Wealth Ways Terms of Business

Introduction

These Terms of Business set out the general terms under which Wealth Ways Limited (hereafter “Wealth Ways Limited” or “Wealth Ways” or “we” or “us” or “our” or the “firm” or the “Company”) will provide business services to you and the respective duties and responsibilities of both the firm and you in relation to suchservices. This document contains details of the regulatory and statutory obligations and the respective duties of both the firm and you in relation to such services. It is intended to be clear and transparent in outlining our relationship with you. Any material changes to this document will be communicated to all affected clients in good time. Please take a few minutes to read through these and if you have any questions, we will be happy to answer same.

Authorised Status

Wealth Ways Limited is regulated by the Central Bank of Ireland as an Investment Intermediary under the Investment Intermediaries Act, 1995 (as amended) and as an Insurance Intermediary under the European Union (Insurance Distribution) Regulations, 2018. Wealth Ways Limited regulatory number is C4333945. 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.

Our certificates of authorisation are on display in our office at The Fairgreen, Westport, Co Mayo. A copy is available to you on request, or on our website www.wealthways.ie. Alternatively, please call on 098 63621.

Statutory Codes

The Company is subject to and complies with the Central Bank’s Consumer Protection Code 2025, the Minimum Competency Code 2017, the Minimum Competency Regulations 2017 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

Wealth Ways Limited provides financial planning advice and/or insurance, investment and pension advice. Any advice or recommendations that we offer will be based on clients needs and objectives, personal circumstances, financial position and, where relevant, attitude to risk. We will confirm to clients in writing the basis of our reasonsfor recommending any financial products. Wealth Ways Limited is regulated and authorised by the Central Bank of Ireland to advise on and if appropriate arrange suitable life assurance, investment, savings & pension policies.

We act as an intermediary or broker. This means that we will identify and select suitable products on a fair analysis basis from financial institutions and on receipt of your instructions, we will transmit orders on your behalf to one or more financial institution. This process applies to all classes of insurance, pension and investment policies. (See below under “Fair Analysis”).

Fair Analysis

The concept of fair 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 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.

Life, Serious Illness and Income Protection

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 Income Protection (or Permanent Health Insurance) and serious illness policies.

Specifically on the subject of income protection (or 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
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.

Remuneration Policy

The firm 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. In certain circumstances, additional fees may be payable for complex cases or to reflect value, specialist skills or urgency. We will give an estimate of this rate in advance of providing you with services.

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

Senior Financial Broker/Director  €250 per hour
Administration Staff                      €100 per hour

If we receive commission from a product provider, this may/will 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. 

Pursuant to Regulation 32 of the Consumer Protection Code 2025, we must make available in our public offices and website, a summary of the details of all arrangements for any fee, commission, other reward or remuneration provided to us which has been agreed with our product producers. Our Remuneration Document can be found displayed in our public offices and on our website (www.wealthways.ie/charges/).

Consumers in vulnerable circumstances

Where we have identified that a personal consumer is a consumer in vulnerable circumstances, we must ensure that this consumer is provided with such reasonable arrangements and/or assistance that may be necessary to facilitate him or her in his or her dealings with us. Identification of a consumer’s vulnerability or otherwise will require the exercise of judgement and common sense and should be based on a consumer’s ability to make a particular decision at a point in time. We consider that identification of a vulnerability should be an inherent part of the Knowing the Consumer (KYC) process, during which we should consider whether there is any evidence of consumer vulnerability. A full copy of our policy relating to consumers in vulnerable circumstances is available on request.

Disclosure of information

Consumer Insurance Contracts Act 2019 (‘CICA’)

This duty of disclosure applies to consumers as defined above in the Financial Services and Pensions Ombudsman Act 2017.

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’. The ‘average consumer’ per Directive No. 2005/29/EC of the European Parliament and of the Council of 11 May 2005, is one that is reasonably well informed and reasonably observant and circumspect, taking into account social, cultural and linguistic factors.

You are not under any duty to volunteer information over and above what is required to answer the questions posed to you. The questions we require you to answer are material to the risk to be undertaken by the relevant insurer, or the calculation of the premium by the relevant insurer, or both.

You will be required to answer specific questions. Where you do not provide additional information (after being requested to do so) it can be presumed that the information previously provided remains unchanged.

It is important that you answer all questions honestly and with reasonable care. Failure to do so may result in an insurer cancelling the contract, rejecting a claim or limiting the amount paid in the event of a claim 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.

 

New Business

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 or the European Communities (Distance Marketing of Consumer Financial Services) Regulations 2004 which is 30 days in respect of life policies, irrespective of whether the sale took place on a non-face to face basis.

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 within the relevant cooling off period does not apply where, in respect of life insurance the contract is for a duration of six months or less.

The consumer is under a duty to pay their 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 the consumer where they are in breach of their duties under CICA, in proportion to the breach involved.

 

Post-Contract Stage and Claims

An Insurer may refuse a claim made by a consumer 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 contracting parties when the contract was concluded.

