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.
- OFM Financial Limited t/a Omega Financial Management is regulated by the Financial Regulator. A list of the product producers from whom the firm holds written letters of appointment is attached at Appendix 1.
- Omega Financial Management is a member of the Irish Mortgage Advisors Federation.
- 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.
- In relation to products provided by the product producers listed in Appendix 1, the services which the firm is authorised to provide are:
 Advising you in relation to the nature of each of the products and advising you as to which product is suitable for your needs;- Receiving and transmitting orders on your behalf for a product(s).
- 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.
- 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.
- 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.
- Omega Financial Management is in receipt of commissions on deposit accounts at a rate of up to .5% per annum.
- Omega Financial Management is in receipt of commissions for tracker bond at a rate of up to 3.5% offered by product providers.
- 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.
- 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.
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.
- 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.
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.
- Omega Financial Management is also covered under the current Government Guarantee of Deposits. Please see details in Appendix 3.
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.
- 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.
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.
NAME OF PRODUCT PROVIDER |
Allied Irish Banks plc |
Anglo Irish Bank |
Bank of Scotland (Ireland) Limited |
BCP Stockbrokers |
BNP Paribas Personal Finance |
Caledonian Life |
Campbell O’Connor Stockbrokers |
Canada Life |
Capital Home Loans Limited |
Cork City Council |
Eagle Star |
EBS Building Society |
First Active plc |
Friends First |
Galway County Council |
Haven Mortgages Limited |
Hibernian Life & Pensions |
ICS Building Society |
Irish Life & Permanent plc |
Insurance Risk Managers |
Irish Nationwide Building Society |
KBC Mortgage Bank |
Kilkenny County Council |
Liberty Asset Management |
Mortgage & Assurance Services Limited |
National Irish Bank Limited |
New Ireland |
Permanent TSB |
Scottish Provident |
Standard Life |
Union de Credit Pour Le Batiment SA (UCB) |
Appendix 2.
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:
- 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;
- my firm is a member of the compensation scheme;
- 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;
- a right to compensation will arise only:
- if the client is an eligible investor as defined in the Act:
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
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:
(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.;
Anglo Irish Bank Corporation plc and its subsidiary Anglo Irish Bank Corporation (International) plc;
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;
EBS Building Society;
Irish Life & Permanent plc and its subsidiary Irish Permanent (I.O.M.) Limited;
Irish Nationwide Building Society and its subsidiary Irish Nationwide (I.O.M.) Limited
Postbank Ireland Limited
Irish Government Bank Guarantee Scheme |
Name of Institution |
Financial Regulator |
Allied Irish Banks plc (AIB) |
Financial Regulator |
Anglo Irish Bank Corp. |
Financial Regulator |
Bank of Ireland (The Governor and Company of Bank of Ireland) |
Financial Regulator |
EBS Building Society |
Financial Regulator |
ICS Building Society (also trades as The Mortgage Store) |
Financial Regulator |
Irish Life & Permanent plc (Permanent TSB) |
Financial Regulator |
Irish Nationwide Building Society |
Financial Regulator |
Postbank Ireland Limited |
Financial Regulator |
DATE: The Terms of Business (Amended) are valid from November 2001 until further notice
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