Terms of Business
These Terms of Business (“Terms”) outline the basis on which we provide regulated financial services to our clients. Please ensure that you read this document. These Terms 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.
Penny Life Limited T/A This is Penny is regulated by the Central Bank of Ireland (Our registered number is C4707559). The firm is registered as an insurance intermediary under the European Union (Insurance Distribution) Regulations, 2018. Copies of our regulatory authorisations are available on request.
The Central Bank of Ireland holds registers of regulated firms, you may verify our credentials by searching for the firm’s name at registers.centralbank.ie
Contact Details
Our registered office is at Herbert House, 22 Pembroke Road, Ballsbridge, Dublin 4, DO4 TT68. We can be contacted by email hey@thisispenny.com and by telephone +353 87 9119 440
Statutory Codes
Penny Life Limited T/A This is Penny is subject to the Central Bank of Ireland’s Consumer Protection Code, Minimum Competency Code and Fitness and Probity Standards. These Codes offer protection to consumers and can be found on the Central Bank website at www.centralbank.ie
Services
Penny Life Limited T/A This is Penny is a member of Brokers Ireland. Our principal business is to provide advice and arrange transactions on behalf of clients in relation to pension products. A full list of product producers which we deal with is available upon request. We are remunerated by commission paid by insurers for the advice we provide.
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 reasonably be 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 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.
As at the date of these Terms of Business we provide pension advice on a fair analysis basis, i.e. providing services on the basis of a sufficiently large number of contracts and product producers available in the market to enable us to make a recommendation, in accordance with professional criteria, regarding which contract would be adequate to meet your needs.
Aviva
New Ireland Assurance
Zurich Life Assurance plc
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.
Specifically on the subject of permanent health insurance policies we will 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.
Insurance based Investment Products
We are remunerated by commission for the advice we provide on our insurance based investment products.
Sustainability Factors – Investment/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 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. This means that we do not assess environmental, social or governance events/conditions that, if they occur, could have a material negative impact on the value of the investment.
When providing advice on insurance-based investment products (‘IBIPs’) or investment advice we do not consider the impacts of our advice that result in negative effects on sustainability factors (namely environmental, social and employee matters, respect for human rights, anti-corruption and anti-bribery matters), because currently there is limited relevant products on the market which meet these criteria. The area of sustainable is relatively new and as the issue progresses, we will review our position.
Impact on Return
We have not assessed the likely impacts of sustainability risks on the returns of Investment/Pensions since we have not been able to identify any sustainability risks that are relevant.
Statement of Charges
Penny Life Limited T/A This is Penny, is remunerated by commission and other payments from product producers on the completion of business. 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 and ongoing advice/consultations. We reserve the right to charge additional fees if the number of hours relating to on-going advice exceeds the initial agreement.
Sustainability Factors- Investments/IBIPs/Pension Advice
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.
When assessing products, we will consider the different approach taken by product providers in terms of them integrating sustainability risks into their product offering. This will form part of our analysis for choosing a product provider.
A summary of the details of all arrangements for any fee, commission other reward or remuneration paid or provided to us which have agreed with product providers is available in our office or on our website – www.iam-penny.com
In certain circumstances, it will be necessary to charge a fee for services provided. These are listed below for life, pensions & investments and Standard PRSAs. 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.
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 may become the amount payable to the firm unless an arrangement to the contrary is made.
Appointment Fees for Life and Pensions Products
You may elect to deal with us on a fee basis. Our fees in this regard are charges as follows:
Principles / Directors €250 per hour
Senior Advisers €175 per hour
Support staff €100 per hour
Additional fees may be payable for complex cases or to reflect value, specialist skills or urgency, our scale of fees for such cases range from a minimum of €200 per hour to a maximum of €300 per hour. We will notify you in advance and agree the scale of fees to be charged. Where advice is requested for PRSAs, the following hourly fees will apply:
Advisor fees: €150 – €250 per hour.
Support staff: €100 – €150 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 cases range from a minimum of €200 per hour to a maximum of €300 per hour. If we receive commission from a product provider, this will 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 intermediary unless an arrangement to the contrary is made.
Anti-Money Laundering
In order to comply with legal and regulatory requirements we are obliged to request information from you to verify your identity as well as your source of funds and to keep a record of this information. Before making a recommendation to you, we will request such information and documentation where we deem it necessary to meet our obligations.
