Terms of Business

Penco Insurances Limited trading as Which Mortgage and hereinafter referred to as “Which Mortgage”, trading from the following address: The Black Church, St Marys Place, Dublin 7, is authorised by the Central Bank of Ireland (‘Central Bank’) as an Investment Intermediary under the Investment Intermediaries Act, 1995; is registered as an Insurance Intermediary under the European Union (Insurance Distribution) Regulations, 2018; and is authorised under Regulation 30 of the European Union (Consumer Mortgage Credit Agreements) Regulations, 2016 to engage in the business of being a Mortgage Credit Intermediary.

Copies of our authorisation are available on request. Our authorisation can be verified by contacting the Central Bank on 1890-77 77 77 or on the Central Bank website www.centralbank.ie. Our Company Registration number is 92510.

These Terms of Business set out the general terms under which Which Mortgage will provide business services to you and the respective duties and responsibilities of both Which Mortgage and you in relation to such services. Please ensure that you read these terms thoroughly and if you have any queries, we will clarify them. If any material changes are made to these Terms of Business, we will notify you.

Codes of Conduct

We are subject to the following Codes of Conduct issued by the Central Bank:

1) Consumer Protection Code 2012 (as amended)

2) Minimum Competency Code 2017

3) Fitness and Probity Standards

4) Prudential Handbook for Investment Intermediaries.

These Codes offer protection to our clients and all of the Codes can be found on the Central Bank website: www.centralbank.ie.

Our Services

The scope of our authorisation covers providing advice and arranging transactions on behalf of clients in relation to General Insurance; Life, Pension and Investment Products; and Mortgages. We are a boutique broker and do not have a “tied” relationship with any institution that would compromise our ability to offer you impartial advice and choices.

In all transactions, we will endeavour to:

a) Act honestly and fairly in conducting our business activities in the best interests of our clients and the integrity of the market.

b) Comply with all regulatory requirements applicable to the conduct of our business activities, to promote the best interests of our client.

We are committed to helping you. If you require any additional assistance because of vulnerability, please let us know.

Life, Pensions and Investments

We will provide advice in relation to the provision of life insurance policies, investment products and pensions, and which of these policies, products or pensions are suitable for your needs. We will identify and select a suitable product producer through fair analysis of the market based on 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 best suit 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 duration of the policy and we will explain to you the various restrictions, conditions and exclusions attached to your policy. You are, however, responsible to thoroughly read policy documents, literature and brochures to ensure that you understand the nature of the policy cover.

Sustainability Factors

Under the Sustainable Finance Disclosure Regulations, 2019 we are required to notify you that we do not currently consider the adverse impacts of investment decisions on sustainability when advising you on which Insurance Based Investment Product (IBIP/Investment/Pension) is most suitable to your needs. We will review this approach on an annual basis.

Non-Life Insurance Policies

We provide advice on and arrange products which include commercial motor insurance, commercial risks, private motor insurance, and household insurance.

We provide advice in relation to the provision of non-life insurance policies and which of these products are suitable for your needs. We will identify and select suitable product producers through fair analysis of the market based on 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 best to meet your needs.

We will provide you with assistance regarding any queries you may have in relation to the policies or in the event of a claim during the life of the policy and we will explain to you the various restrictions, conditions and exclusions attached to your policy. It is, however, your responsibility to read the policy documents, literature and brochures to ensure that you understand the nature of the policy cover. To ensure continuity of cover, we will seek renewal terms on your behalf.

Consumers: Duty of Disclosure when completing documentation for new business/renewals and midterm adjustments

In terms of the Consumer Insurance Contracts Act, you are required to answer all questions posed by us or the product producer honestly and with reasonable care.

Where you do not provide additional information (after being requested to do so) it can be presumed that the information previously provided remains unchanged.

Note: an insurer may repudiate liability or limit the amount paid on foot of the contract of insurance, if you do not comply with the duty of disclosure.

Commercial Clients: Non-Consumer Disclosure of Information

It is essential that you should bring to our attention any material alteration in risk such as changes of address or use of premises. Any failure to disclose material information may invalidate any claims and render your policy void

Completed Proposal Forms/Statement of Fact

Please note that where a policy is incepted based on the information supplied on a completed proposal form or via a statement of fact form, we assume that you have checked the accuracy of all information provided, including any prepopulated sections in such forms. If there are any errors, please notify us immediately. If you are unsure whether a fact is material or are in doubt about anything else, contact us to discuss the matter further.

