TERMS OF BUSINESS
These Terms of Business (the ‘Terms’) set out the basis on which DFP Mortgages Limited trading as Moneysherpa will provide business services to you as a client of the firm.
1. INTRODUCTION AND AUTHORISED STATUS
- DFP Mortgages Limited trading as Moneysherpa (hereinafter ‘Moneysherpa) is regulated by the Central Bank of Ireland and is authorised as a Mortgage Intermediary 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. Our authorisations can be verified by contacting the Central Bank of Ireland on 1890 77 77 77 or alternatively on the Central Bank’s website at www.centralbank.ie.
- The full name and address of the firm and communication details are set out at the end of this document.
- This is an important document as it forms part of the contract between you and Moneysherpa and you should read and ensure that you understand the contents. If there is any part of this document that you do not understand, you should contact us accordingly.
2. CODES OF CONDUCT
Moneysherpa is subject to the Consumer Protection Code 2012, the Minimum Competency Code and the Fitness & Probity Standards, which offer protection to consumers. These codes may be found on the Central Bank’s website www.centralbank.ie.
3. OUR SERVICES
3.1 Moneysherpa’s principal business is to provide mortgage advice services to our clients and to arrange mortgages for our clients through the financial institutions with which we hold agencies. A full list of lending agencies with which we deal is available on request.
3.2 Moneysherpa 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.
3.3 Through the lenders or other undertakings with which we hold an agency, Moneysherpa can provide advice on and arrange mortgage products from the following range: fixed rate mortgages, variable rate mortgages, capital & interest mortgages, interest only mortgages and residential investment property.
3.4 For life insurance products, including mortgage protection insurance, Moneysherpa provides referrals to our preferred life insurance partner Docal Limited trading as DFP Pension & Investment Consultants.
4. FAIR ANALYSIS
- Moneysherpa offer advice on a fair analysis basis (providing services on the basis of a sufficiently large number of agencies held with lenders on the market to enable Moneysherpa to make a recommendation, in accordance with professional criteria, regarding the mortgage which would be best suited to your needs and requirements).
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 such search.
- The firm does not have a ‘tied’ relationship with any institution which might impair our ability to provide advice on an impartial basis.
- DUTY OF DISCLOSURE
It is important that you disclose any information that may be relevant to your mortgage application, in particular your full credit history. Any failure to disclose material information may result in a withdrawal of your mortgage offer.
6. FEES AND CHARGES
6.1 Moneysherpa typically receives 1% of the mortgage amount sanctioned in commission for arranging mortgage finance. This commission is paid by the mortgage lender. The actual amount of the commission will be disclosed at a later stage in the ESIS (European Standardised Information Sheet) which will be forwarded to you. Details of the commission received by Moneysherpa will also be outlined in our Statement of Suitability to you when arranging the finance. Information on the variation in levels of commission payable by the different creditors providing credit agreements being offered are available on request. In compliance with regulatory requirements a full list of our commission disclosures can be found at on our website at: www.moneysherpa.ie
We reserve the right to charge an administration fee of €500 for complex cases or where the value of the loan being sought is €100,000 or less. In the event this applies, you will be notified before the fee is charged.
6.2 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.
6.3 The customer’s interests at all times comes first and the level of commission earned by the firm via the various product providers will not influence in any way the product recommended to you.
- CONFLICTS OF INTEREST
It is the policy of Moneysherpa 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. You agree that we do not have a duty to disclose any matter which comes to our notice in the course of our business if doing so would constitute a breach of duty owed to other persons. A copy of our conflicts of interest policy is available on request.
- DEFAULT ON PAYMENTS BY CLIENTS
Moneysherpa 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.
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.
Any complaint that you may have in relation to the business should be emailed to [email protected].ie. Issues with services provided should be made in writing to the firm outlining the nature of your complaint. Complaints will be recorded by us. Any such complaint will be acknowledged within 5 days. The complaint will be fully investigated by Moneysherpa and a full response will be provided to you. A written update will be issued to you every 20 days by a nominated person within the firm while the complaint is ongoing. We will provide you with a comprehensive response not later than 40 days from receipt of your complaint. 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 and Pensions Ombudsman (FSPO).
10. DATA PROTECTION
10.1 We are subject to the requirement of the General Data protection Regulation 2018 and the Irish Data Protection Act 2018. The data which you provide to us will be held on a computer database and paper files for the purpose of arranging transactions on your behalf. DFP wish to be both transparent and respectful with how we process and store data complying with the GDPR. The data will be processed only in ways compatible with the purposes for which it was given and as outlined in our Data Privacy Statement, which can be accessed on our website at www.moneysherpa.ie. We would also like to keep you informed of various mortgage, insurance, investment and any other services provided by us or associated companies with which we have a formal business arrangement, and which we think may be of interest to you. We may receive referrals from associated companies and may advise them of any transactions arranged for you. By signing the section directly underneath your signature on these terms of business, you confirm your consent to being contacted by Moneysherpa in relation to our services.
10.2 Unless you instruct us otherwise, we may, where appropriate communicate with you and with third parties via email or by other electronic means. The recipient is responsible for virus checking emails and any attachments.
10.3 With electronic communication there is a risk of non-receipt, delayed receipt, inadvertent misdirection or interception by third parties. We use software to reduce the risk of viruses being transmitted through emails or electronic storage devices. However, electronic communication is not totally secure, and we cannot be held responsible for loss caused by viruses nor for communications which are corrupted or altered after dispatch.
- Please contact us at [email protected] if you have any concerns about your personal data. You may also
- CLIENT IDENTIFICATION
11.1 Our firm, in accordance with the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 (as amended) is required to identify our clients for the purposes of anti-money laundering provisions. We may request from you, and retain, such information and documentation as we require for these purposes and/or make searches of appropriate databases.
11.2 Under the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 as amended we are required to;
- Maintain identification procedures for all new clients;
- Maintain records of identification evidence; and
- Report, in accordance with the relevant legislation and regulations, any knowledge or suspicion of money laundering.
12. TERMINATION OR CANCELLATION
The agreement between the parties may be terminated by either party by written notice at any time but such termination shall not affect any rights or obligations already accrued by you or DFP.
13. GOVERNING LAW
These Terms of Business shall be governed and construed in accordance with the laws of Ireland. The parties hereby submit to the exclusive jurisdiction of the courts of Ireland. Our failure to exercise any right or remedy to which we are entitled under it shall not constitute a waiver thereof.
DATE: These Terms of Business are effective from 11th June until further notice.