TERMS OF BUSINESS INCLUDING REMUNERATION DETAILS AND SCHEDULE OF FEES & CHARGES (V10.0)
Authorised Status
Sterner Holdings Limited (C2234) t/a Alliance Insurance Brokers, Alliance Financial Planning and The Wealth Shop Alliance is regulated by the Central Bank of Ireland under the Investment Intermediaries Act, 1995 (as amended), the European Union (Insurance Distribution) Regulations 2018, the Consumer Credit Act 1995 and the European Union (Consumer Mortgage Credit Agreements) Regulations 2016. The Central Bank of Ireland maintains a register of all regulated firms www.centralbank.ie. Our certificates of authorisation are on display in our office at 68 Church Street, Skerries, Co. Dublin. A copy is available to you, on request, at our offices.
Statutory Codes
The Company is subject to and complies with the Consumer Protection Code, the Minimum Competency Code and the Fitness and Probity Standards. These Codes offer protection to consumers and can be found on the Central Bank of Ireland website www.centralbank.ie.
Our Services
As Insurance Intermediaries we provide advice in relation to General Insurance (motor, property, liability, marine etc), Life Assurance products (life assurance policies, pensions, saving and investment) and Mortgages. We offer advice on a fair and personal analysis basis. On your behalf we will carry out a fair and personal analysis of the market available to us; taking account of a sufficiently large number of contracts and Insurers/Product Producers to enable us to make a professional recommendation that best serve your needs and circumstances. The Company does not have any ‘tied’ relationships with any institution that would compromise our ability to offer you impartial advice and choice. We are also members of Brokers Ireland. We do not guarantee nor make representations in regard to, and expressly disclaim responsibility for the financial security of Insurance Companies and Product Producers with which we place business.
Periodic Assessment of Suitability: Insurance Based Investments Products (IBIP) and other Investment Instruments (MiFID) We do not provide Periodic Assessments of Suitability.
Sustainability Factors and Principle Adverse Impacts (PAI)
The Sustainable Finance Disclosure Regulations (SFDR) introduces harmonised rules regarding disclosures on Environmental, Social and Governance (“ESG”) matters. The SFDR also asks us as advisors to consider integrating sustainability factors into our investment advisory process, while also allowing us the option to reserve our position with regards to this aspect of the SFDR. Currently, when we provide advice on Insurance Based Investment Products, Pension Products and provide investment advice we do not take specific account of the Principle Adverse Impacts (PAI) of investment decisions on sustainability factors. Sustainability factors are environmental, social or governance (ESG) event or conditions that could cause an actual or a potential negative impact on the value of a product we may recommend to you. We will continue to keep ourselves informed as this aspect of investing evolves, we will include such assessments in our advisory process as this topic develops over time, this will be largely driven by the products and investment funds available to us and how these products factor in sustainability risk. We will advise you of any changes to our current position regarding the Sustainable Finance Disclosure Regulations
Under the insurance Distribution Regulations (IDR) when providing investment advice, we will ask you a series of questions to identify your individual sustainability preferences. The questions are designed to understand more about your investing preferences around sustainability and how it relates to your investment decisions. This assessment is in addition to our assessment of your attitude to investment risk, your overall financial goals and your needs and objectives.
Credit Finance
If you require credit terms, we may be able to arrange premium finance on your behalf with the finance provider(s) with whom we hold an appointment. Alternatively, a monthly direct debit facility (if available) may be operated by the Insurance Company. We cannot accept instalments paid to our office.
Remuneration details and Schedule of Fees & Charges
General Insurance: Non- Life Business:
| Personal Lines – Set Up Service Fee | Up to €100.00 |
| Personal Lines – Renewal Service Fee | Up to €100.00 |
| Personal Lines - Mid Term Alterations / Cancellations / Duplicate Documentation | €20.00 |
| Commercial Lines – Set Up Service Fee | Up to 25% of the Premium |
| Commercial Lines – Renewals | Up to 25% of the Premium |
| Commercial Lines - Mid Term Alterations /Cancellations / Duplicate Documentation | Up to 25% of the Premium |
We may earn a year end commission from an Insurer or Product Producer. Any business arranged with an Insurer or Product Producer at the time of placement will have been based on the most suitable product to meet our client’s requirements taking all relevant information, demands and needs into account. The way in which we are remunerated will not at any time conflict with our duty to act honestly, fairly and professionally in the best interests our client.
In addition, we may earn a non-monetary benefit which we will only accept if it enhances the quality of our service to you, our client. For example: attendance at a product seminar or assistance with branding, IT support etc.
A summary of all remuneration arrangements from each Insurer and Product Producer is available on our website www.allianceinsurance.ie remuneration tab with a hard copy available in our office in 68 Church Street, Skerries. Third Party and Government charges may also apply.
