Terms of Business
Effective from June 2023.
SISgate Financial
These Terms of Business set out the general terms under which our firm will provide business services 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. Please note that in order to avail of
any product or service through SISgate Financial it is a condition that you agree to the terms as set out below. If you do not wish our relationship
to be governed in the manner as set out hereunder you need to advise us in writing before we proceed to arrange the relevant product/service.
Authorisation with the Central Bank of Ireland
Betty Martin Financial Services Ltd trading as SISgate Financial, Company Number 392298 is regulated by the Central Bank of Ireland as an
insurance intermediary registered under the European Union (Insurance Distribution) Regulations 2018 ; as an Investment Intermediary authorised
under the Investment Intermediaries Act, 1995 and as a Mortgage Intermediary authorised under the Consumer Credit Act, 1995, and as a
Mortgage Credit Intermediary under the European Union (Consumer Mortgage Credit Agreements) Regulations 2016. 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 1890 777 777 or alternatively visit their website at www.centralbank.ie to verify our credentials.
Codes of Conduct
SISgate Financial is subject to the Central Bank’s 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
The scope of our authorisation covers financial planning products including Pension Plans, Life Assurance Policies, Investment Bonds, Personal
Retirement Savings Accounts, and Collective Investments and Deposits. SISgate Financial transmits orders on our customers’ behalf to any of the
financial product producers with whom we hold an agency. A full list of agencies held is available on request.
We do not have a holding, direct or indirect, representing 10 per cent or more of the voting rights or of the capital in any insurance undertaking
and likewise no insurer has such a holding in SISgate Financial. It is not “tied” to any Product Producer for any class of insurance business it
provides. O’Leary Life represents its customers when dealing with Insurers.
In relation to the products listed below we provide broad based advice on a fair and personal analysis basis. This means we will provide services
on the basis of a sufficiently large number of contracts and product producers available on the market to enable us to make a recommendation,
in accordance with professional criteria, regarding a contract that would be adequate to meet your needs. We may receive remuneration from
product providers or you have the option to pay in full for our services, in respect of the products listed below by means of a fee. Our current basic
hourly rate is detailed under the heading Remuneration and Fees.
o Life Assurance policies – Level, Convertible & Decreasing Term, Whole of Life,
o Serious Illness Cover,
o Income Protection,
o Savings,
o Insurance based investment policies,
o Pension Plans and PRSAs.
We place business with product producers licenced and/or approved to underwrite such business and who are regulated by the Central Bank of
Ireland or the Financial Regulator of the country in which they are established. We do not, in any circumstances, assess, guarantee or otherwise
warrant the solvency of any product producer with whom we place such business and as such we expressly disclaim responsibility for the financial
security of said Product Producers. As a consequence, the suitability of any product producer rests with you. If you have any concerns regarding
any product producer chosen to meet your life, investment, and pension requirements you must advise us as soon as possible and we will discuss
them with you.
SISgate Financial is a member of Brokers Ireland. As an Insurance/Investment Intermediary we may provide general information about
legal/taxation matters. This information is not legal/taxation advice and should not be treated as such. You must not rely on this information as an
alternative to legal/taxation advice from your Solicitor/Tax Advisor or other professional legal/tax services provider.
Deposits
The firm provides deposit advice on both long- and shhort-term deposit rates on a limited analysis basis. (i.e. providing services on the basis of a
limited number of contracts and product producers available on the market). The Product Producers whose products and or services we consider
are Permanent TSB plc..
Financial Planning
For us to provide advice on financial planning, we will need to collect sufficient information from you before we can offer any advice. Once we
have completed our analysis, we will present our findings and recommendation(s) to you which will include a Statement of Suitability. In relation
to serious illness policies, we will explain clearly to you the restrictions, conditions and general exclusions that attach to that policy. We will provide
assistance to you for any queries you may have in relation to policies or in the event of a claim during the life of the policies and we will provide
you with information on 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 income
protection and serious illness policies.
Remuneration and Fees
SISgate Financial may be renumerated by commission from Product Producers to whom orders are transmitted on the completion of business.
Where we receive recurring commission, this forms part of the remuneration for initial advice provided and also for the ongoing management of
your policy. In respect of new business, the firm may receive commission and other payments from the product producers to whom orders are
transmitted. Where business is referred to us by a qualifying third party, we may share a portion of the commission received with this party.
A summary of the details of all arrangements for any fee, commission, other reward or remuneration paid or provided to us which we have agreed
with product providers is available on our website www.sisgatefinancial.com. Further details may be included in the policy/investment documents issued by the product provider when your policy or investment is in force.
