ADVISORY ACCOUNT APPLICATION FORM
Markets in Financial Instruments Directive (MiFID) Products Only
The Markets in Financial Instruments Directive (MiFID) obliges us to gather sufficient information about your financial situation, your investment objectives and your knowledge and experience relevant to specific types of investment products and/or services so that we are in a position to recommend investment services to you that are suitable to your needs. We may form the opinion as a result of information provided by you that a particular investment product or service is not appropriate for your needs. Furthermore, if we consider that the information provided by you is insufficient or lacking in clarity we may not be in a position to determine whether a particular investment product or service is appropriate for your needs. Should this information change, you have a responsibility to inform us so that we can review the suitability of your portfolio.
Following completion of this Application Form, we will establish an Advisory account for you, and we will discuss your investment choices with you from time to time. With an Advisory account the investment decision is yours and we will have no discretion or authority over your funds.
Your Bank Account Details
|Bank name and address:|
|National sort code:|
|International Bank Account Number (IBAN):|
|Bank Identifier Code (BIC):|
I/we hereby apply for an Advisory Account with MMPI Limited (MMPI). I/we accept and understand that I/we am/are being treated as a retail client(s), as described in the Standard Client Agreement.
I/we declare that I/we have read and understand the Standard Client Agreement and agree to be bound by same. I/we acknowledge that MMPI’s Standard Client Agreement may be reviewed and amended periodically.
I/we declare that I/we have read and understand the Important Note above.
I/we authorise MMPI Limited to hold my/our personal data on file, to contact me/us in writing, by telephone, including SMS, or by email in respect of financial services matters, and to obtain any information in respect of my/our existing policies, investments, deposits, mortgages and loans from data processors, product or investment providers that I/we hold products with.
I/We do not consent to the information being used by MMPI Limited for marketing purposes. Tick box if applicable □
I/we confirm my/our agreement to MMPI Limited acting as my/our Financial Adviser.
European Communities (Markets in Financial Instruments) Regulation 2007, (MiFID Regulations)
Standard Client Agreement
This document sets out the terms under which the services of MMPI Limited (“MMPI”, “the company”, “we”, “us”, “our”) will be provided to clients (“you”) for business that is subject to the MiFID Regulations.
MMPI is an independent financial services company specialising in the provision of impartial advice on, and the processing of applications for, Mortgages, Life & Pension products, Savings & Investments; we also provide advice on International Capital Markets’ products, Stocks & Shares and other investment instruments from time to time.
Bryan Moloney established the company in 1993 as an independent advisory service to companies and private clients. Its primary aim is to provide valued solutions in the areas of corporate and personal pensions and investments, wealth management, insurance and residential and commercial mortgages.
We offer access to deposits, investments and life insurance services on a fair analysis basis. We are not tied to any one financial institution for any product or service and are free to exercise impartial judgement on all products and services in the marketplace. In addition to maintaining business arrangements with Irish financial institutions, we also have formal agreements with several leading international banks and insurance underwriters in London and Europe.
Company contact details
101 Morehampton Road, Donnybrook Village, Dublin D04 T0C2
|Telephone:||(01) 66 88 322|
|Fax:||(01) 66 88 309|
Authorisations & Affiliations
MMPI is regulated by the Central Bank of Ireland under Regulation 11 of the European Communities (Markets in Financial Instruments) Regulations 2007, (MiFID Regulations). We are authorised to act as a product producer and a deposit broker, activities covered under the Investment Intermediaries Act, 1995; We are registered with the Central Bank of Ireland under the Insurance Mediation Regulations 2005 to act as an Insurance Intermediary; under the Consumer Credit Act, 1995 as amended, as a Mortgage Intermediary; and under the European Union (Consumer Mortgage Credit Agreements) Regulations 2016 to act as a Mortgage Credit Intermediary. MMPI is a member of the Irish Brokers Association.
Investment Business Services
MMPI Limited is in a position to provide you with investment business services on an advisory basis. Where the product is an investment instrument under the Investment Intermediaries Act, 1995, as amended, or a mortgage we will transmit your instructions to the relevant product producer; where the product is an investment instrument under the MiFID regulations, other than a product designed by MMPI or a credit institution where MMPI act as intermediary, we will advise you to contact a suitably authorised stockbroker or similar firm who can effect the transaction on your behalf. The firm executing your order will advise you of its own terms and conditions which will apply to your relationship with it.