Our Remuneration

We may earn remuneration from a combination of commissions and fees. An administration fee is charged for the activity involved in the arranging of a product, the renewal of a product or for any alterations that take place during the life of a product or upon its termination. A scale of our fees is provided below.

The level of fee charged will be dependent on the complexity of the service, seniority of staff involved and other operational considerations. All fees charged by us will be clearly identified on your invoice or renewal invitation document. Any fee charged by us will not be refunded in the event of policy cancellation other than as required by law.

We may be remunerated by commission received from a product producer for the work involved in placing an order and finalising the product with them on your behalf. The level of remuneration received from product producers can vary, while some do not pay any commission to us. We may earn a minor non-monetary benefit which we will only accept if it enhances the quality of our service to you. For example: attendance at a product seminar or assistance with branding, IT support etc. A summary of all remuneration arrangements from each product producer is available on our websites: www.penco.ie and whichmortgage.ie.

Scale of Fees

Life, Pensions and Investments

We receive commission and other rewards from the product producer with which the business is placed. Details of these payments will be included, where applicable, in a product information document in respect of these products.

We may charge a fee for the service provided and where we advise you on a non-commission basis or product. Where we charge a fee, it will be agreed with you in writing prior to provision of service. Where you opt to remunerate us in respect of professional services provided by way of fee, please be advised that VAT at the current applicable rate applies to all fee transactions.

Non-Life Insurance Fees

• Initial Fees and Renewals

Private Motor Up to a maximum of €200
Commercial Motor Up to a maximum of €200
Household Up to a maximum of €200
Commercial Risks Up to a maximum of 25% of the premium

• Alterations, Adjustments, Cancellations and Return Premiums

Private Motor Up to a maximum of € 75
Commercial Motor Up to a maximum of € 100
Household Up to a maximum of € 100
Commercial Risks Up to a maximum of € 1000


We receive commissions of up to 1% on value of the loan.

In certain circumstances, it will be necessary for us to charge you a fee for services provided. We will notify you in advance and agree the scale of the fee to be charged.

Please note that certain lenders may charge a fee, and if this applies, this fee will be advised in the lenders’ loan offer. You have a right to pay this fee separately and not have it included in the loan. Typically, this fee arises in relation to specialist lending.

Lenders require that a valuation be carried out on the property to be mortgaged. You will be required to pay the valuation fee directly to the valuator. You will be advised of the fee prior to the valuation being arranged.

Regular Reviews

It is in your best interest that you regularly review the products which we have arranged for you because as your circumstances change, your needs may change. You must advise us of those changes and request a review of your product 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 investments which may no longer be suitable for you due to changes in your needs, objectives and attitude to risk.

Conflict of Interest

It is our policy to avoid any conflict of interest when providing business services to our clients. Where a conflict of interest should arise, we will make you aware thereof and will not proceed with the service until you are satisfied that any such conflict of interest has been removed. A copy of our Conflicts of Interest Policy is available on request.

Complaints Procedure

We aim to provide the best possible service to you at all times. In the event that you are dissatisfied with the service you have received, we have in place a written procedure for the consideration and handling of complaints. Such complaints should preferably be addressed in writing to Complaints, Penco Insurances Limited, at The Black Church, St Mary’s Place, Dublin 7, or at [email protected]. We will acknowledge your complaint within 5 business days and investigate the complaint as promptly as possible. We shall provide you with updates at intervals of not greater than 20 business days starting from the date on which the complaint was received. A final response to your complaint will be issued within 40 business days of receipt of the complaint.

If you are dissatisfied with the handling of and/or the response to a complaint, you may refer the matter to the Financial Services and Pensions Ombudsman, 3rd Floor Lincoln House, Lincoln Place, Dublin 2 (01 567 7000 / [email protected] / www.fspo.ie). A full copy of our Complaints Procedure is available on request.

Termination of Service

Our services may be terminated without cause or penalty by either us or you, upon the giving of one month’s written notice of termination to the other or as otherwise agreed. In the event our services are terminated by you, other than at the expiry of the policy period or at renewal, we will be entitled to retain any and all professional service fees or brokerage payable (whether or not it has been received by us) in relation to policies placed by us prior to the date of termination. With effect from the date of termination and in the absence of express agreement to the contrary we will have no obligation to perform any further services (whether contained in these Terms of Business or otherwise) for you.

Premium Handling and Receipts

We accept payment by credit or debit card, by electronic fund transfer or by cash or cheque in respect of all classes of insurance in the circumstances permitted. Monies received from you will be retained in our client premium account, which is a bank account solely for client monies. We issue a receipt for all payments received into our client premium account. A receipt is issued with your protection in mind and should be stored safely. You are under a duty to pay your premium within a reasonable time, or otherwise in accordance with the terms of the contract with the product producer. We are precluded from paying a premium to a product producer which has not been paid to us.

