Our Terms of Business
Employee Financial Wellness Ltd trading as EFW Private, EFW Connect, Pension Planners, Employee Financial Wellness and NBFP Private.
These Terms of Business set out the general terms under which our firm will provide business services regulated by the Central Bank of Ireland 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.
Authorisation with the Central Bank of Ireland
Employee Financial Wellness Ltd trading as EFW Private, EFW Connect, Pension Planners, Employee Financial Wellness and NBFP Private (C552301) is regulated by the Central Bank of Ireland as an insurance intermediary registered under the European Union (Insurance Distribution) Regulations 2018 and as an Investment Intermediary authorised under the Investment Intermediaries Act, 1995. Copies of our regulatory authorisations are available on request. The Central Bank of Ireland holds registers of regulated firms. You may contact the Central Bank of Ireland on 01 224 6000 or alternatively visit their website at www.centralbank.ie to verify our credentials.
Codes of Conduct
Employee Financial Wellness Ltd trading as EFW Private, EFW Connect, Pension Planners, Employee Financial Wellness and NBFP Private 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
Employee Financial Wellness Ltd trading as EFW Private, EFW Connect, Pension Planners, Employee Financial Wellness and NBFP Private is a member of Brokers Ireland.
Our principal business is to provide advice and arrange transactions on behalf of clients in pensions, savings and investments. We can also advise on and arrange protection products. A full list of insurers and investment firms with whom we may place business is available on request.
Insurance Intermediary Services including Insurance Based Investment Products
We are remunerated by commission for our Insurance Intermediary Services including for our advice in relation to insurance based investment products (IBIPs).
Investment Intermediary Services
We charge a fee for our investment intermediary services.
Insurance Intermediary Services: Life Assurance & Pensions and IBIPs
We provide life assurance, pensions and IBIPs via life insurance companies on a fair and personal analysis basis i.e. providing services on the basis of a sufficiently large number of contracts and product producers available in the market to enable us to make a recommendation, in accordance with professional criteria, regarding which contract would be adequate to meet your needs.
We will provide assistance to you for any queries you may have in relation to the policies or in the event of a claim during the life of the policy 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 on the subject of permanent health insurance policies we will 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.
You are required to answer questions asked by life insurers, or by us on their behalf, in application forms and related documents honestly and with reasonable care. Specific questions will be asked. Where you do not provide additional information (after being requested to do so) it can be presumed that information previously provided remains unchanged. An insurer may repudiate liability or limit the amount paid on foot of the contract of insurance if it establishes that non-disclosure of material information was an effective cause of the insurer entering into the relevant contract of insurance and on the terms on which it did.
Investment Intermediary Services: Advisory Investment Services
A meeting will be arranged with a qualified adviser to ascertain your personal and financial position and your needs and objections. We will provide you with a personal recommendation to set-up and manage an Investment Portfolio on your behalf on an investment platform managed by a (MiFID) investment firm. The service includes:
- Risk profiling
- Recommending an investment portfolio that meets your needs and objectives including your attitude to risk and sustainability preferences, if any
- Ongoing analysis of your portfolio and recommended adjustments on a quarterly basis when appropriate
- Liaising with the investment platform on your behalf, and on your instruction, to execute trades
- Investment & Market updates
- Periodic suitability reviews and ongoing advice
- Regulatory Statements & Valuations
- Contact centre
Employee Financial Wellness Ltd trading as EFW Private, EFW Connect, Pension Planners, Employee Financial Wellness and NBFP Private does not hold Client money or assets.
Custody and execution of trades are handled by a third-party platforms and/or custodians, regulated by the Central Bank of Ireland.
We will act as your agent in appointing both the platform and/or Custodian in relation to this service. You will be provided with separate Terms & Conditions for these parties. Our fee structure for this service can be found at https://efwprivate.ie/charges-and-fees/
NOTE: All investment decisions remain your responsibility. We will not act on your behalf without your explicit instruction. We do not have the discretion to place trades on your behalf, we will assist in the execution via third party platforms and/or custodians, but we are not liable for any delays or errors caused by such parties.
The investment platform provides access to a significant range of investment instruments available in the market and we are satisfied that it ensures that in providing investment services we do so based on a fair analysis of the market.
Sustainability Factors – Investment/IBIPs/Pension Advice
In accordance with the Sustainable Finance Disclosure Regulation (‘SFDR’), we inform you that when providing advice on insurance-based investment products/Investments, we assess, in addition to relevant financial risks, relevant sustainability risks as far as this information is available in relation the products proposed/advised on. This means that we assess environmental, social or governance events/conditions that, if they occur, could have a material negative impact on the value of the investment.