Should you not provide satisfactory evidence of your identity within a reasonable time, we may not be in a position to provide the services described in these Terms to you. We may be required to request updated identity and verification documents from time to time.
Fact Find, Statement of Suitability and ongoing Advice
All clients are required to provide sufficient information including contact details, financial information, objectives, needs and requirements and your risk appetite and investment time horizon to enable us to provide our services.
It is important that the information you provide is complete and accurate as it will form the basis for future advice, and we accept no liability for any omissions or oversights on your part. You are also requested to notify us of any material changes to your personal circumstances as these may impact on the advice and services we provide to you.
In entering into or renewing an insurance policy (e.g. an Application Form to take out a PRSA) you are required to answer all questions posed by us or the insurer in a proposal form honestly and with reasonable care. Specific questions will be asked. An insurer may repudiate liability or limit the amount paid on foot of the contract of insurance, only if it establishes that non-disclosure of material information was an effective cause of the insurer entering into the relevant contract of insurance and on the terms on which it did.
We do not provide periodic assessments of the suitability of the investments (insurance based investment products) which we have recommended to you to invest your PRSA.
Clawback
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 do not provide periodic assessments of the suitability of the investments (insurance based investment products) which we have recommended to you to invest your PRSA.
Ongoing Suitability
The firm’s services does not include ongoing suitability assessments.
Fees and Charges
The firm may receive commission and other payments from the insurance companies to whom orders are transmitted. Details of the range of commissions that may apply are set out in our commission disclosure statement and the actual commission we will receive is disclosed in product and/or policy documentation you will receive.
Investor Compensation Scheme
The Investor Compensation Act, 1998 provides for the establishment of a compensation scheme operated by the Investor Compensation Company Limited (ICCL) and for the payment of compensation to clients:
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.
Penny Life Limited T/A This is Penny is a member of this compensation scheme. The amount of compensation that you may receive under the compensation scheme is 90% of the net amount you have lost or €20,000; whichever is less. Full details of the Investor Compensation Scheme are available on www.investorcompensation.ie.
Conflicts of Interest
It is the policy of Penny Life Limited T/A This is Penny to act in the best interests of our clients and to avoid a conflict of interest when providing services. However, where an unavoidable conflict arises, we will advise
you of this in writing before providing any business service and request your written acknowledgment that you are aware of the conflict of interest and still want to proceed.
We have a written policy which sets out the steps that we take to ensure that we avoid or, where this is not possible, mitigate conflicts of interest that may arise in providing services to you. These steps include administrative and organisational arrangements appropriate to the size, nature and complexity of the business to ensure that staff always act in the best interests of clients. A copy of the policy 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.
Penny Life limited trading as This is Penny 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 assessable. Please refer to our website www.thisispenny.com
if this medium is not suitable we will ensure you can easily receive a copy by hard copy, or telephonic environment. (pre-recorded). Broker to update.
Please contact us at hey@thisispenny.com if you have any concerns about your personal data.
By agreeing to these Terms of Business you acknowledge the processing of your personal data as set out herein.
Complaints
Whilst we are happy to receive verbal complaints, it would be preferable that any complaints are made in writing. Penny Life Limited T/A This is Penny has a written procedure in place for the handling of any complaints that are made against our firm for services provided by us. This procedure ensures that all complaints are recorded and acknowledged in writing within 5 business days and are fully investigated.
Any complaints should be addressed to The Compliance Officer, Penny Life Limited T/A This is Penny Herbert House, 22 Pembroke Road, Ballsbridge, Dublin 4, DO4 TT68
We shall investigate the complaint as swiftly as possible, and the complainant will receive an update on the complaint at intervals of 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.
Default on payments by clients
Penny Life Limited T/A This is Penny 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.
Consumers: Duty of Disclosure when completing documentation for new business/renewals and midterm adjustments
You are required to answer all questions posed by us or the insurer honestly and with reasonable care – the test will be that of the ‘average consumer’.
Before renewal of the contract of insurance, specific questions will be asked. Again, you will be required to answer honestly and with reasonable care. Where you do not provide additional information (after being requested to do so) it can be presumed that the information previously provided remains unchanged.
Failure to answer all questions honestly and with reasonable care can result in the Insurer being able to rely on proportionate remedies for misrepresentation, which include but are not limited to the insurer voiding the contract of insurance. If a policy is cancelled by an insurer for any reason including payment default you may encounter difficulty in purchasing insurance in the future.