The consumer 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.

The consumer must notify the Insurer of a claim within a reasonable time, or otherwise in accordance with the terms of the contract of insurance.

If the consumer becomes aware after a claim is made of information that would either support or prejudice the claim, they are under a duty to disclose it. The Insurer is under the same duty.

If the consumer makes a false or misleading claim in any material respect (and knows 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 must notify the consumer advising that they are avoiding the contract of insurance. 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.

Reviewing your policy

When recommending an Insurance-Based Investment Product or Pension, it’s important that you understand how we will help ensure it continues to meet your needs, and the part you play in that.

This is a medium to long-term product, so we do not believe it requires annual reviews. We will not automatically review it every year. However

• We will write to you annually to remind you that advice is always available, and you will also receive at least one update on your product each year.
• You should use these reminders to contact us if your circumstances change or if you feel a review is needed.
• From time to time, we may also contact you directly to offer advice or if we believe key decisions are needed on your product.

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 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.

Handling clients’ money

We do not hold money received in the course of providing insurance and investment services to our clients. Any money which we receive on your behalf will be forwarded to you or a named third party on your instructions. Any cheques or bank drafts should be made payable to a third-party provider as we are not authorised to hold client money.

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. Insurers 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.

Data Protection

Wealth Ways complies with the requirements of the General Data Protection Regulation 2018 (GDPR) and the Irish Data Protection Act 2018. Our firm 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 https://www.wealthways.ie/privacy-policy-3/, if this medium is not suitable we will ensure you can easily receive a copy by the most suitable means for you.

Please contact us at tom@wealthways.ie if you have any concerns about your personal data.

Anti-money laundering/countering the financing of terrorism

Our firm reserves the right to request any information about the client which we reasonably believe is required in order to comply with the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 (as amended).

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

Wealth Ways Limited shall issue a receipt for each non-negotiable or negotiable instrument or payment received pursuant to the Consumer Protection Code 2025 and/or Section 30 of the Investment Intermediaries Act 1995 (as amended). These are issued with your protection in mind and should be stored safely.

Sustainable Finance Disclosure Regulations

‘Sustainability Risk’ refers to an environmental, social or governance (ESG) event or condition that could cause an actual or a potential negative impact on the value of a product we recommend to you. Financial Advisers, such as Wealth Ways Limited are required to ask if you have any sustainability preferences with regarding to certain financial products, namely savings, investment and pensions products. Please note however, that we are not required to consider your sustainability preferences for the purposes of assessing the suitability of these product(s). However, if the recommended financial product(s) meets your sustainability preferences, this will be outlined in your statement of suitability.

Complaints Procedure

Whilst we are happy to receive verbal complaints, it would be preferable that any complaints are made in writing. In this regard, we ask that you make any complaint against the Company relating to business services provided by us in writing. We will acknowledge each complaint within 5 business days of the complaint being received. Any complaint should be sent by email to tom@wealthways.ie or by post to Tom Cawley, The Fairgreen, Westport, Co. Mayo. F28 F291. We will provide the complainant with a regular written update on the progress of the investigation of the complaint at intervals of not greater than 20 business days. We will attempt to investigate and resolve the complaint within 40 business days of having received the complaint. When the 40 business days have elapsed, if the complaint is not resolved, we will inform the complainant of the anticipated timeframe within which we hope to resolve the complaint. We will also inform the complainant of their right to refer the matter to the Financial Services & Pensions Ombudsman’s (contact details below).

Where we resolve the complaint, we will advise the complainant in writing, within 5 business days of the completion of the investigation of the complaint, the outcome of the investigation and where applicable explain the terms of any offer or settlement being made. We will maintain an up to date record of all complaints including all relevant correspondence, records and any action taken. A copy of our complaints procedure is available on request.

Financial Services and Pensions Ombudsman
Lincoln House,
Lincoln Place
Dublin 2
Phone: 01 567 7000
E-mail: info@fspo.ie
Website: www.fspo.ie

Governing law and Jurisdiction

Our terms of business shall be governed by and construed in all respects according to the laws of the Republic of Ireland.

Direct marketing

We would like to keep you informed of various insurance, investment and any other related services, competitions and newsletters that we think may be of interest to you. If you consent to receiving such marketing information, please complete below:

I/we confirm, having read the paragraphs in relation to Data Protection and Direct Marketing, that I/we consent to Wealth Ways Limited contacting me/us by the following methods in relation to the range of services provided by the firm:

Client 1
Letter                      
Phone 
Email 
LinkedIn 

Client 2
Letter                      
Phone 
Email 
LinkedIn 

 

CLIENT ACKNOWLEDGEMENT

I/We acknowledge and confirm that I/we have been provided with a copy of the Terms of Business of Wealth Ways Limited and that I/we have read, understand, and agree to these terms.

 

Name: _________________________                Name: ____________________________

 

Signed: _________________________               Signed: ___________________________

 

Date: __________________________                Date: _____________________________