Terms of business

These terms of business set out the general terms under which our firm will provide insurance and investment business services to you and the respective duties and responsibilities of both the firm and you in relation to such services. Please ensure to read these terms thoroughly and if you have any queries, please contact the undersigned who will be happy to clarify. If any material changes are made to these terms we will notify you.

Firm name and contact details:
Coyne & Culloty Insurance & Financial Services
2 Main Street, Killarney, Co Kerry
Tel: (064) 6631274
Fax: (064) 6633219

Regulatory Status with the Central Bank of Ireland
Sean Coyne & Co Ltd T/A Coyne & Culloty is regulated by the Central Bank of Ireland as an Authorised Advisor. 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 on www.centralbank.ie to verify our credentials.

Codes of Conduct

Sean Coyne & Co Ltd T/A Coyne & Culloty 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 www.centralbank.ie

Fair Analysis

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 contract and providers considered 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 all 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 products and service provided by the provider
• cost
• any other relevant consideration

Life & Pensions

Life Assurance companies provide products such as Life cover, Serious Illness cover, Income Protection, Savings, investments and Pensions. Depending on your individual circumstances, we may provide you with advice in relation to the nature of these products and which product may be suitable for your needs. You may, however, have particular areas of interest and, in this case, we will be happy to give more detailed advice in these areas. We can give you a choice of different life and pension products from a range of insurers and we can receive and transmit orders for such products on your behalf to these insurers.

Sean Coyne & Co Ltd T/A Coyne & Culloty provides life assurance and pensions 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 your needs.

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 PHI and serious illness policies.
Specifically on the subject of 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; 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.

Data Protection

Sean Coyne & Co Ltd T/A Coyne & Culloty complies with the requirements of the Data Protection Act, 1998 and 2003.
The data which you provide to us with is held on a computer database and paper files for the purpose of arranging transactions on your behalf.
We would also like to keep you informed of pensions, 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 would like to contact you by way of letter, email, telephone call or personal visit. If you do not wish to receive such marketing information please tick the box in the Terms of Business acknowledgement letter.
We may receive referrals from such firms and may advise them of any transactions arranged for you.

Commission and Charges

Sean Coyne & Co Ltd T/A Coyne & Culloty is remunerated by commission and other payments from the completion of business with our product producers. In certain circumstances, it will be necessary to charge a fee for services provided. In other circumstances where fees are chargeable, we will notify you in advance of what these charges will be. A guide of fees is set out below:

Where we receive recurring commission, this forms part of the remuneration for initial advice provided.
Where the firm is not in receipt of commission, will charge a service fee, agreed with clients, depending on complexity of the transaction, time spent and nature and extent of the transaction and research. If we receive commission from a product provider, fees can be offset against commission income earned and this will be agreed in advance. Where the commission is greater than the fee due, the commission will become the amount payable to the firm unless an arrangement to the contrary is made.

Our fees are charged as follows:
Advisor fees: €150 per hour
Support Staff €100 per hour

Regular Reviews

With you agreement, we may review the policies you take out on a periodic basis to ensure you are kept informed to their benefit and to check whether they still suitable to your needs. We will also 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. Failure to contact us of changes in your circumstances, or request a review, may result in you having insufficient insurance cover and/or inappropriate investments.

Conflicts of interest

It is the policy of our firm to avoid conflicts of interest in providing you with insurance and investment business services. If this is not possible, we will notify you as soon as practicable after we become aware of the conflict of interest and you may rest assured that you will be treated fairly where such a conflict is unavoidable.

Default on payments by clients

Our firm will exercise its legal rights to receive payments due to it from clients for investment business services provided. In particular, without limitation of the generality of the foregoing, the firm will seek reimbursement for all payments made to insurers on behalf of clients where the firm has acted in good faith in renewing a policy of insurance for the client.

Insurers and other product producers may withdraw benefits or cover in the event of default on payments due under polices of insurance or other products arranged for you. We would refer you to policy documents or product terms for the details of such provisions.


We ask that you make any complaint against our firm relating to investment business services provided by us in writing. We will acknowledge your complaint within 5 business days and we will fully investigate it. 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 or Pension Ombudsman. A full copy of our complaints procedure is available on request.

Compensation Scheme

We are members of the Investor Compensation Scheme operated by the Investor Compensation Company Ltd.

Sustainable Finance Disclosure regulation (‘SFDR’)

When providing advice, the firm does not consider the adverse impacts of investment decisions on sustainability. The firm will review this approach on an annual basis, each February.

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 compensation and our firm is a member of this scheme (Reference Number 32570)

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 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, and 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

Complaints against Sean Coyne & Co Ltd T/A Coyne & Culloty

If you would like to talk to us on how we could improve our service to you or if you are unhappy with any aspect of our service you are receiving, please let us know by writing to Donal Culloty of Coyne & Culloty Insurance & Financial.

The above represents the Terms by which we do business with you and by transacting business with us you are deemed acceptable by you.

For further information contact the Investor Compensation Company Ltd at (01) 4344000.
If you wish to contact us you can 0n 064 6631274