Terms of Business Life


Munster Money Matters Ltd t/a Munstergroup Life & Pensions

Terms of Business – January 2013

Munster Money Matters Ltd. is a wholly owned Irish Company, established in May 2005 and specialising in the provision of all classes of non-life and life insurance. These Terms of Business set out the general terms under which our firm 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.


Authorisation with the Central Bank of Ireland

Munster Money Matters Ltd is regulated by the Central Bank of Ireland as an insurance intermediary registered under the European Communities (Insurance Mediation) Regulations, 2005; as a Multi-Agency Intermediary/Authorised Advisor authorised under the Investment Intermediaries Act, 1995 and as a Mortgage Intermediary authorised under the Consumer Credit Act, 1995. Copies of our regulatory authorisations 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 www.centralbank.ie to verify our credentials.



Munster Money Matters Ltd. offers advice in relation to life assurance products (term cover, whole of life cover, income replacement, serious illness, pensions, savings, investments and mortgages) and to transmit orders on clients’ behalf to any of the insurance undertakings or product producers from whom the Company hold letters of appointment.

There are insurance undertakings and products from which the Company does not hold letters of appointment and do not represent.  Clients are entitled to communicate with such entities at their own discretion.


Munster Money Matters Ltd is remunerated by commission from insurers on completion of business.  Details of this remuneration are available on request.


Conflict of Interest:

It is the policy of Munster Money Matters Ltd. to avoid 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 service.  If you have not been advised of any such conflict you may assume that none arises.



We ask that you make any complaint against our firm, relating to 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 Ombudsman or the Pensions Ombudsman. A full copy of our complaints procedure is available on request.

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.


Client’s Money:

Munster Money Matters Ltd. will accept payments in cash, cheque, debit/credit card or bankers credit 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.  Munster Money Matters Ltd. is not authorised to accept cash or negotiable instruments in any other circumstances.


Data Protection

Munster Money Matters Ltd complies with the requirements of the Data Protection Acts, 1988 and 2003.


The data which you provide to us will be held on a computer database and paper files for the purpose of arranging transactions on your behalf. The data will be processed only in ways compatible with the purposes for which it was given. We would also like to keep you informed of mortgage, 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 in the Terms of Business acknowledgement letter.


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.


Munster Money Matters Ltd. will issue receipts for each payment received pursuant to Section 30 of the Investment Intermediaries Act 1995 and should be retained by clients in a safe place.



You or we may terminate our authority to act on your behalf at any time.  However, notice of this termination must be given in writing.


The following is a list of the insurance undertakings and product producers from which letters of appointment are held.

BCP Asset Management

Irish Life

Caledonian Life New Ireland

Canada Life

Zurich Life

Phoenix Ireland

Friends First

Standard Life

Aviva Life

Wealth Options


Dolphin International

Cantor Fitzgerald


Pay Less for Insurances


Car Insurance Quick Quote


Van Insurance




Health Insurance


Life Assurance Quote


Reg Office: Bank House, Bindon Street, Ennis, Co. Clare. Registered in Ireland.


Mortgage Protection Quote


Travel Insurance Quote


Company Reg No 394739. Private company limited by shares & having share capital of €24,000.


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Munster Insurances & Financial Ltd t/a Paylessdirect Home and Motor Insurance is regulated by the Central Bank of Ireland. Munster Money Matters Ltd t/a Paylessdirect Life and Pensions  is regulated by the Central Bank of Ireland.

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