Life Business:
| Sterner Holdings Ltd t/a Alliance Insurance Brokers, Alliance Financial Planning and The Wealth Shop Alliance may be remunerated by commission earned from Insurers and Product Producers to whom orders are transmitted, for new business. Summary details of these payments will be included in a product information document which you will receive before an application form for a product producer is completed and extended details will also be included with your cooling-off letter. |
And/or
Fees may be charged on an hourly rate. This will always be discussed and agreed in writing with the customer in advance of inception of any policy
| Professional Advisor | Professional Fee (Hourly Rate) |
| Directors & Certified Financial Planners | Up to €250.00 |
| Accounts Executive/ Qualified Financial Advisers | Up to €250.00 |
| Support Staff | €80.00 |
The basic hourly rate as outlined may be subject to change should additional factors arise (i.e. level of risk, urgency of transaction). This will always be discussed and agreed in advance of transactions being placed.
Professional Fees are non-refundable in the event that a policy is cancelled.
In addition, we may earn a non-monetary benefit which we will only accept if it enhances the quality of our service to you our client. For example: attendance at a product seminar or assistance with branding, IT support etc.
A summary of all remuneration arrangements from each Insurer and Product Producer is available on our website www.allianceinsurance.ie
Mortgage Services
- A non-refundable fee of €500.00 will be charged to process a mortgage application on behalf of our customer
- We may receive commission on Mortgage products of up to 1% of the mortgage amount, payable by the lender.
- Details of our mortgage commission levels payable from different creditors whom we place business with are available on request.
Policy Conditions
A summary of your policy benefits is disclosed in the schedule. The policy document details the specific terms and conditions of your policy. You should read them and keep it in a safe place in the event of a claim. If your understanding of the cover you have purchased is different then that detailed in the policy document, then you should contact Sterner Holdings Limited in writing immediately.
Client Responsibilities: Duty of Disclosure
The Consumer Insurance Contracts Act 2019 (CICA) has changed the pre-contractual and renewal duties of the Consumer and Insurer.
Prior to 1 September 2021 at the pre-contractual and renewal stage of a contract of insurance, the principle of utmost good faith (uberrima fides) and the duty of disclosure rested with the consumer, including a duty on the consumer to volunteer information, that could be material to the underwriting of the risk.
Post 1 September 2021 the pre-contractual and renewal duty of disclosure of a consumer is confined to providing responses to questions asked by the insurer. The consumer is not under any duty to volunteer any information over and above that required by such questions.
Where the insurer requests the consumer at the pre-contractual and renewal stage to provide information to the insurer, the insurer will be under a duty to ask specific questions, on paper or on another durable medium, and will not use general questions. As a consumer you have a duty to respond to the insurer questions honestly and with reasonable care. As your Broker 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.
Non-Consumers are not within the scope of the CICA.
Consumer Protection
This firm is a member of the Investor Compensation Scheme established under the Investor Compensation Act, 1998. This legislation provides for the establishment of a compensation scheme and for the payment, in certain circumstances, of compensation to clients of firms covered by the Act. 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. We are also members of the Irish Brokers Association (IBA) 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 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
Handling Clients' Money
Sterner Holdings Limited will accept payments in cash, by cheque and credit or debit card in respect of all classes of insurance in the circumstances permitted under Section 25G of the Investment Intermediaries Act, 1995. The Company is not authorised to accept cash or negotiable instruments in any other circumstances.
Credit Terms
We regret that credit cannot be extended to clients in respect of premiums, initial, renewal or additional. Initial or first premiums must be paid at inception of cover and renewal premiums before the policy renewal date otherwise the Company will advise the insurance undertaking or product producer involved and cover will be cancelled
Default on Payment by Clients
The Company will exercise its legal rights to receive payments due to it from clients for business services provided. The Company will seek reimbursement for all payments made on behalf of clients where it has acted in good faith. The insurer may withdraw benefits or cover in the event of default on payment due under policies of insurance arranged for you. Please refer to policy documents and insurance product terms and conditions for details of such provisions.
Conflict of Interest
It is the policy of the firm 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 providing any business service. If you have not been advised of any such conflict you may assume that none arises.
Receipts
Sterner Holdings Limited shall issue a receipt for each non-negotiable or negotiable instrument or payment received. This is required pursuant to Section 30 of the Investment Intermediaries Act, 1995 (as amended) and under the Insurance Distribution Regulations 2018. These are issued with your protection in mind and should be stored safely.
Complaints Procedure
We ask that you make any complaint against our firm, relating to services provided by us, preferably in writing however, verbal complaints will also be accepted. We will provide a written reply to all complaints received. A written update will be issued to you every 20 days by a nominated individual within our firm. A comprehensive response to your complaint will be issued within 8 weeks of receipt of your initial complaint. You are entitled to refer the matter to the Office of the Financial Services & Pensions Ombudsman (01-5677000 or info@fspo.ie). A full copy of our complaint’s procedure is available on request.
Anti - Money Laundering/Countering the Financing of Terrorism
Our firm reserves the right to request any facts about a client which it reasonably believes it needs to know in order to comply with the prevailing Criminal Justice (Money Laundering and Terrorist Financing) legislation.
Data Protection complies with the requirements of the General Data Protection Regulation 2018 (GDPR) and the Irish Data Protection Act 2018. We collect your personal details in order to provide the highest standard of service to you and are 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. Any requests should be forwarded to the Compliance Officer.