TERMS OF BUSINESS OF SEAN J. O'CONNOR T/A PINNACLE FINANCIAL
These Terms of Business set out the basis on which Sean J O'Connor T/A Pinnacle Financial will provide business
services to you as an individual private client of the Company. Please take a few minutes to read this document. If
you have any questions, we will be happy to answer them. If any material changes are made to these terms, we
will notify you.
Sean J O'Connor T/A Pinnacle Financial is regulated by the Central Bank of Ireland as a Multi-Agency Intermediary
authorised under the Investment Intermediaries Act, 1995; as a Mortgage Intermediary authorised under the
Consumer Credit Act, 1995; and as an Insurance Intermediary registered under the European Communities
(Insurance Mediation) Regulations, 2005. Copies of out Regulatory Authorisations are available on request. The
Central Bank of Ireland has a register of all regulated firms. You may contact the Central Bank of Ireland on 1890-
777 777 or alternatively visit their website at www.centralbank.ie to verify our credentials.
Sean J O'Connor T/A Pinnacle Financial is a member of Professional Insurance Brokers Ireland & Life Insurance
Codes of Conduct:
Sean J O'Connor T/A Pinnacle Financial 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
Banks Website www.centralbank.ie
Sean J O'Connor T/A Pinnacle Financial acts as an Independent Broker which means that:
a) the principle regulated activities of the firm are provided based on a fair analysis of the market; and
b) you have the option to pay in full for our services by means of a fee.
The concept of fair analysis is derived from The Insurance Mediation Directive. It describes the extent of the
choice of products and providers offered by an Intermediary, within a category of life assurance, general
insurance, mortgages, and/or a specialist area. The number of contracts and providers considered must be
sufficiently large to enable an intermediary to recommend a product that would be adequate to meet a client
The number of Providers that constitutes "sufficiently large" will vary, depending on the number of providers
operating in the market for a product or service and their relative importance in and share of that market. The
extent of fair analysis must be such that it could be reasonably expected of a professional conducting business,
considering the accessibility of information and product placement to intermediaries and the cost of the search.
To ensure that the number of contracts and providers is sufficiently large to constitute a fair analysis of the
market, we will consider the following criteria:
• The needs of the customer
• The size of the customer order
• The number of Providers in the market that deal with brokers
• The market share of each of these providers
• The number of relevant products available from each Provider
• The availability of information about the products
• The quality of the product and service provided by the provider
• The cost and
• Any other relevant consideration.
Sean J O'Connor T/A Pinnacle Financial provides life assurance and pensions on a fair analysis basis. In relation to
products provided, we are authorised to:
o Advising you in relation to the nature of each of the products and advising you as to which product
is suitable for your needs.
o Receiving and transmitting orders on your behalf for a product.
The products for which Sean J O'Connor T/A Pinnacle Financial has appointments to act in relation to, are all life
assurance products and mortgage products. These include Life Assurance Policies, Specified Serious Illness Cover,
Pension Policies, Savings and Investment Products, PRSA Retirement Plans, Mortgage Protection and other
protection type policies, and Mortgage Finance. A full list of Product Producers is available on request.
We will aid 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. However, it is 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, about 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 and
d) The reductions applied to the benefit where there are disability payments from other sources.
For a Serious Illness policy, we will explain clearly to you, the restrictions, conditions, and general exclusions that
attach to that policy.
As an Agent of IFG Investment and Mortgage Services Limited, Sean J O'Connor T/A Pinnacle Financial is
authorised to arrange mortgages with the various lenders it has access to through our appointment with them.
A full list of Lenders is available on request.
Through our appointment with IFG Investment and Mortgage Services Limited, we can provide advice on, and
arrange mortgage products from the following range: fixed rate loans, variable rate mortgages, capital & interest
mortgages, interest only mortgages, endowment mortgages, pension mortgages and residential investment
Sean J O'Connor T/A Pinnacle Financial provides mortgage advice on a fair analysis basis. We will need to collect
sufficient information from you before we can offer any advice on housing loans. This is since a key issue in
relation to mortgage advice is affordability. Such information should be produced promptly upon our request.
Business Insurance, Home & Contents Cover and Health Insurance:
As an Agent of IFG Investment and Mortgage Services Limited, Sean J O'Connor T/A Pinnacle Financial arranges
Business Insurance, Home and Contents Cover and Health Insurance on a referral basis.
