TERMS OF BUSINESS
Effective Date: April 2026
You are confirming that you have read and understood the terms of business and accept LABrokers operates on an execution-only basis, that no advice or suitability assessment is provided, and that the consumer selects the product and provider.
LABrokers Limited trading as 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 )
Data Protection Statement
LABrokers Ltd trading as LABrokers. 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. Please ensure that you read these terms thoroughly and if you have any queries we will be happy to clarify them. If any material changes are made to these terms we will notify you.
AUTHORISED STATUS:
LABrokers Limited trading as LABrokers.ie (C38864) is registered to undertake insurance mediation under the European Communities (Insurance Mediation) Regulations 2005. Persons in the management structure of the firm is John Geraghty
The Central Bank of Ireland holds registers of regulated firms. You may contact the Central Bank of Ireland, PO Box 559, New Wapping Street, Dublin 1, on 1890 777 777 or alternatively visit their website on www.centralbank.ie to verify our credentials.
Services:
LABrokers Limited trading as LABrokers.ie is an ‘execution only’ broker (this means we do not offer you any advice, recommendation or direction) providing services in relation to Life Assurance products (Term Cover, Mortgage Protection) and PRSAs.
EXECUTION ONLY.
LABrokers offers an ‘execution only’ service. This means we do not and cannot offer you any advice, direction or a recommendation. We cannot ascertain if the product you are choosing is suitable for your needs.
You the consumer has specified both the product and the product producer by name and you have not received any assistance from LABrokers the regulated entity in the choice of that product. LABrokers notifies you, the consumer, that we the regulated entity does not have the information necessary to determine the suitability of the particular product for the consumer.
For a sale to be made on an ‘execution only’ basis, the consumer must have specified the product, the product provider and must not have received any advice from us. If all three of these requirements are not met then, notwithstanding the classification given by the firm to the sale, the sale cannot be deemed to be effected on an execution only basis and we cannot accept your business nor should you place the business with us.
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 periodic 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. The insurance providers will write to you directly at least annually giving you a statement of account or a benefit statement.
If you are taking out an investment or a Standard PRSA pension product you understand that investments can fall as well as rise in value.
TERMS AND CONDITIONS OF BUSINESS
LABrokers Limited trading as 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.
For Life Assurance we arrange term assurance and mortgage protection with Aviva Life and Pensions, Royal London, Zurich Life, Irish Life, New Ireland, Standard Life.
For Standard PRSAs we only arrange policies on an execution only basis with Zurich Life. Clients who took out a Standard PRSA policy through us with Aviva and Irish Life in the past can top up their PRSAs but we are not open to new business with these insurers. We do not offer Non Standard PRSAs.
We do not offer any other life insurance products.
If we make a material change to our terms of business, we shall provide each affected consumer with-
(a) the revised terms of business, and
(b) a notice which sets out particulars of the changes made, together with relevant details of the position prior to such changes, in order that the consumer can compare the position before and after those changes.
This will be provided to you on paper or on another durable medium, at least 5 working days prior to the date on which the change takes effect. The Central Bank has indicated that it does not necessarily expect that all customers of a firm must be notified of every change or development, but that where a change (e.g. to the terms of business, or to certain fees or charges) will affect certain consumers, then those consumers should be notified in line with the relevant requirement.
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
OUR SERVICES
LABrokers Ltd is a member of Brokers Ireland.
Our principal business is discounting the monthly or annual premium of the mortgage protection and life assurance products you choose from what we offer on our website. We also offer a Zurich Standard PRSA that you may choose, where we offer a lower charging structure We do this by taking lower commission. We do not offer any other products and we do not offer you any advice or direction. Our mortgage protection and life insurance is provided by Aviva, Irish Life, New Ireland, Royal London, Zurich. Our Standard PRSA is a Zurich Standard PRSA. We will not offer clients any advice now or in the future on any of the products. Should we amend or alter the range of services we offer we will give affected consumers clear notice on paper or other durable medium at least one month in advance of the amendment being introduced.
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.
Clawback
If you cancel your policy early the insurer may clawback commission they paid us. We will not charge you or recover costs from you.
We do not charge clients any fees.
