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Last updated: October 2021
These Terms of Business set out the basis on which Finance Company of Ireland Ltd will provide business services to you as an individual private client of the firm.
Finance Company of Ireland Ltd
97 Malahide Road, Clontarf, Dublin 3
Trading names and websites: Mortgage Company of Ireland — Mortgages.ie — Lifeinsurance.ie
We act as an authorised intermediary in respect of the following products:
Finance Company of Ireland Ltd (trading as Mortgage Company of Ireland) 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, 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 on 1890 777 777 or visit centralbank.ie to verify our credentials.
Our business is subject to the Central Bank's Consumer Protection Code, Minimum Competency Code and Fitness and Probity Standards, which offer protection to consumers.
The principal regulated activities of Finance Company of Ireland are provided on the basis of a fair and personal analysis of the market, except for home insurance, which is provided on the basis of a limited analysis of the market.
Fair and personal analysis describes the extent of the choice of products and providers offered by an intermediary within a particular category of life assurance, general insurance, mortgages, and/or a specialist area. The number of contracts and providers considered must be sufficiently large to enable an intermediary to recommend a product that would be adequate to meet a client's needs.
In relation to products provided by the product producers, the services we are authorised to provide are:
We receive a mortgage arrangement fee of 1% of the amount of the mortgage drawn down from the lender. This fee is payable by the chosen lender after your mortgage draws down, at no cost to you.
For life insurance and mortgage protection, commission is paid based on a multiple of the first year's premium, typically between 1.3 and 1.5 times the first year's premium. Details of commission receivable on life insurance business are included in a product information document you receive before an application is completed, with full details included in your cooling-off letter.
See our Fees and Commission page for further information.
In general we do not charge fees for arranging consumer mortgages or protection products such as life insurance or mortgage protection insurance. If we believe it is necessary to charge a fee, we will always agree this with you in writing in advance of providing any business service. You have the option, rarely exercised in practice, to pay in full for our services by way of a fee.
It is the policy of the firm to avoid any conflict of interest when providing business services to its clients. 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.
Finance Company of Ireland Ltd will, if necessary, exercise its legal rights to receive any payments due to it from clients for business services provided, and to be reimbursed for any value obtained by the firm for clients arising from payments made by the firm on behalf of clients who subsequently default on any payment due to the firm.
Governing law: these Terms of Business are subject to the laws of Ireland and the courts of Ireland have exclusive jurisdiction over any dispute.
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.
Your attention is drawn to the consumer warnings set out below (see Appendix 3).
Finance Company of Ireland Ltd reserves the right to request any facts about you which it reasonably believes it needs to know in order to comply with the Criminal Justice (Money Laundering and Terrorist Financing) Acts 2010–2018.
We are subject to the requirements of the General Data Protection Regulation and the Irish Data Protection Act 2018. Finance Company of Ireland Ltd is committed to protecting and respecting your privacy — see our Privacy Policy for full details of how we process your data and your rights as a client.
An integral element of providing financial advice is the assembly of personal information. In relation to information received, we abide by the following principles:
Any complaint you may have in relation to the business service provided should be made in writing to the firm, outlining the nature of your complaint. Any such complaint will be acknowledged within 5 working days. The complaint will be fully investigated and a full response provided, generally within one month of receipt. If you remain dissatisfied with our handling of your complaint, you are entitled to refer it to the Financial Services and Pensions Ombudsman.
Finance Company of Ireland Ltd is a member of the Investor Compensation Scheme, which provides certain remedies to eligible clients on default by the firm. Your legal rights against the firm are not affected by this scheme. A right to compensation arises only if you are an eligible investor as defined in the Investor Compensation Act, 1998, if the firm is not in a position to return client money or investment instruments belonging to you, and to the extent your loss is recognised for the purposes of the Act. Where an entitlement to compensation is established, the amount payable is the lesser of 90% of the recognised loss, or €20,000.
Duty of disclosure. You are required to answer all questions posed by us or the insurer honestly and with reasonable care — the test applied is that of the "average consumer". Before renewal of a contract of insurance, specific questions will be asked, and again you must answer honestly and with reasonable care. Where you do not provide additional information after being asked to do so, it can be presumed that previously provided information remains unchanged.
Failure to answer all questions honestly and with reasonable care can result in the insurer relying on proportionate remedies for misrepresentation, which may include voiding the contract of insurance. If a policy is cancelled by an insurer for any reason, including payment default, you may encounter difficulty purchasing insurance in future.
Completed proposal forms / statements of fact. Completed proposal forms or statements of fact will be provided to you. These are important documents as they form the basis of the insurance contract between the insurer and you, the consumer — you should review and confirm that the answers contained within are true and accurate.
Finance Company of Ireland Ltd shall ensure in all transactions that it:
Life & investment products — advice is provided on a fair analysis basis. We hold written letters of appointment with: Irish Life Assurance Plc, Royal London, New Ireland Assurance, Zurich Life, and Aviva, covering life assurance cover, specified serious illness cover, hospital cash cover and accident cover, income protection and other protection policies; savings and investments; regular contribution savings plans; and mortgage repayment protection insurance.
Home insurance — Aviva Home Insurance and the Zurich PIBA scheme.
Mortgage product producers — mortgages, remortgages, investment property mortgages, equity release, mortgage switching and international mortgages (Europe) are arranged through our appointments with lenders in the Irish market, including Haven Mortgages (AIB Group), Bank of Ireland, Permanent TSB, Finance Ireland, and ICS, together with lenders accepting mortgages through our Brokers Ireland mortgage intermediary appointment.
Note: the original 2021 document also listed Ulster Bank and KBC among our mortgage product producers. Both lenders have since exited the Irish mortgage market, so they've been left out of the list above — this section should be reconfirmed against our current panel of lenders before this document is reissued.
We draw your attention to the following warnings:
97 Malahide Road, Clontarf, Dublin 3 — Head Office
Unit 13 Classon House, Dundrum Business Park, Dundrum, Dublin 14
Phone: 01 832 7250
Email: info@mortgages.ie
Please address all correspondence to Head Office.