Elliot Lloyd International Limited is regulated by the Central Bank of Ireland Reference No. C1477159 for the following activities, ELI takes ultimate responsibility for transactions that fall under the remit of their license:
Insurance / Reinsurance Intermediary Registered as an insurance/reinsurance intermediary under the European Communities (Insurance Mediation) Regulations, 2005 (as amended).
Investment Business Firm Authorised as an Investment Business Firm under Section 10 of the Investment Intermediaries Act, 1995 (as amended).
Investment Product Intermediary Service Providers holding appointments from IIA product producers, including intermediaries that may issue appointments, appearing in the register maintained under Section 31 of the Investment Intermediaries Act, 1995 (as amended)
TERMS OF BUSINESS
These Terms of Business set out the general terms under which Elliot Lloyd International Limited 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. These Terms of Business are effective from the date of signing.
Authorization with the Central Bank of Ireland
Elliot Lloyd International Limited is regulated by the Central Bank of Ireland as an Investment Intermediary authorized under the Investment Intermediaries Act, 1995 and as an insurance intermediary registered under the European Communities (Insurance Mediation) Regulations, 2005; Copies of Elliot Lloyd International’s authorization 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 to verify Elliot Lloyd Internationals credentials.
Codes of Conduct
Elliot Lloyd International is subject to the Consumer Protection Code, Minimum Competency Code and Fitness & Probity Standards which offer protection to consumers. These Codes can be found on the Central Bank’s website
Elliot Lloyd International Services
Elliot Lloyd International’s principal business is to provide advice and arrange transactions on behalf of clients in relation to life assurance, investments, pensions and PRSA’s.
Elliot Lloyd International Limited may act as an Independent Broker which means that:
the principal regulated activities of the firm are provided on the basis of a fair analysis of the market; and
you have the option to pay in full for our services by means of a fee.
Fair Analysis (Insurance)
The concept of fair analysis is derived from the Insurance Mediation Directive. It 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, Elliot Lloyd International 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,
any other relevant consideration.
Life, Pensions and Investments
Elliot Lloyd International provides life assurance, pensions and investments on a fair 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 the client’s needs.
Elliot Lloyd International will provide assistance for any queries which you may have in relation to their policies or in the event of a claim during the life of the policies. Elliot Lloyd International will explain to you the various restrictions, conditions and exclusions attached to the client’s 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 Permanent Health Insurance (PHI) and serious illness policies.
Disclosure of Information
The Client is responsible for the accuracy and completeness of all information provided to Elliot Lloyd International and for any losses or damages caused by the failure to provide such information. Elliot Lloyd International shall not be responsible for any losses or damages that occur as a result of Client’s failure to provide accurate and complete information. Any failure to disclose material information may invalidate your claim and render your policy void.
How we are remunerated
Elliot Lloyd International is remunerated by commission or fees from product producers on the completion of business. You may choose to pay in full for Elliot Lloyd International’s services by means of a 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 may become the amount payable to the firm unless an arrangement to the contrary is made. Where we receive recurring commission, this forms part of the remuneration for initial advice provided. In certain circumstances, it will be necessary to charge a fee for services provided. These are listed below.
If you deal with us on a fee basis the following hourly rates apply; Adviser €250 per hour
Administrator €100 per hour
Additional fees may be payable for complex cases or to reflect value, specialist skills or urgency. These fees will range
for €100 per hour to €250 per hour. We will notify you in advance and agree the scale of fees to be charged.
Life assurance, permanent health insurance /income protection and specified illness cover do not come into force until the insurer issues terms and these terms are accepted by the client.
Almost all investments carry some degree of risk. Any product which is directly or indirectly invested in assets which may fall in value (for example equities) may itself fall in value along with any decrease in value of those assets. Before entering into any agreement, you must ensure that you understand any risk associated with the product and associated investments, and are content to accept that level of risk. It is important that you read and understand all key information documents, brochures, literature that you are provided. By signing this agreement you are confirming that you are acknowledging the importance of these documents and will ensure that that they are received, read and understood prior to making any informed decisions.
There is a high level of risk involved with investing in structured products, UCITS, Non-UCITS and other complex financial instruments. Past Performance is not a guarantee or reliable indicator of future results. You must be aware of the risks associated with trading directly or indirectly on margin. Please ensure that you fully understand the risks involved and do not invest with money you cannot afford to lose. Please seek independent advice if the risks involved seem unclear to you.
By signing this Agreement, the client acknowledges and accepts that, the value of an investment can go down as well as up, that the client may get back less than invested.
The client confirms that he has read and understood and therefore accepts the following:
1. Information on past performance of a Financial Instruments cannot guarantee the present or future performance. The use of historic data cannot forecast the future return of the Financial Instrument.
2. Some Financial Instruments may not be liquid and therefore they not be sold, or obtain easily information on the value of such Financial Instruments or the extent of the related or inherent risk concerning such Financial Instruments
3. Exchange rate fluctuations may also influence the prospect of profit or loss from transactions in foreign markets.
The nature and degree of risks vary from country to country and are dependent on instrument concerned. The degree of risk may depend, inter alia, from the following factors;
1. The type of investment
2. The issuers risk of insolvency
3. The complexity of the intended instrument / transaction
4. The risk of political instability in the country of the relevant market or in the country of the issuer
The above is not an exhaustive list
You should be aware that in transacting in the financial instruments, you could be faced with substantial risks which you must consider and evaluate prior to deciding to trade in financial instruments.
You should be particularly aware of the risks involved in trading in the financial instruments of issuers located in Emerging Markets and of the risks involved in trading in Complex Financial Instruments such as derivatives which may lead to losses which are substantially more than the initial capital invested
By agreeing to this Agreement, the Client confirms that they have read and understood the Company’s Risk Warnings on the company website.