Ongoing Suitability
The firm’s services does not include ongoing suitability assessments.
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 which may result in you having insufficient insurance cover and/or inappropriate investments. We would therefore advise that you to seek up to date advice elsewhere and check the product is best suited to your needs. Because you are placing your business on an execution only basis you will have waived your rights to the completion of a periodic 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. The insurance providers will write to you directly at least annually giving you a statement of account or a benefit statement.
CONFLICTS OF INTEREST
It is the policy of our firm to avoid conflicts of interest in providing services to you. However, where an unavoidable conflict of interest arises we will advise you of this in writing before providing you with any service. A full copy of our conflicts of interest policy is available on request.
In some cases, we may be a party to a profit-share arrangement with product producers where we provide extra services for the provider. Agreements to this effect may be in place with Aviva, Irish Life, New Ireland, Standard Life, Royal London, Zurich.
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 in error, they will be forwarded to you as soon as practicable.
Default on payments by clients
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.
CONSUMER IN VULNERABLE CIRCUMSTANCES.
To register as a “vulnerable customer’ whether on a temporary or permanent basis please let us know. We can also register a “trusted contact person” appointed under the Assisted Decision-Making (Capacity) Act 2015.
Written consent – Where written consent is required, the guidance clarifies that it can be provided in paper formats, by email or other electronic formats.
Retention of records – Where you a consumer has requested the provision of, or has been offered, a financial service, but has not been provided with the financial service concerned, if you request it we shall, retain any record in respect of that request or offer for 12 months.
DIGITALISATION
We use a digital platform to conduct business with consumers, we will give guidance on how to navigate the digital platform. We will take into account the profile of customer base and the complexity of the platform and we align with the principles of informing effectively. We will identify ways to ensure our digital services and delivery channels are accessible. We will consider the impact the dynamic of online transactions can have on consumer decision making and apply pause features where the risk of consumers entering into transactions that may be unsuitable due to the speed and ease of the online process is high. We are not permitted to provide preselected options to the consumer which indicate that the consumer has confirmed that they have read or understood information provided by the regulated entity. We give 15 working days advance notice should we need to withdraw access to our website. Information may be downloaded, printed or otherwise retained by you prior to withdrawal of the means of access.
DATA PROTECTION
We are subject to the requirements of the General Data Protection Regulation 2018 and the Irish Data Protection Act 2018.
LABrokers Ltd. 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 GDPR 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 Notice, this will be given to all our clients at the time of data collection. We do not record telephone conversations.
We will ensure that this Privacy Notice is easily accessible. Please refer to our website, if this medium is not suitable we will ensure you can easily receive a copy by hard copy.
Ceasing/merging or transferring regulated activities – retention of 2-month client notification timeframe for all regulated firms. Opt-in consent is not requiredr but please see our terms of business / privacy notice.
Please contact us at john.geraghty@labrokers.ie if you have any concerns about your personal data.
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.
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. LABrokers does not handle client funds. All administration of your policy is carried out by the insurers themselves. 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.
The following sections apply to consumer duties and rights arising out of the Consumer Insurance Contracts Act 2019 which was implemented to protect consumers.
Consumers: Duty of Disclosure when completing documentation for new business/renewals and midterm adjustments
You are required to answer all questions posed by us or the insurer honestly and with reasonable care – the test will be that of the ‘average consumer’.
Before renewal of the contract of insurance, specific questions will be asked. Again, you will be required to answer honestly and with reasonable care. Where you do not provide additional information (after being requested to do so) it can be presumed that the information previously provided remains unchanged.
Failure to answer all questions honestly and with reasonable care can result in the Insurer being able to rely on proportionate remedies for misrepresentation, which include but are not limited to the insurer voiding the contract of insurance. If a policy is cancelled by an insurer for any reason including payment default you may encounter difficulty in purchasing insurance in the future.
Completed proposal forms/statement of fact
Completed proposal forms or Statements of Facts will be provided to you. These are important documents as they form the basis of insurance contract between the insurer and you the consumer. You should review and confirm that the answers contained within are true and accurate.
You are under a duty to pay your premium within a reasonable time, or otherwise in accordance with the terms of the contract of insurance.