We integrate these risks in our advice in the following way: We review product provider literature in relation to sustainability risks, we liaise with the providers in relation to any queries in relation to the funds. This information is reviewed by the firm on an ongoing basis.
Considering Principal Adverse Impacts on sustainability factors in the advice:
When providing advice on insurance-based investment products (‘IBIPs’) or investment advice we assess the PAI information published by product manufacturers as follows:
The firm will examine the Product Providers literature to establish the Principal Adverse Impacts for the relevant products. The firm will then compare financial products across available providers to make informed investment decisions about the suitability of ESG products for individual clients.
Impact on Return
We also assess the likely impacts of sustainability risks on the returns of the IBIPs and investment portfolios on which we advise.
Statement of Charges
Pursuant to Regulation 68 of the Consumer Protection Code, a summary of the details of all arrangements for any fee, commission other reward or remuneration paid or provided to us which have agreed with product providers is available in our office or on our website – https://efwprivate.ie/charges-and-fees/
Insurance Intermediary Services: Life Assurance & Pensions and IBIPs
We may earn our remuneration on the basis of fee, commission and any other type of remuneration, including a non-monetary benefit or on the basis of a combination of these methods. A non-monetary benefit will only be accepted if it enhances the quality of the service to our clients.
You may choose to pay in full for our services by means of a fee. Where 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 3 hrs.
Investment Intermediary Services: Advisory Investment Services
We are remunerated by a fee charged on the value of assets held in your investment portfolio.
Ongoing Remuneration
We wish to inform you that we receive ongoing remuneration from life insurance companies in respect of the financial service provided to you. This remuneration is based a percentage of the value of your pension, IBIPs and annual premiums paid and is intended to cover the ongoing service that we provide to you in relation to this product.
The nature of the service for which this remuneration is payable includes regular reviews, updates on performance, and continued access to our advice.
Ongoing Suitability
Investments including IBIPs
Ongoing suitability assessments form part of the service to clients. On an annual (and in some instances quarterly) basis the firm will issue a client report outlining changes in the services or instruments involved and/or the circumstances of the client.
Regular Reviews
It is in your best interests that you review, on a regular basis, the products and services 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 contact us to ensure that you are provided with up-to-date advice and products best suited to your needs.
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 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. Our Compliance Department is responsible for managing potential conflicts of interest. A full copy of our conflicts of interest policy is available on request.
Default on payments by clients
We will exercise our legal rights to receive payments due to us from clients (fees and insurance premiums) for services provided.
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.
Complaints
We have a written procedure in place for handling client complaints which ensures that all complaints are recorded and acknowledged in writing within 5 business days and are fully investigated. Whilst we are happy to receive verbal complaints, it would be preferable that any complaints are made in writing.
Please refer to our Complaints Procedure which is available on our website
If you are dissatisfied with our handling of, or response to your complaint, you can refer the matter to The Financial Services and Pensions Ombudsman. The Financial Services and Pensions Ombudsman is a statutory officer who deals independently with unresolved complaints from consumers about their individual dealings with financial services providers. It is a free service to the complainant.
Further details relating to the Financial Services and Pensions Ombudsman, including how to make a complaint, are available at www.fspo.ie, by telephone on Lo-Call Number: 1890 88 20 90, or by writing to the Financial Services and Pensions Ombudsman, 3rd Floor, Lincoln House, Lincoln Place, Dublin 2
Data Protection
We are subject to the requirements of the General Data Protection Regulation 2016 and the Data Protection Act 2018.
Employee Financial Wellness Ltd trading as EFW Private, EFW Connect, Pension Planners, Employee Financial Wellness and NBFP Private 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 Privacy Statement which is available here Privacy Statement – EFW Private. If this medium is not suitable, we will ensure you can easily receive a copy by hard copy.
An aspect of our processing of your personal data includes the recording of telephone calls. These calls are recorded and stored for training and quality assurance purposes and are processed in a manner which does not infringe any of your rights as a data subject under GDPR.
Please contact us at [email protected] if you have any concerns about your personal data.
New Business & Renewal
If you have taken out a life insurance contract, you may cancel the contract by giving notice in writing to us 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.
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.
A court of competent jurisdiction can reduce the pay-out to you if you are in breach of your duties under the Act, in proportion to the breach involved.
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 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) 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.
Shareholdings
Mercatus BidCo Ltd. directly holds 100% per cent of the voting rights and the capital in Employee Financial Wellness Ltd trading as EFW Private, EFW Connect, Pension Planners, Employee Financial Wellness and NBFP Private. Employee Financial Wellness Ltd trading as EFW Private, EFW Connect, Pension Planners, Employee Financial Wellness and NBFP Private is part of the WEALTH at work group.