01 681 4240 admin@jmifa.ie

Terms Of Business


John Millett Independent Financial Advisors Ltd. t/a John Millett Independent Financial Advisors

These terms of business set out the general terms under which The Company will provide insurance and investment business services to you and the respective duties and responsibilities of both The Company and you in relation to such services. Please ensure to read these terms thoroughly and if you have any queries, please contact the undersigned who will be happy to clarify.

Contact:

John Millett Tel: (01) 681 4240 – Aisling McVeigh Tel: (01) 681 4246

Firm name and contact details:

John Millett Independent Financial Advisors.
Address: Head Office, Argyle Square Morehampton Road, Dublin D04 W2P9.
Tel: (01) 681 4240,
Fax: (01) 681 4244
Email: admin@jmifa.ie

Regulatory Status with the Financial Regulator.

John Millett John Millett Independent Financial Advisors Ltd. t/a John Millett Independent Financial Advisors, is regulated by the Central Bank of Ireland and is authorized under Section 10 of the Investment Intermediary Act as an Authorised Advisor under the Investment Intermediaries Act, 1995 and as an insurance intermediary registered under the European Communities (Insurance Mediation) Regulations, 2005. The Central Bank of Ireland holds registers of regulated firms. You may contact the Central Bank of Ireland on (01) 410 4000 or alternatively visit their website on www.centralbank.ie to verify our credentials.”

The Central Bank of Ireland reference number is C48430.

Company Services

 

John Millett Independent Financial Advisors is an Insurance Broker and is a member of the Association of Pensioneer Trustees of Ireland (APTI). The Company provides advice to clients in the following areas:

 

Life & Pension Insurance products.

Tracker Bonds.

Investment products, Transferrable Securities, Collective Investment Schemes.

PRSAs.

Self Administered and Trustee services in respect of Pensions and Trusts.

Actuarial services in respect of Company Pensions; Reviews, Scheme Wind ups

Expert witness in legal matters – family law, personal injury/fatal accident claims, pension disputes, unfair dismissal, life interest and reversions

The Company can receive and transmit orders to the product producers & service providers listed in Appendix 1.

Investment and Protection (Life & Pensions), dealings in Transferrable Securities and Collective Investment Schemes, Actuarial Consultancy Services, Trustee Services and taxation advices.

The Company can receive and transmit orders to the product producers & service providers listed in Appendix 1.

Investment and Protection (Life & Pensions), dealings in Transferrable Securities and Collective Investment Schemes, Actuarial Consultancy Services, Trustee Services and taxation advices.

Life Assurance companies provide products such as lifecover, serious illness cover, income protection, savings, investments and pensions including Group, Corporate, individual arrangements and PRSAs. Depending on your individual circumstances, The Company may provide you with advice in relation to the nature of these products and certain other products that may be suitable for your needs. You may however wish to focus my advice on areas of particular interest to you. The Company can offer you advice on all Product & Service Providers and Producers listed in Appendix 1 and other providers/producers with whom The Company will use its best efforts to obtain information and terms on their products. The Company can receive and transmit orders for such products on your behalf to the insurers product and service providers listed in Appendix 1. Where you select an insurance, investment product or service listed in Appendix 1, The Company may offer you an ongoing advisory service in relation to that policy and undertake to issue instruction on your behalf in respect of business you may wish to transact with the relevant provider, a fee will be levied for this service. Where you elect to choose a product outside of the product and service provider list, an additional fee will be levied in the future for additional orders and instructions given on your behalf in relation to the product and your requirements.

Commission Fees and Charges

John Millett Independent Financial Advisors is remunerated by fees for Trustee Services provided to Pension Schemes and General Trusts, financial advice and commission and other payments for receiving and transmitting business with the product and service providers listed in Appendix 1.

Trustee Fees
Fees are negotiated by agreement with the members and or their representatives. Fees are levied on an annual basis and are charged for the full period once the scheme or Trust year commences.

 

Hourly rate model
Advisor fees: €150 – €305 per hour plus VAT.

Support staff: €125 per hour plus VAT.
Additional fees may be payable for complex cases or to reflect value, specialist skills or urgency.
These fees will cover the advice on the nature of the products and selection of suitable products. Where the client selects a product issued by a provider in Appendix 1, commission may be payable and used to offset the fee due. Where the commission is greater than the fee due, the commission will generally become the amount payable to the Company except where an arrangement to the contrary is made.

 

Commission equivalent model/fixed fee model
Product producers/providers other than those for which an agency is held. The Company can charge a fee up to or equivalent to the commission generated on products offered by product producers listed in Appendix 1 where the Company give advice to you in relation to similar products from producers outside this list. The Company will give an estimate of this rate in advance of providing you with services.

Orders and instructions relating to portfolio management and asset allocations will only be deemed to have been received and actioned on confirmation of receipt of written instruction from the client and its onward transmission to the product provider if appropriate.

 

Conflicts of interest
It is the policy of John Millett Independent Financial Advisors to avoid conflicts of interest in providing you with insurance and investment business services. If this is not possible, The Company will notify you as soon as practicable after The Company becomes aware of the conflict of interest and you may rest assured that you will be treated fairly where such a conflict is unavoidable.

 

Default on payments by clients
John Millett Independent Financial Advisors, will exercise the legal right to receive payments due to the company from clients for investment business services provided. In particular, without limitation of the generality of the foregoing, The Company will seek reimbursement for all payments made to insurers on behalf of clients where The Company has acted in good faith in renewing a policy of insurance for the client.
Insurers and other product and service providers may withdraw benefits or cover or services in the event of default on payments due under polices of insurance or other products and services arranged for you. The Company would refer you to policy documents or product terms for the details of such provisions.

 

Complaints
John Millett Independent Financial Advisors ask that you make any complaint against the Company relating to investment business services provided by the Company in writing. The Company will acknowledge your complaint within 14 days and The Company will fully investigate it. On completion of the investigation, the Company will provide you with a written report of the outcome. In the event that you are still dissatisfied with the handling of, or response to, your complaint, you are entitled to refer the matter to the Financial Services Ombudsman. A full copy of our complaints procedure is available on request.

 

Appendix 1

List of Product & Service Providers

Life Pensions Securities & Specialist Providers
Royal London J & E Davy Stockbrokers
Wealth Options. Irish Life Health DAC
Zurich Life. Independent Trustee Company
Friends First. JLT Qualifying Fund Manager
Aviva Life & Pensions. Bespoke Investments
Irish Life. Newcourt Retirement Fund Managers
New Ireland. Conexim. GoldCore
Phoenix Life
Standard Life.
O’Regan Financial
BCP Asset Management
Merrion Stockbrokers

UK Agencies
Legal and General
Zurich Life UK

Pensioneer Trustee Services
Private Company Pensioneer Trustees (Ireland) Ltd.
Pinnacle Pensioneer Trustees

Deposit Institutions
Permanent TSB Bank of Ireland

Unregulated products.
Please note that any product requested from or sourced by John Millett Independent Financial Advisors that is not a regulated product will be handled by one of our Trustee companies or an associated company such as South Quay Capital. These would include investments in off shore structures, overseas limited liability companies, private equity and or private debt placements etc. Such products are not governed under our Central Bank authorization. They are not covered under any investor compensation or related consumer protection scheme. Clients will be deemed to have a full understanding of the inherent risks associated with such placements.

Appendix 2

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 and our firm is a member of this scheme (reference number 28056)

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 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 which is 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) 4344000.