The key product providers with which we engage, and receive remuneration from, have, in so far as we are aware, developed responsible
investment as part of their investment philosophies and sustainability risk policies. We take due care so that our internal remuneration policy with
respect to investment or insurance advice on insurance-based investment products (‘IBIPs’) promotes sound and effective risk management in
relation to sustainability risks and does not encourage excessive risk‐taking with respect to sustainability risks.
You may choose to pay in full for our services by means of a fee for insurance and pension products which would be agreed with us in advance.
SISgate Financial will, if necessary, exercise its legal right to receive any payments due to it from customers for business services provided. In
certain circumstances it will be necessary to charge a fee for services provided. The Firm may charge you a fixed fee or a commission which is a
percentage of the insurance premium and levies for the services provided. Fees may be payable for complex cases or to reflect value, specialist
skills or urgency or you may choose to pay in full for our service by fee for insurance and pension products. In any case, we will notify you in writing
in advance and agree the scale of fees to be charged if different from fees outlined below. If we receive commission from a product producer this
may be offset against the fee which we charge. This will be agreed in advance, where relevant.
Please note that these fees may be subject to VAT. The above are standard fees and SISgate Financial reserves the right to charge a higher fee
should the complexity of the product require it.
If we receive commission from a product provider [and off-set the commission against the fee which we would otherwise have charged you] but
the commission is subsequently clawed-back by the provider because of early encashment by you or because of the transferring of the assets or
business to another provider or in any circumstances consequent on your actions or omissions, we will charge a fee to you that is equal to [100%
of] the clawed-back commission. That fee will be owing in simple contract upon the claw-back of the commission.
We charge a minimum fee of €500 for processing a retirement claim where a customer is drawing down some or all of their entire fund as Tax
Free and/or Taxable Cash.
Disclosure of Information
It is important that you ensure that all information provided on proposal forms, application forms, statement of facts and any other documentation
relevant to the service being provided to you is complete and accurate.
There are a number of new duties applying to our “Consumer” customers as defined under the Consumer Insurance Contract Act 2019 hereafter
referred to as “CICA”. There are also a number of new duties for Insurers under the Act. Your Insurance Policy’s Terms and Conditions will set out
The Act applies to all non-life and life insurance contracts, including renewals, delivered to “consumers”. Consumers are defined in the Act as per
the definition in the Financial Services and Ombudsman Act 2017, which includes individuals, unincorporated and incorporated bodies with a
turnover of less than €3 million (provided such businesses are not members of a group with combined turnover greater than €3 million).
Should you fall under the definition of a Consumer within the meaning of the said Act the following applies:
For new business, renewals and mid-term adjustments, you are under a duty to answer all questions posed by us or the Insurer honestly and with
reasonable care. We can support you in your understanding of the questions asked by the Insurer. However, responsibility for providing honest
answers to the questions asked rests with you directly. The test will be that of the ‘average consumer’ as per Directive No. 2005/29/EC 2005. The
questions asked will be specific. Where you do not provide additional information (after being requested to do so) it can be presumed that the
information previously provided remains unchanged. If you do not answer these questions honestly and with reasonable care and attention,
depending on the product type, the relevant insurer may use remedies available to them, including any remedies under the Act which may include
the remedy to cancel the contract, reject a claim or to limit the amount they pay in the event of a claim. Incorrect information may also result in
contract benefits being reduced.
Should you not fall under the definition of a Consumer with the meaning of the said Act the following applies:
When seeking a quotation and/or arranging, amending or renewing a policy, product or pension the information you provide must be true in every
respect and you must not withhold or misrepresent any material information on an ongoing basis. Material information is any information which
a product producer would regard as likely to influence their assessment or acceptance of the insurance. Failure to disclose all material information
may lead to a product producer cancelling your policy, product or pension, refusing to pay a claim and impacting on your ability to purchase a
policy, product or pension in the future. If you are in doubt as to whether information is material or not, please disclose it or contact us for
guidance. This information includes, but is not limited to age, occupation, claims, medical details or history.
Change in Circumstances
You will advise us as soon as is reasonably practicable of any changes in your circumstances that may affect the services to be provided by us or
the cover provided under your policy, product or pension.
Written Communication
We may provide information in paper format or via email e.g. Terms of Business, recommendations, product brochures, etc. Where you have
provided us with your email address we operate on the basis that this represents your consent to receive documentation by email. On receipt of
our emails, you may request paper copies.
Proposal Form
Where you fall under the definition of a Consumer with the meaning of “CICA” the following applies:
To incept your contract of insurance some Insurers will require you to complete and sign a Proposal Form, Questionnaire or similar document.