Fees and Charges
Our services may be paid for by a fee payable directly by you, and/or by introductory and recurring remuneration payable directly from product and service providers. We may enter into arrangements with product producers and service providers whereby additional remuneration, based on overall levels of business introduced by us may be payable.
Our standard consultation fees are €500 (+VAT where applicable) per hour, reviewed annually. On-going fees may also be negotiated for protracted contracts.
We may offset fees against remuneration received by us from product and service providers. If we intend to do so we will advise you in advance. If we do and you subsequently cancel, encash in full or in part, or cease to pay in full or in part any amounts due under the policy/contract and in consequence we are obliged to refund the remuneration paid to us by a product or service provider, we reserve the right to charge you a fee to reimburse us for the amount of remuneration refunded.
Conflicts of Interest
It is our policy to ensure that we serve our clients’ interests at all times to the very best of our ability. We are careful that our relationships with product and service providers, clients and other parties are maintained on a professional basis.
Where conflicts of interests arise and cannot be reasonably avoided we will disclose the general nature and/or source of the conflict of interest to you. We will seek your agreement in writing before we proceed and ensure that the conflict does not result in damage to your interests.
Complaints & Disputes
We have written procedures in place for the effective consideration and handling of complaints and a copy of our Complaints Policy is available on request. Where we cannot resolve a complaint immediately, it is our policy to meet with you to resolve matters.
Any written complaint that you may have should be addressed to the Compliance Officer, MMPI Limited, 101 Morehampton Road, Donnybrook Village, Dublin D04 T0C2. Where a complaint cannot be resolved within 5 business days we will issue you with an acknowledgement of its receipt by us. All complaints will be fully investigated and the outcome of the investigation will be communicated to you within 5 days of completion of the investigation. If you are dissatisfied with our handling of the complaint or our response to it you may refer the issue to the Financial Services Ombudsman or the Pensions Ombudsman as appropriate who may be contacted as follows:
|Financial Services Ombudsman
3rd Floor, Lincoln House,
Lincoln Place, Dublin 2
Lo Call: 1890 88 20 90
Tel: 353 1 6620899
36 Upper Mount Street, Dublin 2.
Tel: 353 1 6471650
Remedies on Default of Company
MMPI is a member of the Investor Compensation Scheme (“ICCL”) established under the Investor Compensation Act, 1998. This 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 be aware that a right to compensation will only arise where money or investment instruments held by this firm on your behalf cannot be returned either for the time being or in the foreseeable future and where you fall within the definition of eligible investor as set out in the Act. In the event that a right to compensation is established, the amount payable is the lesser of 90% of your loss which is recognised as being eligible for compensation or €20,000. Your legal rights against us are not affected by this scheme.
As a member of the Irish Brokers Association (IBA), MMPI is also a participant in the IBA Compensation Fund Limited. Subject to the rules of the scheme a claim may be submitted in connection with the liabilities of member firms up to a maximum of €100,000 per client (€250,000 in aggregate), where the ICCL has failed to adequately compensate any client of the member. In addition to the above mentioned compensation MMPI also holds Professional Indemnity Insurance.
Remedies on Default of Consumer
If you default owing monies to us, it is our policy to pursue matters directly with you in order to achieve a satisfactory resolution. In cases where this approach proves unsuccessful, it is our policy to pursue the outstanding amount through appropriate legal channels.
Bank fees charged on unpaid cheques will be charged to you and are payable in full with all other outstanding balances. No agency transfer may be undertaken until the account is cleared in full.
Custody Arrangements & Documentation
It is our policy not to hold investment instruments, policy documentation, share certificates or other items of record in safekeeping for our clients, unless specifically requested to do so in writing by way of contract or formal agreement.
It is acknowledged that, in the normal course of business, certain documentation (e.g. title documents) may be received by us for onward transmission to you; these will be forwarded to you without delay.
