Terms of Business
Effective Date: January 2015
LABrokers Limited t/a LABrokers is regulated by the Central Bank of Ireland
Newcastle, Greystones, Co. Wicklow.
Phone: 01 281 0577
(Please telephone us during our office hours - Monday to Friday 9am to 1pm and 2pm till 5pm )
LABrokers is an 'execution only' broker. This means we carry out the clients’ instructions without giving any advice.
We do not provide tax, legal, financial or investment advice. In accepting our terms of business you understand and accept that you have waived your rights to the completion of a Financial Review and you acknowledge that we have not given you any advice in relation to the transaction and wish to proceed with this transaction on an execution only basis.
If you are taking out an investment or pension product you understand that investments can fall as well as rise in value.
YOUR LEGAL OBLIGATION TO DISCLOSE ALL RELEVANT INFORMATION
When you apply for Life Insurance (which includes mortgage protection and serious illness cover), you are under a legal obligation to disclose all relevant details about your health. If it subsequently transpires that you did not disclose on your application something which was relevant and which you knew about, then the insurance company may cancel the cover under the policy and no claim will be paid. Relevant details are those which an insurer would regard as likely to influence the assessment and acceptance of an application. Where you are in doubt about whether or not some information is relevant, you should disclose it and allow the Life Insurance company to decide. All insurance companies explain on application forms the consequences of failing to disclose relevant details. You should read the application form warnings carefully. The insurance company will rely on what you have told them in your application form and you should not assume that the insurer will automatically clarify or confirm any information you provide. Your duty to disclose applies right up until the date when the policy comes into force. So you should make sure your insurance company is aware of any changes which happen after you have signed the application form but before the policy is in force. There is one exception to this obligation to disclose all relevant details and it is in relation to genetic test results. Under the provisions of Part 4 of the Disability Act 2005, an insurer cannot request, take into account or process the results of genetic tests. This applies to both positive and negative tests. Under the legislation, an insurer may not take into account a negative test result even if you ask the insurer to do so. However this exception does not change your legal obligation to provide the insurance company with full details of any: – symptoms experienced; – non-genetic laboratory tests or investigations; – treatment; – family history; when answering the questions on the application form and providing any other information requested by the insurer.
TERMS AND CONDITIONS OF BUSINESS
LABrokers is a multi-agency intermediary. LABrokers Limited t/a LABrokers is regulated by the Central Bank of Ireland. We can arrange for you to purchase products on our website but cannot provide specific advice on your circumstances.
We are not tied to one company's products and can remain impartial when arranging Life Insurance and investments.
We hope the following will assist you in understanding the services we provide.
CODES OF CONDUCT
The firm is subject to the Consumer Protection Code, Minimum Competency Code and Fitness & Probity Standards which offer protection to consumers. These Codes can be found on the Central Bank's website www.centralbank.ie
We are independent, but occasions could arise where we, or one of our business partners, will have some form of interest in business we are transacting for you. If this happens, or we become aware that there could be a conflict of interest, we will inform you in writing and obtain your consent before we carry out your instructions. We are members of PIBA.
We derive income from commissions paid to us by life insurance companies in respect of transactions in Life Insurance and investments. We shall tell you the amount of commission payable to us on any such policy.
We prefer instructions to be given to us by email. If any instructions are given orally, they must be confirmed by email or in writing. We may refuse at our discretion to accept certain instructions, although such discretion will not be exercised unreasonably.
We are required to keep records of all your transactions for at least six years. You, or your appointed agent, have the right to inspect the records at a mutually convenient time. As we treat all our clients' records as confidential, we reserve the right to give you copies of your records, where in certain circumstances to release the original would compromise other clients' confidentiality.
All contract notes and documents of title in respect of your investment should be sent to you directly by the relevant insurer. If any documents are received by us, they will be forwarded to you as soon as practicable.
We contribute to the Investor Compensation Scheme.
