Terms of Business

AAA CK LIFE PENSIONS AND MORTGAGES LTD T/A CK FINANCIAL SOLUTIONS.

These Terms of Business are set out on the basis on which AAA CK Life Pensions and Mortgages Ltd. t/a CK Financial Solutions 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.

• The full name and address of the firm and contact details are set out at the top of this document.
• Ck Financial Solutions is a Reg’d trade name of AAA CK Life Pensions and Mortgages Ltd.

Authorisation with the Central Bank of Ireland

AAA CK Life Pensions & Mortgages Limited trading as CK Financial Solutions C50814 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 authorized under the Consumer Credit Act, 1995, as a Mortgage Credit Intermediary under the European Union (Consumer Mortgage Credit Agreements) Regulations 2016 and as a Debt Management Firm authorised under Part V of the Central Bank Act, 1997 (as amended by the Central Bank (Supervision and Enforcement) Act, 2013 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
AAA CK Life Pensions and Mortgages Ltd. are subject to the Consumer Protection Code, the Authorisation Requirements and Standards for Debt Management Firms, 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

AAA CK Life Pensions and Mortgages Ltd trading as CK Financial Solutions is a member of Brokers Ireland.
As a member of Brokers Ireland, we must be in a position to place insurance with at least five insurers of the relevant form and therefore can generally give consumers greater choice than agents and tied agents.
Our principal business is to provide advice and arrange transactions on behalf of clients in relation to life, pensions, investments, mortgages and debt management. A full list of insurers, product producers and lending agencies with which we deal is available on request.

AAA CK Life Pensions and Mortgages Ltd. acts as a Broker which means that:
a) the principal regulated activities of the firm are provided on the basis of a fair and personal analysis of the market; and
b) You have the option to pay in full for our services by means of a fee.

Fair and Personal Analysis

The concept of 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.
The number of providers that constitutes ‘sufficiently large’ will vary depending on the number of providers operating in the market for a particular product or service and their relative importance in and share of that market. The extent of fair analysis must be such that could be reasonably expected of a professional conducting business, taking into account the accessibility of information and product placement to intermediaries and the cost of the search.
In order to ensure that the number of contracts and providers is sufficiently large to constitute a fair and personal analysis of the market, we will consider the following criteria:

 the needs of the customer,
 the size of the customer order,
 the number of providers in the market that deal with brokers,
 the market share of each of those providers,
 the number of relevant products available from each provider,
 the availability of information about the products,
 the quality of the product and service provided by the provider,
 cost, and
 Any other relevant consideration.

Investment Intermediary Services
We are remunerated by commission for the advice we provide on our insurance-based investment products.
Life, Pensions, Investments and Life Wrapped Investments

AAA CK Life Pensions and Mortgages Ltd provides life assurance, specified illness cover, permanent health insurance (PHI), Investments and pensions 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 on 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 policies 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 it is our policy to 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.

Deposits
AAA CK Life Pensions and Mortgages Ltd offer deposits on a Limited Analysis. “Limited analysis of the market” means providing services on the basis of a limited number of contacts and product producers available on the market, i.e. while not tied to one product producer the services are not provided on the basis of a fair analysis of the market. We can place deposits through Permanent TSB Bank.
Mortgages

Through the lenders or other undertakings with which we hold an agency, AAA CK Life Pensions and Mortgages Ltd. can provide advice on and arrange mortgage products from the following range: fixed-rate loans, variable rate mortgages, capital & interest mortgages, interest only mortgages, endowment mortgages, pension mortgages and residential investment property.
AAA CK Life Pensions and Mortgages Ltd. provides mortgage advice on a fair analysis basis (providing services on the basis of a sufficiently large number of contracts and product producers available on the market to enable the firm to make a recommendation, in accordance with professional criteria, regarding which contract would be adequate to meet your needs). We hold an agency with Brokers Ireland Mortgage Services that has access to a range of mortgage providers. We also hold an agency with Dilosk DAC trading as Dilosk and ICS Mortgages.
We will need to collect sufficient information from you before we can offer any advice on housing loans. This is due to the fact that a key issue in relation to mortgage advice is affordability. Such information should be produced promptly upon our request.
Statement of Charges
We may earn our remuneration on the basis of fee, commission and any other type of remuneration, including an economic benefit of any kind offered or given with the insurance contract.
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 5 hrs.

In certain circumstances, it will be necessary to charge a fee for services provided. These are listed below. In other circumstances where fees are chargeable or where you choose to pay in full for our service by fee, we will notify you in writing in advance and agree the scale of fees to be charged if different from fees outlined below. Where it is not possible to provide the exact amount, we will provide you the method of calculation of the fee.

If we receive commission from a product provider, this may be offset against the fee which we will charge you. Where the commission is greater than the fee due, the commission will become the amount payable to the firm unless an arrangement to the contrary is made.
AAA CK Life Pensions and Mortgages Limited t/a C K financial Solutions may also receive trail income on an annual basis from Life, Pension and Investment business.

Life and Pensions Fees:

You may elect to deal with us on a fee basis.

Senior Advisers €200 per hour
Support staff €125 per hour

In addition to the applicable above fee, Travel time will be charged at half of this fee

Additional fees may be payable for complex cases or to reflect value, specialist skills or urgency. We will notify you in advance of providing you with these services, our scale of fees for such work range from a minimum of €200 per hour to a maximum of €300 per hour.

Personal Retirement Savings Accounts (PRSAs) – Fees:

Where advice is requested for PRSAs, the following hourly fees will apply:
Senior Advisers: €200 per hour.
Support staff: €125 per hour.

