we resolve the complaint, we will advise the complainant in writing, within 5 business days of the completion of the investigation of the complaint, the outcome of the investigation and where applicable explain the terms of any offer or settlement being made. We will maintain an up to date record of all complaints including all relevant correspondence, records and any action taken. A copy of our complaints procedure is available on request.

 

Changes to these terms of business

We will modify these terms of business from time to time by written notice to reflect our current practise and/or changes to regulatory requirements which we are obliged to meet. These Terms of Business are effective from 11^th February 2021 until further notice. Please retain the Terms of Business document for your records.

Please return signed acknowledgement of your agreement to these Terms of Business and Privacy Policy. Wealth Ways Limited takes your privacy seriously and will only use your personal information to provide the products and services you have requested. However, from time to time we would like to contact you with details of other products and services we provide.

If you consent to us contacting you for this purpose please tick to say how you would like us to contact you: We can contact you by (tick all that apply).

Email o    Phone o     SMS/Text o    Post o    Social Media o

 

CLIENT ACKNOWLEDGEMENT

I/We acknowledge and confirm that I/we have been provided with a copy of the Terms of Business of Wealth Ways Limited and that I/we have read, understand, and agree to these terms.

 

Name: _________________________                Name: ____________________________

 

Signed: _________________________               Signed: ___________________________

 

Date: __________________________                Date: _____________________________