Cancellation of a Contract of Insurance
If you have taken out a life insurance contract, you may cancel the contract by giving notice in writing to the insurer within 30 days after the date you were informed the contract is on cover.
The giving of notice of cancellation by you will have the effect of releasing you from any further obligation arising from the contract of insurance. The insurer cannot impose any costs on you other than the cost of the premium for the period of cover.
This right to cancel does not apply where, in respect of life insurance the contract is for a duration of six months or less. An insurer may refuse a claim made by you under a contract of insurance where there is a change in the risk insured, including as described in an “alteration of risk” clause, and the circumstances have so changed that it has effectively changed the risk to one which the insurer has not agreed to cover.
You must cooperate with the insurer in an investigation of insured events including responding to reasonable requests for information in an honest and reasonably careful manner and must notify the insurer of the occurrence of an insured event in a reasonable time.
You must notify the insurer of a claim within a reasonable time, or otherwise in accordance with the terms of the contract of insurance.
If you make a false or misleading claim in any material respect (and know it to be false or misleading or consciously disregards whether it is) the insurer is entitled to refuse to pay and to terminate the contract.
Where an insurer becomes aware that a consumer has made a fraudulent claim, they may notify the consumer advising that they are voiding the contract of insurance, and it will be treated as being terminated from the date of the submission of the fraudulent claim. The insurer may refuse all liability in respect of any claim made after the date of the fraudulent act, and the insurer is under no obligation to return any of the premiums paid under the contract.
INVESTOR COMPENSATION SCHEME
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 as 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.
Brokers Ireland Clients’ Compensation and Membership Benefits Scheme (BIC)
We are also members of the Brokers Ireland Clients’ Compensation and Membership Benefits Scheme (BIC). 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.
Life Insurance Providers
LABrokers Limited has agencies with: Aviva, Irish Life, New Ireland, Royal London, Zurich Life, Standard Life.
CONFLICTS OF INTEREST
It is the policy of our firm to avoid conflicts of interest in providing services to you. Should it happen we will inform you. However, where an unavoidable conflict of interest arises, we will advise you of this in writing before providing you with any service and the firm will take all steps within its control to appropriately manage the conflict and minimise the impact of the conflict on the consumer. John Geraghty is responsible for managing potential conflicts of interest. A full copy of our conflicts of interest policy is available on request.
SUSTAINABILITY
In accordance with the Sustainable Finance Disclosure Regulation (‘SFDR’), we inform you that when providing advice on insurance-based investment products/Investments, we do not assess, in addition to relevant financial risks, relevant sustainability risks as far as this information is available in relation the products proposed. This means that we do not assess environmental, social or governance events/conditions that, if they occur, could have a material negative impact on the value of the investment. When providing advice on insurance-based investment products (‘IBIPs’) we do not consider the impacts that result in negative effects on sustainability factors (namely environmental, social and employee matters, respect for human rights, anti-corruption and anti-bribery matters), because currently there is limited relevant products on the market which meet these criteria. The area of sustainable is relatively new and as the issue progresses, we will review our position. The firm will review this approach on an annual basis.
POST-CONTRACT AND CLAIMS
An insurer may refuse a claim made by you under a contract of insurance where there is a change in the risk insured, including as described in an “alteration of risk” clause, and the circumstances have so changed that it has effectively changed the risk to one which the insurer has not agreed to cover. You must cooperate with the insurer in an investigation of insured events including responding to reasonable requests for information in an honest and reasonably careful manner and must notify the insurer of the occurrence of an insured event in a reasonable time. You must notify the insurer of a claim within a reasonable time, or otherwise in accordance with the terms of the contract of insurance. If you become aware after a claim is made of information that would either support or prejudice the claim, you are under a duty to disclose it. (The insurer is under the same duty). If you make a false or misleading claim in any material respect (and know it to be false or misleading or consciously disregards whether it is) the insurer is entitled to refuse to pay and to terminate the contract. Where an insurer becomes aware that a consumer has made a fraudulent claim, they may notify the consumer advising that they are voiding the contract of insurance, and it will be treated as being terminated from the date of the submission of the fraudulent claim. The insurer may refuse all liability in respect of any claim made after the date of the fraudulent act, and the insurer is under no obligation to return any of the premiums paid under the contract
CONSENT TO CONTACT
Here at LABrokers we take your data protection seriously and will only use your data as discussed with you in our privacy statement. We do not make an unsolicited personal visit, at any time, to a consumerwho is an individual. We do not make unsolicited sales phone calls. Where you give us permission we will ensure that the extent of communications is proportionate, reasonable and not excessive taking into account the circumstances of the consumer
EXECUTION ONLY WAIVER
All business we place is Execution only Transaction. As requested, LABrokers is arranging to place your ‘product type’ with your chosen provider. This transaction has been executed upon your specific instructions and the firm does not have the information necessary to determine the suitability of the product for your needs. The firm has not given any advice relating to the merits of the transaction.