Additional fees may be payable for complex cases or to reflect value, specialist skills or urgency We will notify you in advance of providing you with these services, our scale of fees for such work range from a minimum of €200 per hour to a maximum of €300 per hour.

Debt Management Services

AAA C K Life Pension and Mortgages Limited is authorised by the Central Bank of Ireland to provide the services of a debt management firm. We provide advice about the discharge of debts (in whole or in part), including advice about budgeting in connection with the discharge of debts. We will also negotiate with a person’s creditors for the discharge of debts (in whole or in part).

Debt Management Fees:
You may elect to deal with us on a fee basis.

Directors: €200 per hour
Senior Adviser: €125 per hour
Support Staff: €75 per hour

In addition to the applicable above fee, Travel time will be charged at half of this fee.

Additional fees may be payable for complex cases or to reflect value, specialist skills or urgency. We will notify you in advance of providing you with these services, our scale of fees for such range from a minimum of €200 per hour to a maximum of €300 per hour.

Mortgages

We have a direct client fee associated with arranging applications and providing advice. We charge a fee of 1% of the mortgage amount sought for submission of a mortgage application to a mortgage provider, subject to a minimum fee of €1,500 plus VAT at 23%. This is not in any way an indication of mortgage/loan approval. Where we submit a mortgage application through Brokers Ireland there is also a Brokers Ireland Fee. Brokers Ireland charge a broker fee of €350 per application. The €350 is to cover the direct application processing costs and is non-refundable. This €350 fee is in addition to our minimum fee of €1,500 mentioned above. For example: If you are seeking a mortgage for €150,000, we charge a fee of 1% of €150,000 = €1,500 + €350 = €1,850 The total fee due is paid up front.

CK Financial Solutions may receive up to 1% of the loan as a commission payment from the lender through Brokers Ireland for arranging mortgage finance. The actual amount of commission will be disclosed at a later stage in the ESIS (European Standardised Information Sheet) which will be forwarded to you. Information on the variation in levels of commission payable by the different creditors providing credit agreements being offered are available on request. CK Financial Solutions may offset any such commissions against our direct fee depending on the complexity of a given application.

Please note that lenders may charge specific fees in certain circumstances and if this applies, these fees will be specified in your Loan Offer. You have the right to pay a fee separately and not include it in the loan. Typically, this situation arises in relation to specialist lending.

Ongoing Suitability

Investments

Insurance based Investment Products

CK Financial Solutions have a policy aiming to provide periodic assessments of the suitability of the insurance-based investment product which we have recommended to you. We encourage our clients to meet with us on an annual basis in order carry out reviews on financial structures held and financial needs.

Regular Reviews

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 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.

Disclosure of Information

Any failure to disclose material information may invalidate your claim and render your policy void.

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.

Default on payments by clients

Our firm will exercise its legal rights to receive payments due to it from clients (fees and insurance premiums) for services provided. In particular, without limitation of the generality of the foregoing, the firm will seek reimbursement for all payments made to insurers on behalf of clients where the firm has acted in good faith in renewing a policy of insurance for the client.

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.

Mortgage lenders may seek early repayment of a loan and interest if you default on your repayments. Your home is at risk if you do not maintain your agreed repayments.

Complaints

Whilst we are happy to receive verbal complaints, it would be preferable that any complaints be made in writing. We will acknowledge your complaint within 5 business days and we will fully investigate it. We shall investigate the complaint as swiftly as possible, and the complainant will receive an update on the complaint at intervals or not greater than 20 business days starting from the date on which the complaint is made. On completion of our investigation, we will provide you with a written report of the outcome. In the event that you are still dissatisfied with our handling of or response to your complaint, you are entitled to refer the matter to the Financial Services and Pensions Ombudsman (FSPO). A full copy of our complaints procedure is available on request.

Data Protection

We are subject to the requirements of the General Data Protection Regulation 2018 and the Irish Data Protection Act 2018.
AAA CK Life Pensions and Mortgages Ltd 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 Data Privacy Notice, this will be given to all our clients at the time of data collection.
We will ensure that this Privacy Notice is easily accessible. Please refer to our website www.ckfs.ie, if this medium is not suitable, we will ensure you can easily receive a hard copy.
Please contact us at info@ckfinancials.ie if you have any concerns about your personal data.

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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 Compensation Fund

We are members of the Brokers Ireland Compensation Fund. 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 it the member firm is unable to dot so, where the above detailed Investor Compensation Scheme has failed to adequately compensate any client of the member. Further details are available on request.

TERMS OF BUSINESS ACKNOWLEDGEMENT LETTER

Terms of Business effective date / /

Client Name_______________________________________________________________

AAA CK Life Pensions and Mortgages Ltd t/a C K Financial Solutions

Status
AAA CK Life Pensions and Mortgages Ltd t/a C K Financial Solutions (‘Company’) is regulated by the Central Bank of Ireland.

Terms of Business
Attached are the Company’s Terms of Business, which outline the basis on which we provide services to our clients. Please ensure that you read this document carefully. These Terms of Business apply to all business transactions undertaken for you or services provided to you and will remain in force until further notice. Should we make any material changes to our Terms, we will advise you in advance of providing any further services to you.

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CONSENT TO CONTACT

Here at AAA CK Life Pensions and Mortgages Ltd t/a C K Financial Solutions we take your Data Protection seriously and will only use your data discussed with you in our privacy statement.

However, from time to time we may wish to contact you in relation to reviewing your financial planning and informing you of our services.
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March 2019