You are under a duty to answer all questions posed honestly and with reasonable care. The answers as set out in the Proposal Form or Statement
of Fact will form the basis of any contract of insurance arranged on your behalf with an Insurer. We will advise you in this process but are not able
to complete the document on your behalf save where we pre-populate [either partially or fully] the document based on information provided by
you. You must review and confirm the information contained in these documents is true and accurate before entering into a contract of insurance
and advise us immediately if any of the information requires amendment.
Where you do not fall under the definition of a Consumer within the meaning of CICA, the following duty also applies. In addition to the above,
you must also set out in the aforementioned documents any other facts which are likely to affect cover. Any failure to disclose material information
may invalidate your claim and render your policy void.
Ongoing Suitability of Investments/Insurance Products
For consumers as defined in the Central Bank of Ireland’s Consumer Protection Code 2012 prior to the arrangement of a policy, product or pension,
we will issue you a Statement of Suitability which will set out the reasons why the product[s]/service[s] being offered or recommended to you are
considered to be suitable for your needs and objectives; personal circumstances; and financial situation based on the information you have
provided to us. You must read this statement to satisfy yourself that the cover offered by the product or service selected fully meets your
requirements. See the Section on Cooling Off Period below.
Unless otherwise stated in the Statement of Suitability, we do not conduct periodic suitability assessments of financial instruments including
Insurance Based Investment Products on an ongoing basis. However, it is in your best interests that you review, on a regular basis, the products
which we have arranged for you. As your circumstances change, your needs will change. You must advise us of those changes and request a review
of the relevant policy or investment 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 in relation to changes in your circumstances or failure to request a review, may result in you having insufficient insurance
cover and/or inappropriate investments. If we consider your risk profile or type of financial instrument recommended requires a periodic
assessment, it will be stated in your Statement of Suitability, and the assessment will be done at agreed intervals.
Cooling Off Period
A cooling-off period begins on the day you receive your policy documents, or on the date the policy starts. For information on cooling off period,
please consult the Terms and Conditions contained in your Policy documents.
Your Responsibilities
It is important that you check the details and read all documents issued to ensure that you are aware of the cover, limits etc. and advise us if it
does not appear to be in accordance with your instructions/requirements.
Any Product arranged by SISgate Financial is subject to all the terms, conditions and exclusions of the Product Producer selected. It is essential
that you read and strictly comply with the terms, conditions, warranties and exclusions in your Product Producer’s Policy, Investment or Pension
which you have been given, or which is available on request from us, in order to satisfy yourself that the cover offered meets with your
requirements. Failure to comply with any terms, conditions, warranties, and exclusions can invalidate the Insurance Policy, Investment or Pension
at the option of your Product Producer. If for some reason you breach or cannot comply with a term, condition, warranty, or exclusion you should
discuss the matter with us immediately.
Claims
It is essential that we are notified immediately of any claims or circumstances which could give rise to a claim. The Policy wordings will describe in
detail the procedures and conditions in connection with making a claim. To ensure full protection under your Policy, you should familiarise yourself
with the coverage, conditions or other procedures immediately relating to the claims and to the notification of those claims. Failure to adhere to
the notification requirements, particularly timing, as set out in the Policy may entitle your product producer to deny your claim. When you notify
us, you must include all material facts concerning the claim. Failure to do so may invalidate your claim and render your policy void.
Where you fall under the definition of a Consumer with the meaning of “CICA” the following applies:
An insurer may refuse a claim made by a consumer under a contract of insurance where there is a change in the risk insured, including as described
in an “alteration of risk” clause, and the circumstances have so changed that it has effectively changed the risk to one which the insurer has not
agreed to cover.
Any clause in a contract of insurance that refers to a “material change” will be interpreted as being a change that takes the risk outside what was
in the reasonable contemplation of the contracting parties when the contract was concluded.
You must cooperate with the insurer in an investigation of insured events including responding to reasonable requests for information in an honest
and reasonably careful manner and must notify the insurer of the occurrence of an insured event in a reasonable time.
You must notify the insurer of a claim within a reasonable time, or otherwise in accordance with the terms of the contract of insurance.
If you become aware after a claim is made of information that would either support or prejudice the claim, you are under a duty to disclose it.
(The insurer is under the same duty).
If you make a false or misleading claim in any material respect (and know it to be false or misleading or consciously disregard whether it is) the
insurer is entitled to refuse to pay and to terminate the contract.
Where an insurer becomes aware that a fraudulent claim has been made, they must notify the consumer advising that they are avoiding the
contract of insurance. It will be treated as being terminated from the date of the submission of the fraudulent claim. The insurer may refuse all
liability in respect of any claim made after the date of the fraudulent act, and the insurer is under no obligation to return any of the premiums
paid under the contract.