Completed proposal forms
Completed proposal forms will be provided to you. These are important documents as they form the basis of insurance contract between the insurer and you the consumer. You should review and confirm that the answers contained within are true and accurate.
You are under a duty to pay your premium within a reasonable time, or otherwise in accordance with the terms of the contract of insurance.
A court of competent jurisdiction can reduce the pay-out to you if you are in breach of your duties under the Act, in proportion to the breach involved.
Cancellation of a Contract of Insurance
You may cancel a contract of insurance, by giving notice in writing to the insurer, within 14 working days after the date you were informed that the contract is concluded. This does not affect the notice periods already provided under European Union (Insurance and Reinsurance) Regulations 2015 ( S.I. No. 485 of 2015 ) or the European Communities (Distance Marketing of Consumer Financial Services) Regulations 2004 ( S.I. No. 853 of 2004 ) which is 30 days in respect of life policies, irrespective of whether the sale took place on a non-face to face basis, and 14 days in respect of general policies and only on sales that took place on a non-face to face basis (distance sales).
The giving of notice of cancellation by you will have the effect of releasing you from any further obligation arising from the contract of insurance. The insurer cannot impose any costs on you other than the cost of the premium for the period of cover.
This right to cancel does not apply where, in respect of life insurance the contract is for a duration of six months or less, or in respect of general insurance, the duration of the contract is less than one month.
An insurer may refuse a claim made by you 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 both you and the insurer 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 disregards whether it is) the insurer is entitled to refuse to pay and to terminate the contract.
Where an insurer becomes aware that a consumer has made a fraudulent claim, they may notify the consumer advising that they are voiding the contract of insurance, and 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.
Commercial Customers: Non-Consumers
Disclosure of Information
It is essential that you should bring to our attention any material alteration in risk such as changes of address or use of premises. Any failure to disclose material information may invalidate your claim and render your policy void.
Brokers Ireland Clients’ Compensation and Membership Benefits Scheme (BIC)
We are also members of the 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 client (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 client of the member. Further details are available on request.
These Terms of Business are effective from 8 February 2023 and apply until further notice. Penny Life Limited T/A This is Penny is regulated by the Central Bank of Ireland.
European Communities Distance Marketing: SCHEDULE 1 INFORMATION
Supplementary Notice Applicable to Contracts Concluded Using Exclusively Distance Means of Communication:
The following information is provided pursuant to Regulations 6 and 9 and Schedule 1 to the European Communities (Distance Marketing of Consumer Financial Services) Regulations 2004 (the “Regulations”).
This notice applies only in relation to contracts with consumers that are negotiated and concluded exclusively using means of distance communication (i.e. telephone, internet, etc.). This notice has no application where any aspect of the contract has been negotiated or concluded on a “face-to-face” basis by the parties in each other’s physical presence.
(a) Identity, Address and Main Business of the Supplier
Penny Life Limited T/A This is Penny is regulated by the Central Bank of Ireland. The firm is registered as an insurance intermediary under the European Union (Insurance Distribution) Regulations, 2018.
The Supplier’s address Herbert House, 22 Pembroke Road, Ballsbridge, Dublin 4, DO4 TT68
The Supplier’s main business is the provision of insurance intermediation services on behalf of insurance undertakings from whom it holds letters of appointment. The Commercial Purpose of this contract is the arrangement of a contract(s) of insurance by the Supplier in return for commission or fees.
(b) The Supplier operates in Ireland only and has no representatives in any other Member-State of the EU.
(c) The Supplier does not provide its services through any other advisor or agent.
(d) The Supplier is registered in the Companies Registration Office as a Limited Company, registration no.
This information can be verified by contacting the Companies Registration Office
659084 707559. (www.cro.ie).
(e) The relevant authorisation and supervisory authorities for the Supplier’s business are:
The Central Bank of Ireland, New Wapping Street, North Wall Quay, Dublin 1, D01 F7X3
(f) The Supplier is not a member of a profession regulated by law, otherwise than at (e) above.
(g) The Supplier’s is not registered for VAT.
(h) The main characteristics of the services provided by the Supplier are as follows:
- Advise and arrange policies of insurance for consumers
(i) It is not possible to indicate in advance the total price to be paid by the consumer for the services provided by the Supplier. The following is the basis that will be used by the Supplier for the calculation of
charges for its services:
All charges and fees are outlined in detail in our Commission disclosure document.