Information supplied by LABrokers is based upon our understanding of current legislation and practice and the information that has been provided to us. LABrokers cannot be held responsible for subsequent changes in legislation or practice which may affect this information.
LABrokers Limited has in place a written procedure for the handling of complaints. This procedure ensures that all complaints are recorded and acknowledged within 5 business days. All complaints are fully investigated and the complainant updated at intervals of not greater than 20 business days. We will attempt to investigate and resolve a compliant within 40 business days. All complaints should be directed in writing to Mr John Geraghty, Complaints Officer, LABrokers Limited. In the event that a client remains dissatisfied with the handling of and/or response to a complaint they may refer the matter to The Financial Services Ombudsman.
You, or we, may terminate our authority to act on your behalf at any time, without penalty. Notice of this termination must be given in writing.
The discounts offered assume you maintain your policy for a full 12 months. If within the first 12 months, you cancel your policy and its outside the cooling off period we cannot offer you a refund of the unused portion of the discounted premium you paid.
We will refund any rebate due to you within 5 business days of receiving notification from the product provider.
We have only one principal who is responsible for the day to day conduct of investment business. If our principal should become unable to conduct business (say through illness), we would not want your interests to suffer. We have therefore made a formal arrangement for the continuation of our business obligations if our principal is unable to conduct business for more than a period of 14 days.
As Restricted Activity Investment Product Intermediaries we may only accept money in respect of a premium from clients in circumstances where Section 25G(1) of the Act applies, i.e. where the money represents premiums in respect of either a renewal of a policy which has been invited by an insurance undertaking, or a proposal accepted by an insurance undertaking.
We may handle premium rebates due to clients, only where an express agreement exists with the insurance undertaking under which we act as an agent of the insurance undertaking in passing rebates to clients so that in handling the rebated premium the Authorised Advisor does not become a debtor of the client.
For single premium investments, we never accept a cheque made out to us (unless it is a cheque in settlement of our charges or disbursements for which we have sent you a fee note) or handle cash.
INVESTOR COMPENSATION SCHEMEWe are a member of the Investor Compensation Scheme established under the Investment Compensation Act of 1998, which provides for the establishment of compensation in certain circumstances, to certain clients, where money or investment instruments owed or belonging to clients and held, or in the case of investments, administered or managed by us, cannot be returned to those clients for the time being and there is no reasonable foreseeable opportunity to do so. Where an entitlement to compensation is established, the compensation payable will be the lesser of 90% of the amount of the client's loss as recognised for the purposes of the Investor Compensation Act, 1998 or compensation of up to €20,000.
COPYRIGHT AND SITE CONTENT
You acknowledge and accept that all copyright, trademarks and all other intellectual property rights in all material or content provided as part of the website belong to us, or a third party (e.g Synaptic Systems). You may download material from this website for your own use only. No right, title or interest in any downloaded materials is transferred to you by such downloading.
Any other use of the material and content of the website is strictly prohibited and you agree not to copy, reproduce, transmit, publish, display, distribute, commercially exploit or create derivative works of such material.
This website is designed to bring you general information only. This website does not provide tax, legal, financial or investment advice. LABrokers acts on an 'execution only' basis. Should you require advice then please contact an Independent Financial Adviser.
The term assurance information on this website is obtained from various third parties and product providers and whilst it is believed to be correct, the accuracy of the information is not guaranteed. We have no liability to you with respect to the accuracy of such information. In addition, whilst every effort is made to ensure the information given to us by third parties is up to date, there may be a time delay in receiving that information. You should therefore check the accuracy of the information.
The website may only list the product providers with whom we have arrangements and may not cover all product providers in the market. We cannot guarantee that a product provider will be able to provide a policy at any particular time. We do not accept any liability in the event of withdrawal of any offering of an investment or for rejection of your application by the Product Provider for any reason whatsoever.