Fees and Commissions:
Sean J O'Connor T/A Pinnacle Financial may receive commission and other payments from product producers or
Lenders on completion of business. (You may choose to pay in full for our services by means of a fee). When we
receive recurring commission, this forms part of the remuneration for initial advice provided. We reserve the
right to charge additional fees if the number of hours relating to on-going advice/assistance exceeds 2 hours in
In certain circumstances, it will be necessary to charge a fee for services provided in relation to insurance
business. Summary details of these payments will be included in a product information document, which you are
legally entitled to receive before an application for a product is completed. Full details will be included with your
In respect of mortgage business transacted, commission will be paid through IFGH Investments & Mortgage
Services Ltd. t/a Mortgage Business Solutions up to a maximum of .8%. Please note that lenders may charge
specific fees in certain circumstances and if this applies, these fees will be specified in your Loan Offer. You have
the right to pay a fee separately and not include it in the loan. Typically, this situation arises in relation to
In certain circumstances we may charge a fee for the services provided, or you can opt to pay a fee for certain
services. These are listed below for Life and Standard PRSA. In the event of a fee being charged, you will be fully
appraised of the cost involved in writing, in advance, and agree the scale of fees to be charged, if different from
outlined below, and a signed authority form will be obtained.
You may elect to deal with us on a fee basis. Our fees are charged at an hourly rate of €60.00. 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 firm, unless an
arrangement to the contrary is made.
Additional fees may be payable for complex cases or to reflect value, specialist skills or urgency.
Personal Retirement Savings Accounts (PRSAs) Fees:
Where advice is requested for PRSAs, we will charge an hourly fee of €60 the following hourly fees will apply.
Advisor Fees - €60.00 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
We ask that you make any complaint against our firm relating to services provided by us in writing. We will
acknowledge your complaint with 5 business days and we will fully investigate it. On completion of our
investigation, we will provide you with a written report of the outcome. 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
Ombudsman or the Pensions Ombudsman. A full copy of our complaints procedure is available on request.
Conflicts 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 proceeding to
provide any business service. If you have not been advised of any such conflict, you are entitled to assume that
Default on Payments by Clients:
Sean J O'Connor T/A Pinnacle Financial will, if necessary, exercise its legal rights to receive any payments due
from clients for business services provided on a fee basis.
Product producers may withdraw benefits or cover, on default of any payments due under any products arranged
for your benefit. Details of these provisions will be included in your product terms and conditions.
Mortgage lenders may seek early repayment of a loan and interest if you default on your repayments. Your home
is at risk if you do not maintain your agreed repayments.
It is in your best interests to review, on a regular basis, the products which we have arranged for you. As your
circumstances change, your needs will change. You should advise us of material changes in your circumstances
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 or unsuitable cover.
Sean J O'Connor T/A Pinnacle Financial complies with the requirements of the Data Protection Acts, 1998 and
2003. The data which you provide to us will be held on a computer database and paper files for arranging
transactions on your behalf. The data will be processed only in ways compatible with the purposes for which it
We would also like to keep you informed of mortgage, insurance, investment, and any other services provided by
us or associated companies with which we have a formal business arrangement, and which we think may be of
interest to you. We would like to contact you by way of a letter, email, telephone call or personal visit. If you do
not wish to receive such marketing information please notify us and we will ensure you do not receive such
Sean J O'Connor T/A Pinnacle Financial is a member of the Investor Compensation Scheme, which provides
certain remedies to eligible clients on default by the Company. The main details of the operation and conditions
of the scheme are shown below. Your legal rights against the Company are not affected by this scheme.
Investor Compensation Act, 1998
Under Section 38 (1) of the Investor Compensation Act, 1998 I wish to draw your attention to the following:
(a) 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:
(b) My firm is a member of the compensation scheme:
(c) Compensation may be payable where money or investment instruments owed or belonging to clients
and held, or in the case of investment instruments, administered or managed by my firm cannot be
returned to those client6s for the time being and there is no reasonably foreseeable opportunity of the
firm being able to do so:
(d) A right to compensation will arise only:
1. If the client is an eligible investor as defined in the Act
2. If it transpires that my firm is not in a position to return client money or investment instruments owned or
belonging to the clients of the firm
3. To the extent that the client's loss is recognised for the purposes of the Act
(e) Where an entitlement to compensation is established, the compensation payable will be the lesser of:
1. 90% of the amount of the client's loss which is recognised for the purposes of the Investor
2. Compensation Act, 1998; or Compensation of up to €20,000.
DATE: These Terms of Business are valid from February,2012 until further notice.
Sean J O'Connor t/a Sean J O'Connor Financial Services, Pinnacle Financial & Protect Your Family Financial
Planning is regulated by The Central Bank of Ireland.