MMPI will not accept for safekeeping, cash, bank drafts, bearer bonds or other negotiable or bearer instruments. Neither will the company accept any instruments for safekeeping, which places a primary onus on the company to actively administer the holdings; and/or report market-value movements to clients and/or to third-parties; and/or to provide an active monitoring service over the holdings. The performance of such activities in a secondary capacity; whereby the company relays price data and other information from a primary source to its clients and/or third parties, is explicitly permitted within the terms of the agreement, herein.
Handling of Clients’ Funds and Clients’ Financial Instruments
The relevant regulatory requirements for holding clients’ assets are imposed by the Central Bank of Ireland under Regulation 79 of the European Communities (Markets in Financial Instruments) Regulations 2007 (S.I. 60 of 2007) (“the Client Asset Requirements”) on investment firms that hold client assets. In addition, these requirements are imposed by the Central Bank of Ireland under Section 52 of the Investment Intermediaries Act, 1995, as amended, (“the IIA”) on investment business firms authorised to hold client assets. MMPI does not hold client assets and does not retain regulatory authorisation to do so.
Under the terms of the Criminal Justice (Money Laundering and Terrorist Financing) Act, 2010 (as amended) you will be required to provide us with specific identification which we will request from you. If you do not provide the information we require, we will not be in a position to provide investment services to you.
We are required to take reasonable steps to obtain from you sufficient investment-related information to enable us to give you suitable advice. This includes details of your resources, investment objectives, attitude to risk, investment experience and knowledge, and investment preferences. If you do not provide MMPI with this information, we may not be in a position to offer you advice. Should this information change, you have a responsibility to inform us so that we can ensure that your portfolio remains suitable at all times. We will construct our investment advice to you in line with your stated investment objectives. As a result your Relationship Manager may contact you from time to time to bring other investment opportunities to your attention. If there are any limits or restrictions that you want to place on your investments you must issue such instructions in writing.
We fully respect your right to privacy, and any personal information relating to you will be treated in accordance with the Data Protection Acts 1988 & 2003 (and any amending or substituting legislation) as well as our own principles regarding client confidentiality. We use your personal information only for the purpose for which you provide it. In certain circumstances, we may be obliged to disclose personal information relating to you to third parties without notice to you, for example, in order to conform to a legal or regulatory requirement; to comply with a legal process; to carry out our duties under this Agreement; or to assert, protect or defend our rights of property or your rights. Product-service providers are required by law to provide details of the beneficial ownership of shares held in any nominee service to public companies on request. Other than as provided above, we will not put your personal data to any use other than that for which it was provided, without your prior written consent.
If you decide at any time that you no longer wish us to hold or use personal information relating to you, or if the information we hold is or becomes inaccurate, please notify us in writing, and we will, subject to our regulatory obligations, remove or rectify the information within a reasonable time. You are also entitled to access information which we hold relating to you and can do so by applying to us in writing. We reserve the right to charge a reasonable administration fee (not to exceed €6.35) for each access request. We are entitled to take reasonable steps to establish your identity in relation to any amendment, access or deletion request and may, at our absolute discretion, require proof of identity or other documents. All data will be retained for no longer than necessary for the purpose for which it is provided and as required to satisfy regulatory requirements. We retain client transaction records for a period of at least six years.
From time to time, unless you have opted out of this service, we may advise you by telephone (including sms), letter or email of our products and services which you may find of interest. If you decide at any time that you no longer wish to receive these notices please notify us in writing and we will stop contacting you in this regard. There is no charge for this service.
Based on the information available to the company, we have categorised you as a Retail Investment Client, and you will be treated as such in respect of all business we conduct on your behalf. You may request to be categorised as a Professional Investor in respect of all the investment services and investment products that you wish to transact through the company; subject to meeting certain criteria. Such a categorisation as a Professional Investor would result in a reduced level of client protections for you. If you want to be categorised differently, please contact your Relationship Manager. For information regarding the main differences between Retail Investment Clients and Professional Investors, please see hereunder. Please be aware that we reserve the right to decline any such request on the grounds of the company’s understanding of your financial experience and investment product knowledge.
Professional Investor – Description of Client Protection Forgone
(MiFID 80) Requirements relating to the form and content of information presented to clients including the presentation of past performance, simulated past performance and future performance will not apply.
(MiFID 82) Certain general information regarding us and the third-party product-service providers used by us including information on our client money procedures and conflicts of interest policy do not have to be given to professional clients.
