Terms of Business
LABrokers Limited, trading as LABrokers,
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 )
YOUR LEGAL OBLIGATION TO DISCLOSE ALL RELEVANT INFORMATION
When you apply for life assurance (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 assurance 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. We are regulated by the Financial Services Regulatory Authority. 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 assurance and investments.
We hope the following will assist you in understanding the services we provide.
INDEPENDENT
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.
COMMISSIONS
We derive income from commissions paid to us by life insurance companies in respect of transactions in life assurance and investments. We shall tell you the amount of commission payable to us on any such policy.
INSTRUCTIONS
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.
RECORDS
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.
POLICY DOCUMENTS
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.
CLIENT PROTECTION
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.
COMPLAINTS
If you should have any complaint about a product or service please write to the Compliance Officer at the above address.
TERMINATION
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.
CHARGES
If within the first policy year, the policy is cancelled by the insured or the insurer then no refund or pro-rata refund will be made.
Once your policy has issued, if you request us to make an alteration, we reserve the right to charge the difference in premium and an administration fee of up to €20 to cover the additional work involved.
You have the right to withdraw from your policy, withdrawal effectively meaning no policy was ever put in place. To withdraw from a policy, please send us a request in writing. Should you exercise your right to withdraw, we will refund you any premium paid in full, and will retain our non-refundable policy set-up charge of €40.
- Life Assurance: You may withdraw within 30 days of your policy documentation being issued by the insurance provider.
- Please note an administration Fee of €40.00 will apply to any policy we are forced to cancel. We will enforce cancellation of a policy due to non-payment, non-disclosure, provision of incorrect information or where the necessary documentation was not submitted within a required timeframe by the policyholder.
We reserve the right to charge an administration fee of €20 to cover the expenses of a returned cheque or payment.
If you request us to supply you with duplicate documentation then we may charge you an administration fee of €20.
LOCUM AGREEMENT
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.
CLIENT MONEY
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.
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.
Disclaimer
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 Financial Regulator.
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.
Privacy Statement
The information you give us will be passed on by us to potential providers and researchers 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. Before we can take your application further, you must therefore agree with us that:
- any information we hold about you can be held on computer and/or in paper files;
- any information which you give us, including sensitive personal data such as health and medical records, may be disclosed to selected third parties for the purposes of finding the best available product for you and processing your application;
- we may disclose information held about you to insurance companies and other product providers, researchers and companies, anyone whom we may use to process your application on our behalf, and fraud prevention agencies to prevent fraud;
- we (and any third party to whom we have passed your information with your consent) may use the information that we, or they, hold about you to contact you from time to time by post, fax, email or telephone to bring to your attention additional products or services which may be of benefit to you.
- your details will be sent to the requested insurance provider directly and will be used for the purpose of sending you the information that you requested and any follow up in respect of your request. It will not be used for any other purposes.
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, at any time, to contact us and ask for a copy of the information which we hold about you. You may be charged a fee for this.
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.