ERRORS HANDLING PROCEDURE OPERATED BY LABROKERS
Scope
This procedure is operated by LABrokers in relation to services provided under the Consumer ProtectionCode 2025.
Our objectives:
• To correct errors speedily, efficiently and fairly.
• To resolve all errors no later than 6 months after the date the error was first discovered.
• Carry out analysis at the appropriate level of the rate of occurrence and patterns of errors, to include the causes of same, on a regular basis – at least once every 6 months.
Procedure
• Where an error was been discovered, LABrokers will:
– Identify the cause and potential impact of the error;
– Identify all potentially affected consumers;
– Ensure that the errors are escalated to the to the board of directors, or the entity or persons controlling the regulated entity, of errors of such scale and significance as would reasonably be termed significant errors that affect consumers, and of a nature that such management ought to be made aware of;
– Ensure proper control of the correction process;
• LABrokers will also:
– Conduct appropriate analysis of the patterns of the errors, including investigation as to whether or not it was an isolated error;
– Ensure proper arrangements for the proper oversight of the handling of errors;
– Carry out an analysis at an appropriate level of the rate of occurrence and patterns of errors, to include the causes of same, on a regular basis – at least once every 6 months;
– Ensure there are arrangements within LABrokers for reporting to the compliance or risk function of the regulated entity, or any other relevant function of the firm as required, as well as to the board of directors, the aggregated information on the number of errors handled and the number of such errors that have been resolved, and on the analysis which has been carried out on errors.
• LABrokers will resolve all errors speedily and no later than six months after the date the error was first discovered by:
– correcting any internal systems failures including information technology systems failures.
– ensuring effective controls are implemented to prevent any recurrence of the identified error;
– effecting a refund (with appropriate interest) to all consumers who have been affected by the error, and taking any other appropriate remediation steps
– notifying all affected consumers, both current and former, in a timely manner, of any error that has impacted or may impact negatively on the cost of the service, or the value of the product provided, where possible.
• LABrokers maintains a record of all steps taken to resolve an error which affects consumers, including details of the steps taken where:
– any affected consumers were dissatisfied with the outcome;Save
– there were difficulties contacting affected consumers; and
– a refund could not be repaid.
LABrokers shall take all reasonable steps to make a prompt refund due to a consumer as a result of an error which has caused a consumer to make an overpayment or to suffer a financial loss and shall keep a record of the steps that it has taken to make the refund concerned.
• Where the regulated entity has taken all reasonable steps but has been unable to make the refund,the firm shall not benefit from the refund amount and shall make the refund with appropriate interest when claimed by a consumer to whom the refund is due.
• LABrokers will not benefit from any balance arising out of a refund, which cannot be repaid, in respect of an error.
• LABrokers maintains a log of all errors which affect consumers and the person responsible for oversight of errors within the firm is John Geraghty.
QUOTATIONS
On our life assurance and mortgage protection quotes we give you the facility to request a quotation where you pay annually or a quotation where you pay monthly. This give you the opportunity to see if there are any cost savings to you in your choice of payment method.
RECORD KEEPING
LABrokers retain details of individual transactions for six years after the date on which the particular transaction is discontinued or completed. We maintain all other records for six years from the date on which we ceased to provide any product or service to the consumer concerned.
Notice of Material Change to Terms of Business
We will contact you to inform you of material changes to our Terms of Business