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These Terms of Business set out the basis on which Omega
Financial Management will provide business services to you as
an individual private client of the firm. Please take a few
minutes to read through these and if you have any questions we
will be happy to answer them.
The full name and
address of the firm and contact details are set out in the
"Contact Us"
page of this
website.
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OFM Financial Limited t/a
Omega Financial Management is regulated by the Central Bank
of Ireland. A list of the product producers from whom the
firm holds written letters of appointment is attached at
Appendix 1.
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Omega Financial Management is
a member of the Irish Mortgage Advisors Federation.
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Omega Financial Management is
authorised in Ireland to provide investment business
services of transferable securities, insurance policies,
tracker bonds and PRSA's under the Investment
Intermediaries Act, 1995, as amended, authorised as a
mortgage intermediary under the Consumer Credit Act, 1995,
as amended and also authorised to provide insurance
policies under the Insurance Mediation Directive.
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In relation to products
provided by the product producers listed in Appendix 1, the
services which the firm is authorised to provide are:
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Advising you in
relation to the nature of each of the products and advising
you as to which product is suitable for your needs;
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Receiving
and transmitting orders on your behalf for a product(s).
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The products for which Omega
Financial Management has appointments to act in relation to
are, all life assurance products and these include life
assurance policies, specified serious illness and other
protection type policies, pension policies, and savings and
investment life assurance policies. Omega also has
appointments to advise on deposit accounts and mortgages
and home insurance
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Omega Financial Management
may receive commission and other payments from the product
producer to whom orders are transmitted. 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, and full details
will be included with your cooling-off letter.
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Omega Financial Management is
in receipt of mortgage commissions from lenders at a rate
of up to 1% of the value of the amount borrowed. A list of
lenders whom Omega Financial Management holds agencies with
is listed in this document.
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Omega Financial Management is
in receipt of commissions on deposit accounts at a rate of
up to .5% per annum.
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Omega Financial Management is
in receipt of commissions for tracker bond at a rate of up
to 3.5% offered by product providers.
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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 none arises.
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Omega Financial Management
will, if necessary, exercise its legal rights to receive
any payments due to it from clients for business services
provided by it and, to be reimbursed for any value obtained
by the firm for clients arising from payments by the firm
on behalf of clients who subsequently default in any
payment due to the firm.
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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.
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Any complaint that you may
have in relation to the business services provided should
be made in writing to the firm outlining the nature of your
complaint. Any such complaint will be acknowledged within 5
days. The complaint will be fully investigated by Omega
Financial Management and a full response will be provided
to you. We will aim to provide this response not later than
40 days from receipt of your complaint and update you after
20 days of how the investigation is progressing. In the
event that you remain dissatisfied with the firms handling
and response to your complaint you are entitled to refer
your complaint to the
Financial Services Ombudsman.
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Omega Financial
Management is a member of the Investor Compensation Scheme,
under the Investor Compensation Act, 1998, which provides
certain remedies to eligible clients on default by the
firm. The main details of the operation and conditions of
the Scheme are attached at Appendix 2. Your legal rights
against the firm are not affected by this scheme. In
addition Omega Financial Management is bonded for the
aggregate sum of €1,500,000.
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Omega Financial Management is
also covered under the current Government Guarantee of
Deposits. Please see details in Appendix 3.
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Omega Financial
Management regrets that credit cannot be extended to
clients in respect of premiums, initial, renewal or
additional. Initial or first premiums must be paid at
inception of cover and renewal premiums before the policy
renewal date otherwise we will advise the insurance
undertaking or product producer involved and cover will be
cancelled.
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Omega Financial Management
will issue receipts for each payment received pursuant to
Section 30 of the Investment Intermediaries Act 1995 and
should be retained in a safe place.
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DATE: The
Terms of Business
are valid from August
2006 until further notice.
Appendix 1
Product producers from which Omega
Financial Management holds written letters of appointment to
act as an intermediary.
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NAME OF PRODUCT PROVIDER
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Allied Irish Banks plc
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Anglo Irish Bank
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Bank of
Scotland
(
Ireland
) Limited
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BCP Stockbrokers
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BNP Paribas Personal Finance
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Caledonian Life
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Campbell
O'Connor
Stockbrokers
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Canada
Life
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Capital Home Loans Limited
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Cork City Council
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Eagle Star
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EBS
Building
Society
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First Active plc
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Friends First
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Galway
County Council
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Haven Mortgages Limited
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Hibernian Life & Pensions
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ICS
Building
Society
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Irish Life & Permanent plc
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Insurance Risk Managers
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Irish Nationwide Building Society
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KBC Mortgage Bank
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Kilkenny County Council
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Liberty
Asset Management
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Mortgage & Assurance Services Limited
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National Irish Bank Limited
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New Ireland
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Permanent TSB
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Scottish Provident
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Standard Life
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Union de Credit Pour Le Batiment SA (UCB)
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Appendix 2.
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Investor Compensation Act,
1998.
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Under Section 38 (1) of the Investor
Compensation Act, 1998 I wish to draw your attention to the
following:
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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;
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my firm is a member of the
compensation scheme;
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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 clients for the time being and there is no reasonably
foreseeable opportunity of the firm being able to do so;
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a right to compensation will
arise only:
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if the client is an eligible
investor as defined in the Act:
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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; and
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to the extent that
the client's loss is recognised for the purposes of the
Act:
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where an entitlement to
compensation is established, the compensation payable will
be the lesser of:
(a) 90 per cent of the amount of the client's
loss which is recognised for the purposes of the Investor
Compensation Act, 1998;
Or
(b) Compensation of up to EUR20,000.
Appendix 3.
Bank Deposit Guarantee
Following Ministerial Orders made on 24th October and 5th
November 2008, the following credit institutions and
subsidiaries are 'covered institutions' for the purposes of
the Credit Institutions (Financial Support) Scheme 2008.
Allied Irish Banks plc, and it
subsidiaries AIB Mortgage Bank (CI) Limited, AIB Group (UK)
plc and Allied Irish Banks North America Inc.;
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Anglo Irish Bank
Corporation plc and its subsidiary Anglo Irish Bank
Corporation (International) plc;
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The Governor and
Company of the Bank of Ireland and its subsidiaries Bank of
Ireland Mortgage Bank, ICS Building Society and Bank of
Ireland (I.O.M.) Limited;
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EBS Building Society;
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Irish Life &
Permanent plc and its subsidiary Irish Permanent (I.O.M.)
Limited;
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Irish Nationwide
Building Society and its subsidiary Irish Nationwide
(I.O.M.) Limited
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Postbank Ireland
Limited
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Irish Government Bank Guarantee Scheme
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Name of Institution
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Financial Regulator
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Allied Irish Banks plc (AIB)
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Financial Regulator
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Anglo Irish Bank Corp.
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Financial Regulator
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Bank of Ireland (The Governor
and Company of Bank of Ireland)
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Financial Regulator
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EBS Building Society
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Financial Regulator
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ICS Building Society (also
trades as The Mortgage Store)
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Financial Regulator
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Irish Life & Permanent plc
(Permanent TSB)
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Financial Regulator
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Irish Nationwide Building
Society
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Financial Regulator
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Postbank Ireland Limited
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Financial Regulator
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DATE: The
Terms of Business
(Amended) are valid from
November 2001 until further notice
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