Premium Rebates

We will refund any rebate that becomes due to you, within five business days of receiving it or having been notified by the product producer that it is due to you. By agreeing to these Terms of Business, you acknowledge and accept that in the event that you owe charges to us, we may deduct such charges from your premium rebate.

Where the premium rebate is €10 or less, we will offer you the choice of:

• Receiving the premium rebate

• Receiving a reduction from a renewal premium or other premium currently due; or

• Us making a donation of the rebate amount to a registered charity.

Payment Default

We will exercise our legal rights to receive payments due to us from clients (fees and premiums) 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.

Your policy may be cancelled in the event of the following:

• Your non-payment of premiums due at inception, renewal or following a mid-term alteration.

• Your bank returns your cheque unpaid.

• Non-disclosure of relevant information.

• Non-receipt of required documentation.

• Insurer enforced cancellation.

Insurers may cancel policies in certain circumstances; these conditions are outlined in policy documents. Insurers are entitled to cancel all cover if they are not in receipt of the full premium. It is therefore critical that we are in receipt of the full premium before the renewal date or inception of a new policy. When paying premiums, you must specify the transaction to which the payment applies. In the absence of specific instructions, we will allocate the payment to the longest outstanding transaction on your account and after that, to the earliest transaction due to insurers. Where your policy cover ceases or is cancelled, we will send you any documentation you are entitled to, on request. No agency transfer will be allowed until an account is cleared in full.


You may withdraw from a policy within 14 business days from the start date of the policy without penalty and without giving any reason. The right of withdrawal may be exercised by notice in writing to us, quoting the policy number. Should this right be exercised, the insurance company may charge a pro-rata premium for the period you are on cover. If the cover provided is motor insurance-related, the policy cannot be cancelled until the certificate of insurance and windscreen disc have been received by us.

You may cancel a policy by notice in writing at any time. Provided that all reasonable charges pertaining to costs incurred by us have been paid and also provided that no incident giving rise to a claim has occurred in the current period of insurance, you will be entitled to a return premium for the unexpired period of insurance, unless the policy has been written on a minimum and deposit basis. In this case, no return premium will be allowed on the policy. If you cancel a policy during the first year of cover, short term rates may apply. In the case of motor insurance policies an insurer will require return of the insurance certificate and windscreen disc prior to processing a policy cancellation.

Insurance Companies normally reserve the right to cancel a policy at any time by giving appropriate notice to you at your last stated address. Always refer to your policy document for a copy of the full terms and conditions.

Data Protection

As a data controller, we are subject to the requirements of the General Data Protection Regulation (EU) 2016/679 (‘GDPR’) and the Data Protection Acts 1988 – 2018 (as may be amended). We are committed to protecting and respecting your privacy. We wish to be transparent on how we process your data and show you that we are compliant with GDPR in relation to processing your data and ensuring you understand your rights as a data subject.

We will generally collect your personal data in order to provide services to you and we will only process your personal data in relation to our Privacy Notice which is available online at penco.ie/privacy-policy or whichmortgage.ie/about/privacy-policy. If this medium is not suitable, we will provide you with a hard copy upon request. Please contact us at [email protected] should you have any questions or concerns about your personal data.

Call Recording

All telephone calls including outbound calls may be recorded and monitored for regulatory, quality and training purposes.

Investor Compensation Scheme and Brokers Ireland Compensation Fund

We are a member of the Investor Compensation Company Limited Scheme established under the Investor Compensation Act 1998. The legislation provides for the establishment of a compensation scheme and the payment, in certain circumstances, of compensation to certain clients of firms (known as eligible investors) covered by the Act. However, you should be aware that a right to compensation would only arise where client money or investment instruments, held by us 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.

Please note certain transactions may not be covered under the scope of this scheme. When this is the case, this will be advised to you in writing.

In the event that a right to compensation is established, the amount payable is the lesser of 90% of the client’s loss, which is recognised as being eligible for compensation, or €20,000.

We are also members of the Brokers Ireland Compensation Fund. Subject to the rules of the scheme, the liabilities of its members’ firms up to a maximum of €100,000 per client (or €250,000 in aggregate) may be discharged by the fund on its behalf if the member firm is unable to do so, where the above detailed Investor Compensation Scheme has failed to adequately compensate any client of the member. Further details are available on request.

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