We make no warranty that the website will meet your requirements or will be uninterrupted, timely, secure or error-free, that defects will be corrected, or that the site or its server are free from viruses or bugs or that the information will be full, accurate or reliable. We will not be liable to you for any loss of material uploaded or transmitted through the website.
Neither we nor any of our directors, agents or employees will be liable for damages of any kind arising out of or in connection with your use of this website, other than those damages for which liability cannot be excluded under Irish law or under the Rules of the Central Bank of Ireland.
In the event that there are third party links to other websites for your convenience, you acknowledge and agree that we are not responsible for the availability or functionality of such external sites. We do not endorse the content of any external sites and are not responsible or liable, directly or indirectly, for any loss however caused to you by your use of any external site.
We shall not be liable to you where performance of any of our obligations to you is prevented, frustrated or impeded by any circumstance or cause beyond our control.
The information you give us will be passed on by us to potential providers who will use that information and respond with the terms they have found or that they are prepared to offer.
We are required to have your consent before we use any personal information you give us or pass it to any third parties.
We agree that any consent given by you may be withdrawn by you at any time by contacting us in writing at: LABrokers, Newcastle, Greystones, Co. Wicklow or by Contacting Us
You have the right of access to the personal data held about you by us by sending a written request to: LABrokers Limited, Newcastle, Greystones, Co. Wicklow or directly to the product provider. A fee may be charged for this (max €6.35). We will require from the person making the request to provide us with Name, Address, Date of Birth, Policy Number(s), and photo ID. This is to ensure we are satisfied that we are disclosing information to the correct person. You also have the right to require us to correct any inaccuracies in the information we hold about you by sending us a written request.
Your use of this Website
These Terms apply to your use of our website. If you are not over 18 or not living in the Republic of Ireland, you should not attempt to make an application. However, subject to your acceptance of these Terms, you should feel free to browse. An application signifies that you have read and understood the Terms and that you agree to be bound by them. If you do not agree to be bound by these Terms and Conditions in their entirety, you should not use this website. In using this website, we require that you abide by these Terms. If you fail to abide by them, and this failure causes us to suffer a claim, action, liability, or loss because of your failure to abide by these Terms, you agree to indemnify us, on demand, for all costs and expenses, including legal fees that arise.
We reserve the right at any time to modify or withdraw, temporarily or permanently, the website or any part of it without notice to you and we will not be liable to you in any way for any modification or withdrawal of the website. We also reserve the right to modify these Terms without reference to you.
We reserve the right at any time to refuse to process a transaction for any reason. We will not be liable to you or any third party by reason of our failing to process a transaction.
These Terms shall be governed by and construed in accordance with Irish law and the Irish courts shall have jurisdiction over any disputes between us.
If any part of these Terms is found to be unenforceable as a matter of law, all other parts of these Terms shall not be affected and shall remain in force.
Restrictions on Framing and Screen Scraping Activities
LABrokers is concerned about the integrity of this Web site when it is accessed in a manner solely determined by third parties or viewed in a setting solely created by third parties. Specifically, LABrokers is concerned with activities such as bringing up or presenting content of this Web site within another Web site ("framing" or "screen scraping"). In this regard, without limiting the provisions contained in our terms of business, you may not frame or screen scrape any Web page from LABrokers.ie, except with our express written permission. Further, you may not mirror any LABrokers.ie Web page or portions of a Web page.
If you would like to frame, screen scrape or redistribute any LABrokers content, you must request permission from LABrokers by writing to us. Please include: (a) your name, e-mail address, and telephone number; (b) the name of your company; (c) the Web site address/es where the proposed use will occur; and (d) specific details about the contemplated screen scraping or framing activities, including the content or Web page(s) of this Web site which you would like to use.
Our firm is authorised in Ireland to provide the investment instruments tracker bonds, PRSA’s and insurance policies under Section 10 of the Investments Intermediaries Act, 1995, as amended. Our firm is also registered as an insurance/reinsurance intermediary under the European Communities (Insurance Mediation) Regulations, 2005 (as amended).