Non-Payment of Premium
The consumer as defined in “CICA” is under a duty to pay their premium within a reasonable time, or otherwise in accordance with the terms of
the contract of insurance. For all other customers you will agree to pay all premiums and other charges on or before the due date as set out in the
documentation issued to you. Failure to pay a premium may result in cancellation of the policy by the product producer, withdrawal of benefits
or refusal to pay a claim, in accordance with any cancellation clause in the Policy. Please contact us immediately if you are unable to meet a
premium obligation.
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. A full copy of our conflicts of interest policy is available on request.
Consumer Protection
SISgate Financial is a member of the Investor Compensation Scheme, which provides certain remedies to eligible customers on default by the firm.
The main details of the operation and conditions of the Scheme are detailed hereunder. Your legal rights against the firm are not affected by this
scheme.
1. Investor Compensation Act 1998
We are members of the Investor Compensation Scheme established under Section 38 of the Investor Compensation Act 1998. The Act
provides that compensation shall be paid to eligible investors (as defined in the Act) to the extent of 90% of an investor’s net loss or
€20,000, whichever is the lesser and is recognised as being eligible for compensation. For further information, you may contact the
Investor Compensation Company Limited at [01] 2244955
2. Brokers Ireland Clients’ Compensation and Membership Benefits Scheme (BIC)
We are also members of 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 customer (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 customer of the member. Further details are available on request.
3. Professional Indemnity Cover
For your further protection, the Group has substantial Professional Indemnity cover in place.
Sustainability Factors - Investments/Insurance Based Investment Products [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 currently do not assess, in addition to relevant financial risks, relevant sustainability risks as far as this
information is available in relation the products proposed/advised on. The consideration of sustainability risks can impact on the returns of
financial products.
Complaints
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 in writing within 5 business days. The complaint will be fully investigated by SISgate Financial
and we will aim to resolve the complaint within 40 business days, and where an investigation is ongoing will provide a written update on the
progress at intervals of not greater than 20 business days. When the investigation is concluded, a final written response will be issued to you
regarding the outcome of the investigation, within 5 business days. In the event that you remain dissatisfied with the firms handling and response
to your complaint you are entitled to refer your complaint to Financial Services and Pensions Ombudsman, contact details of which are available
on request. A full copy of our complaint’s procedure is available on request.
Anti Money Laundering
All Anti Money Laundering verification checks are a requirement under the Criminal Justice (Money Laundering & Terrorism Financing) Act 2010
(as amended) and regulations pursuant thereto.
Data Protection
We operate to the highest standards of client confidentiality and meet statutory requirements under the Data Protection Acts 1998 to 2018, and
the European Union’s General Data Protection Regulation effective from 25th May 2018.
SISgate Financial 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 customer.
Our staff and support service providers will use your personal information to offer advice on suitable products, service your business on an ongoing
basis, monitor services for quality control purposes, or as otherwise required by law. For these purposes we may share your contact details and
other relevant information with product providers, other companies within the SISgate Financial and our support service providers, for the
purposes of providing you with appropriate advice.
Your data will be processed only in ways compatible with the purposes for which it was given and as outlined in our Data Privacy Notice. To see
our Privacy Notice, please note that same is available our website www.sisgatefinancial.com. If it is not suitable to view our Privacy Notice on our
website, you may request a copy by post.
Please contact us at info@sisgatefinancial.com if you have any concerns about your personal data.
We would also like to offer you products and services which we think may be of interest to you. In order to do so, we would like your consent so
that we may contact you by letter, email, SMS text, or telephone (mobile and landline). You have the right to ask us not to send marketing
information to you at any time.
Force Majeure
We will not be liable or responsible for any failure to perform, or delay in performance of, any of our obligations that is caused by events outside
our reasonable control [“Force Majeure Event”]. A Force Majeure Event includes any act, event, non-happening omission, or accident beyond our
reasonable control.
Termination
Either of us have the right to terminate these terms by sending the other party prior written notice. You may terminate any service or product you
have undertaken with/through us. Likewise, SISgate Financial reserves the right to withdraw its services to you by advising you in writing. In such
circumstances we will provide you with adequate written notice and will endeavour to ensure that any outstanding business is satisfactorily dealt
with. Such termination will take effect from the date specified in the notice and in line with Consumer Protection Code Provisions.
Governing Law
The laws of the Republic of Ireland will govern these terms and conditions. This Terms of Business document supersedes any others which were
previously issued to you. These Terms of Business are valid from 22nd March 2023 until further notice.