Terms of Business

MBL Financial Services Limited t/a Mortgage Xpress of 4 The Mall, Main St, Lucan, Co Dublin specialise in the provision of Mortgage Services, Life Assurance and General Insurance services to consumers.

 

Authorised Status:

MBL Financial Services Limited t/a Mortgage Xpressis regulated by the Central Bank of Ireland as aMulti-Agency Intermediary under the Investment Intermediaries Act, 1995, as amended; as a mortgage intermediary authorised under the Consumer Credit Act, 1995, as amended and as an insurance intermediary registered under the European Communities (Insurance Mediation) Regulations, 2005.  The Central Bank holds registers of regulated firms.  You may contact the Central Bank on (01) 4104000 or alternatively visit their website on www.centralbank.ieto verify our credentials.”

 

MBL Financial Services Limited t/a Mortgage Xpress is a member of the Professional InsuranceBrokers Association.

 

Regulatory Status:

MBL Financial Services Limited t/a Mortgage Xpressis regulated by the Central Bank Of  Ireland.  Our regulator number is 5548.

 

 

Codes of Conduct:

MBL Financial Services Limited  t/a Mortgage Xpress 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 Banks’s website www.centralbank.ie

 

Services:

MBL Financial Services Limited t/a Mortgage Xpress offer advice in relation to all aspects of mortgage finance and also in relation to life assurance products (Term Cover, Serious Illness and Permanent Health Insurance) and General Insurance. We are also authorised as a deposit broker and we deal with Permanent TBS when providing deposits.  We also transmit orders on client’s behalf to any of the insurance undertakings or product producers from whom the Company hold letters of appointment. A list of all such entities is contained elsewhere in these Terms of Business.

 

 

MBL Financial Services Ltd t/a Mortgage Xpress acts as an Independent Brokerwhich means that:

 

  1. a) the principal regulated activities of the firm are provided on the basis of a fair analysis of the market; and
  2. b) you have the option to pay in full for our services by means of a fee.

 

 

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 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.

 

Remuneration Policy:

Life Assurance

MBL Financial Services Limited t/a Mortgage Xpress, in the case of life assurance 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.  .  Our fees are charged as follows:

Advisor fees:               €275 per hour

Support Staff               €100 per hour

 

 

Mortgage Business

MBL Financial Services Limited t/a Mortgage Xpress is in receipt of mortgage commissions from lenders at a rate of up to 1% of the value of the amount borrowed.  A list of lenders whom MBL Financial Services Limited t/a Mortgage Xpress hold agencies with is listed in this document.Mortgage Xpress can also charge a non refundable administration fee of €300. If this fee is applicable to your application it will be payable prior to the submission of any application to the lenders.

 

MBL Financial Services Limited t/a Mortgage Xpress may make sub-commission payments toIntroducers of mortgage business to the company.  All recipients of such sub-commission payments must be registered by the Financial Regulator as a Mortgage Intermediary. 

Conflict of interest:

It is the policy of MBL Financial Services Limited t/a Mortgage Xpress to avoid a conflict of interest when providing services to clients. Where an unavoidable conflict arises we will advise you of this in writing before providing any business services. If you have not been made aware of any such conflict you may assume that none arises.

 

 

Complaints Procedure:

MBL Financial Services Limited t/a Mortgage Xpress has in place a written procedure for the handling of complaints.  This procedure ensures that all complaints are recorded and acknowledged within 5 business days.  All complaints are fully investigated and the complainant updated at intervals of not greater than 20 business days.  We will attempt to investigate and resolve a compliant within 40 business days.

All complaints should be directed in writing to Mr Paddy Byrne, Complaints Officer, MBL Financial Services Limited t/a Mortgage Xpress, 4 The Mall, Main Street, Lucan, Co Dublin. In the event that a client remains dissatisfied with the handling of and/or response to a complaint they may refer the matter to The Financial Services Ombudsman.

 

Disclosure of Information

Any failure to disclose material information may invalidate your claim and render your policy void.

 

Regular Reviews

It is in your best interests 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.

 

Consumer Protection:

MBL Financial Services Limited t/a Mortgage Xpress is a member of the Investor Compensation Scheme established under the Investor Compensation Act 1998. The legislation provides for the establishment of a compensation scheme and to the payment in certain circumstances, of compensation to clients of firms covered by the Act.  However you should also be aware that a right to compensation would only arise where money or investment instruments held by this company on your behalf cannot be returned either for the time being or for the foreseeable future and where the client falls within the definition of eligible investor as contained in the Act.  In the event that a right to compensation is established, the amount payable is the lesser of 90% of the clients loss, which is recognised as being eligible for compensation or €20,000.

 

Client’s Money:

MBL Financial Services Limited t/a Mortgage Xpress will accept payments by cheque and cash in respect of all classes of insurance in the circumstances permitted under Section 25G of the Investment Intermediaries Act 1995. Payments must represent premium in respect of either a renewal of a policy, which has been invited by an insurance undertaking or product producer or a proposal accepted by an insurance undertaking or product producer.

 

Credit Policy:

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.

 

Receipts:

MBL Financial Services Limited t/a Mortgage Xpress will issue receipts for each payment received pursuant to Section 30 of the Investment Intermediaries Act 1995, as amended and such receipts will be retained in a safe place.

 

Data Protection:

MBL Financial Services Limited t/a Mortgage Xpress is registered as a Data Processor under the Data Protection Act 1988, amended 2003.

 

You may have entitlements under the Data Protection Act to inspect all personal information held on file by MBL Financial Services Limited t/a Mortgage Xpress upon request and to require MBL Financial Services Limited t/a Mortgage Xpress to correct any errors of fact that may exist. Any requests should be forwarded to the Compliance Officer.

 

 

Default Remedies:

MBL Financial Services Limited t/a Mortgage Xpress actions in the event of default by the client are:

Product providers are entitled to withdraw benefit or cover on default of any payments due under any products arranged for your benefit.  It is therefore critical to the guaranteed continuance of your insurance that your premium is paid in full.  Some insurers may include as a term of the insurance a settlement due date or in some cases a warranty under the terms of which the premium must be paid to them by a certain date.  We inform our clients of such requirements and the relevant date in good time to allow the payment terms to be met. Failure to comply with the terms of the warranty may mean that the insurers obligation under the policy will be terminated.

An outline of the action and remedies which the relevant product producers may take in the event of default by a client is included in the product producers policy document.  

 

Insurance Undertakings:

The following are a list of insurance undertakings and product producers form which letters of appointments are held.

 

Life Assurance Appointments

Caledonian Life

Canada Life Assurance (Ireland) Ltd

CGU Ltd

Custom House Capital Ltd.

Eagle Star Life Assurance Company of Ireland Ltd

Friends First Assurance Company Ltd

Hibernian Life & Pensions Ltd

New Ireland Assurance Company PLC

Scottish Provident Ltd

Standard Life Assurance Company

MacDonaghBolandCrottyMacRedmond Ltd

BCP Asset Management Ltd

Irish Life Assurance PLC

 

Lender Appointments

,

Permanent TSB PLC

BNP Paribas Personal Finance

IFG Investment and Mortgage Services Ltd t/a Mortgage Broker Solutions

PIBA Network Services Limited

Ulster Bank Ireland Designated Activity Company

Haven Mortgages Ltd

Dilosk DAC

Pepper Money

 

MBL Financial Services Limited t/a Mortgage Xpress, 4The Mall, Main St Lucan, Co Dublin.

Phone: 6219799  Fax: 6219796 Email:info@mortgagexpress.ie

 

MBL Financial Services Limited t/a Mortgage Xpress is regulated by the Central Bank Of Ireland .