It is in your best interest 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.
Conflicts of Interest
It is the policy of Elliot Lloyd International 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.
Default on Payments by Clients
Elliot Lloyd International will exercise its legal rights to receive payments due to it from clients (fees) for services provided. 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.
The Company will be communicating in the English language. Where translated copies have been made available to you, you should be aware that in all cases of conflict, the English version shall prevail.
We will communicate with you in English. Where you wish to communicate in a different language, communications may be translated. Where you wish to communicate with us in a language other than English, you agree that, in the event of a dispute, the English versions of the relevant documents shall prevail.
Whilst we are able to receive verbal complaints, it would be preferable that any complaints are 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 of not greater than 20 business days starting from the date on which the complaint is made. On completion of Elliot Lloyd International’s investigation, we will provide you with a written report of the outcome. In the event that you are still dissatisfied with Elliot Lloyd International handling of or response to your complaint, you are entitled to refer the matter to the Financial Services Ombudsman or the Pensions Ombudsman. A full copy of Elliot Lloyd International complaints procedure is available on request.
Money laundering. We are required by Law to verify the identity of all our clients and obtain certain information. Business cannot be transacted until verification/information is complete. If the required verification is not forthcoming within a reasonable period, we will not arrange any policies for you. All policies will be registered in your name unless otherwise agreed in writing, and in such instances additional verification may be required.
Client records. We maintain records of all business transactions meeting with our regulatory obligations, this will be for a period of at least five years after the termination or expiry of your policy and could be extended if required to do so by the regulatory or any official body. You have the right to inspect copies of any printed or computer records relating to your transactions. We do, however, reserve the right not to provide you with copies of records if we believe that information relating to any other parties would be disclosed as a result.
Classification of Clients
The Company is obligated to categorise each client. This is established from all relevant information that you provide to the Company, from this information the Company will categorise you as with a Retail Client, Professional Client or Eligible Counter Party (ECP). Depending on the classification the client enjoys different levels of protection and information disclosed. A Retail Client enjoys the highest-level protection under the legislation. You will automatically be classified as a Retail client providing you with the highest level of protection.
The Company will use, store or otherwise process personal information provided in connection with the provisions of the services that the company will offer you.
The Company will provide the Client, upon written request with a copy of the personal data stored (if any).
Telephone conversation between the Client and the Company may be recorded. All instructions or requests received by telephone will be binding as if received in writing. Any recordings shall be and remain the sole property of the Company and will be accepted by the Client as conclusive evidence of the instructions/requests or conversation so recorded. The Client agrees that the Company may deliver copies of transcripts of such recording to any court, regulator or government authority.
By entering into this Agreement, the client expressly consents to the use and transmission of the Clients information to any third parties as may be required for the effectiveness of the Services offered by the Company, or in relation to the transactions that the Client undertakes. The Company complys in accordance with the Provisions of the Processing of Personal Data (protection of the Individual) Law of 2001 and the General Data Protection Regulation (GDPR) (EU) 2016/679 effective from May 2018.
We would also like to keep you informed of pension, insurance, investment and any other services provided by us or associated companies with which we have a formal business arrangement; which we think may be of interest to you. We would like to contact you by way of letter, email or telephone call. If you do not wish to receive such marketing information, please tick the box on Elliot Lloyd International Financial Review document.
The Company shall provide the client with the information about investment possibilities suitable to his investment profile and their investment objectives in order to enable him, based on the information and instructions that the company gave, to make an informed decision.
In the course of providing the Client with Advice, the Company obtains necessary information regarding the Clients’ knowledge and experience, this should be relevant to the specific investment field relevant to the specific type of Financial Instrument or service. The client’s situation and investment objections will also be taken into account so as to be able to recommend the investment services and financial instruments that are suitable to your situation.
The Client is obligated to inform the Company should there be any change in his personal information provided or particulars stated on each occasion as a minimum that Advice is sought.
The Advice shall be provided to the Client in writing.
The Company shall disclose to the Client in an express and clear manner;
Where the Company itself or any associates have any interest in respect of the Financial Instruments or their issuer.
The company may also act on an administration basis, assisting the client by providing information, relevant documents in areas of interest.
However, the final decision for effecting Investment in Financial Instruments lies with the Client and he shall be solely responsible for the non-return of any investments.
he Company shall be entitled to a fee in respect of the Services provided. The current fees as well as any charges, commission, taxes or other expenses are described in the product provider’s brochures, key information documents, key facts.
This Agreement may be cancelled by either party by notification in writing.
Representation, Warranties and Indemnity
By signing this Agreement, the client declares, represents and warrants to the Company that they have full and unconstrained power to sign this Agreement, in particular the Client confirms that all assets, cash, securities and other assets belong exclusively to the Client and are held free of any lien, charge, pledge and any other encumbrance other than those disclosed in writing by the Client to the Company. The client has all the necessary consents and authorities to be bound by this Agreement and all transactions that they may undertake.
Except in cases of gross negligence, wilful default or fraud on behalf of the Company, the Client agrees to indemnify the Company against all claims that may be instituted against the Company in connection with the execution or as a result of the execution of the powers and instructions given to the Company under this Agreement.
Invoices and Taxes
Invoices will be due for payment on receipt by you. Fees charged by Elliot Lloyd International may be subject to VAT.
Elliot Lloyd International reserves the right to amend its Terms of Business and advise client without prior agreement. However, we will contact clients who are materially affected by these changes.
The laws of the Republic of Ireland will govern this Terms of Business document and the services which are referred to in this document.