The price payable to the insurance company for your insurance policy is the premium (including applicable government levies and premium taxes). The premium and any optional covers are separately specified by the insurance company in their policy schedule/Renewal notice.
(j) The services supplied are not related to instruments involving special risks whose price depends on fluctuations in the financial markets.
(k) It is possible that other taxes or costs may exist that are neither paid by the Supplier nor imposed by the Supplier.
(l) The information given by the Supplier in this notice is valid as of January 2022. Whilst the Supplier will make reasonable efforts to keep this notice under review and up to date, the Supplier cannot accept responsibility for any changes that may arise as a result of actions by persons outside of its control or knowledge.
(m) The arrangements for payment and performance that will apply under the contract:
Insurance
Non-payment of the premium or part thereof or any monthly premium (where using Direct Debit) or breach of certain conditions of a policy may lead to the policy being revoked or cancelled. The precise terms of the insurance policy should be referred to.
Non-payment of the premium or part thereof or any monthly premium (where using Direct Debit) or breach of certain conditions of a policy may lead to the policy being revoked or cancelled. The precise terms of the insurance policy should be referred to.
(n) No additional charge will be imposed on the consumer for using a particular means of communication in connection with the contract.
(o) Rights of Cancellation:
A consumer has the right to withdraw from an insurance policy within 14 working days of the start date of the policy (except in the case of travel policies whose operative period is for one month or less) without penalty and without giving any reason. This is known as the cooling off period.
For Life policies the cooling off period is 30 days from the start date of the policy.
The right of cancellation may be exercised by sending notice in writing to Penny Life Limited T/A This is Penny, Herbert House, 22 Pembroke Road, Ballsbridge, Dublin 4, DO4 TT68
Where the right of cancellation is so exercised, the insurance company will refund any premium paid and cover will be withdrawn as and from the proposed inception date. While the right of cancellation is not subject to penalties, the Supplier reserves the right, in accordance with Regulation 15 of the Regulations, to deduct from a refund any reasonable charge that may have arisen for services actually supplied in accordance with the contract prior to cancellation.
The consumer shall return all policy documentation within 30 days from the date of the exercise of the right of cancellation.
If the right of cancellation is not exercised, the contract between the parties will be fully binding and the consumer will be legally obliged to perform his/her obligations under the contract in their entirety. If the consumer seeks to cancel the contract after the expiry of the cancellation period the Supplier reserves the right, in cases other than housing loans, to apply an appropriate cancellation penalty.
(p) The minimum duration of the contract in the case of a financial service that is to be performed on a continuing or recurring basis: The period of insurance in respect of any insurance policy will be the period specified by the insurance company in the policy schedule/renewal notice
(q) Early Termination. In the case of insurance contracts, non-payment of premium or part thereof or any monthly premium (where using direct debit) or breach of certain conditions of an insurance policy may lead to the policy being revoked or cancelled. A consumer or the insurance company can cancel the policy at any time by notice in writing to your financial consultant, in accordance with the terms in that respect set out in the insurance policy.
(r) Practical instructions for exercising the right to cancel – see (o) above.
(s) Relations between the supplier and consumer before the contract is entered into shall be governed by Irish law.
(t) The contract with the supplier shall be subject to Irish Law and the Irish Courts shall have jurisdiction with respect to the determination of disputes arising under the contract.
(u) The contractual terms and the prior information required under the Regulations shall be provided in the English language.
(v) The Supplier undertakes to communicate with the consumer in the English language.
(w) Out of Court Complaint and Redress: The Supplier operates a complaints procedure which may be availed of by the consumer and if that process does not resolve the matter the consumer may take the matter to the Financial Services and Pensions Ombudsman, 3rd Floor, Lincoln House, Lincoln Place, Dublin 2.
Acknowledgment and marketing consent
We have provided our Terms of Business setting out the terms under which Penny Life Limited T/A This is Penny will provide investment, and pension business services to you. You should review the Terms and if there are any matters on which you require clarification we will be happy to provide this.
These terms will remain in force and shall apply to any business service provided to you now or at a future date. Any changes to the Terms of Business will be notified to you.
Privacy Policy
We take your privacy seriously and will only use your personal information to provide the products and services you have requested from us.
Direct Marketing
However, from time to time we would like to contact you with details of other products and services we can provide to you. If you consent to us contacting you for this purpose please tick to say how you would like us to contact you.