(MiFID 83) Certain additional information, which must be given to retail clients does not have to be given to professional clients, this includes inter-alia information on the method and frequency of valuation of the financial instruments in the portfolio, details of any delegation of the discretionary management, a specification of the benchmark against which performance will be compared, they types of financial instrument and transactions including any limits and the management objectives, the level of risk to be reflected in the manger’s exercise of discretion and any specific constraints on that discretion.
(MiFID 85) Where, in the case of a retail client only, information is provided about a financial instrument that is subject to a public offer and there is a Prospectus Directive prospectus published, the client must be informed if that prospectus is made available to the public.
(MiFID 87) Where a financial instrument incorporates a guarantee by a third party a requirement to provide information about that guarantee will not apply.
(MiFID 88) Where financial instruments or funds belonging to a client are held on behalf of a client certain disclosure requirements applicable to retail clients will not apply. These disclosures include, where financial instruments are held in an omnibus account of a third party a warning of the resultant risks and where it is not possible under relevant national law for client financial instruments held by a third party to be separately identifiable from the proprietary financial instruments of that third party to warn of the resultant risks of such an arrangement.
(MiFID 91) Where financial instruments are held on behalf of a client and securities financing transactions in respect of those financial instruments are proposed, certain disclosures applicable to retail clients will not apply. These disclosures require details of the obligations and responsibilities of MMPI with respect to the use of those financial instruments, the terms for their restitution and the risks involved.
(MiFID 92) Requirements relating to the provision of information on costs and associated charges will not apply. These relate to the total price to be paid in connection with a financial instrument, or the investment service or ancillary service, where any part of that price is to be paid in a foreign currency the applicable conversion rates, notice of the possibility of other costs, including taxes, which are payable and the arrangements for payment or other performance.
(MiFID 96) Where MMPI has carried out an order for a client certain detailed requirements in relation to timing of dispatch and the content of the confirmation of the order, which apply to retail clients, do not apply to professional clients who are only required to be provided with “the essential information concerning” that order.
(MiFID 97) When executing client orders, MMPI is required to have regard to a number of factors in order to obtain the best possible result for the client. A requirement, in respect of retail clients, which provides that the best possible result shall be determined in terms of the total consideration (price paid) does not apply.
(MiFID 98)A requirement to provide information about MMPI’s execution policy in good time prior to the provision of services does not apply. This information includes details of the importance of various criteria used to establish the policy, the list of execution venues proposed third-party product-service providers will rely on and warnings as to the possible effect of specific instructions on the ability of the third-party product-service provider to obtain best possible execution.
(MiFID 107) When carrying out client orders, a requirement to inform a client in advance about any material difficulty relevant to the proper carrying out of orders will not apply.
As a professional client you do not fall within the definition of an “eligible investor” and, therefore, will not be entitled to any compensation under the Investor Compensation Act, 1998.
Excluding our Liability
We and any person or company connected with MMPI (including our or their directors, employees or agents) do not have any responsibility for any loss or loss of profit you suffer as a result of performing or not performing the company’s obligations under these terms. Any instructions you give are your responsibility and we will not be liable for any loss arising from carrying out or failing to carry out any of your instructions or for any loss you suffer as a result of transferring any invalid or forged instrument. However, this will not exclude or restrict any obligation that we owe to you under the rules of any relevant regulatory body, or by law. We will not have breached these terms if we fail to carry out our duties and obligations as a result of any event beyond our reasonable control, including without limitation – fire; act of Government or State; act of God; war or civil commotion; embargo; terrorism; inability to communicate with relevant third parties for whatever reason; failure of any computer dealing or settlement system; being prevented from using any fuel or other supplies; labour disputes; late delivery or late payment by any other person or any other reason.
Other Important Matters
If we decide not to enforce any of our rights, it will not mean we cannot enforce them in the future. The rights in these terms apply as well as any rights we have in law. If any of these terms are not valid or cannot be enforced it will not affect the rest of the terms and the rest of the terms will apply as if the invalid or unenforceable terms had not been included.
This service and these terms will be governed by the laws of Ireland.
If we make a material change to these terms we will put the updated version on our website www.mmpi.ie.
Effective date: 27 January 2017