Terms of Business

Authorised Status:

OMAC Mortgages & Finance Register of authorised Mortgage Credit Intermediaries/Mortgage Intermediaries pursuant to Section 31(10) of the European Union (Consumer Mortgage Credit Agreements) Regulations 2016 and Section 151A (1) of the Consumer Credit Act 1995. (C47857) Garry Manning is regulated as an insurance intermediary by the Central Bank of Ireland (C8346). Garry Manning is a member of the LIA, the Professional Association for Financial Advisers, and is a Qualified Financial Adviser (QFA). Our authorisation can be verified by contacting the Central Bank of Ireland Lo-call 1890 777 777 or by visiting www.centralbank.ie.

Omac Mortgages & Finance Ltd is subject to and complies with the Consumer Protection Code, Minimum Competency Code and the Fitness and Probity Standards as laid down by the Central Bank of Ireland these codes are in place for the protection of the consumer and can be found on www.centraI bank.ie.

Omac Mortgages & Finance Ltd acts as a mortgage Broker, which means that the principle regulated activities of the firm, are provided on the basis of a fair analysis of the market.

Omac Mortgages & Finance Ltd is also authorised under Part V of the Central Bank Act, 1997 (as amended by the Central Bank (Supervision and Enforcement) Act, 2013 for the provision of debt management services.

Omac Mortgages & Finance Ltd offer advice in relation to all classes of mortgages, and mortgages restructures. It can transmit orders on client’s behalf to any of the product producers from whom the firm hold letters of appointment. A list of all such entities is contained elsewhere in these Terms of Business.

Remuneration Policy & Fees:
Omac Mortgages & Finance Ltd Ltd.is remunerated by product producers, with whom it has an agency with on a commission basis, the level of which is determined by the class of business being undertaken. Where Omac Mortgages & Finance Ltd does not receive a commission it will charge a service fee, similar to the level of commission that it would normally receive which is 1.0% of the amount borrowed.

Commissions and Charges
If Omac Mortgages & Finance Ltd does not receive a commission or payment from the product producer, you will be charged for Omac Mortgages & Finance Ltd services on the basis of a percentage of the value/ cost of the product or by way of an hourly rate for our time. We will agree the fee structure with you in advance of providing a service which we do not receive commission for. When there is a withdrawal from an application or engagement process at what is considered to be the final stage a fee based on a percentage of the commission due will be payable to Omac Mortgages & Finance Ltd for the work completed.

This percentage fee will be fully explained and is non- negotiable. When arising, you must pay our invoices promptly and will be made without set-off, counterclaim or deduction. We may also receive additional marketing or other support payments directly from Financial Institutions where we have transacted large volumes of business. These will not be offset against any amounts due by you to us.

Omac Mortgages & Finance Ltd may share commission or payments from product producers with other third parties, or receive remuneration from them in respect of transactions carried out on your behalf. Where a third party charge is incurred, it will be passed on to you. Where we receive recurring commission, this forms part of the remuneration for initial advice provided. If we receive commission from a product provider, this will be offset against the fee, which we will charge you. 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.

You may choose to pay in full for our services by means of a fee. Directors/Adviser fees: €125 per hour. Additional fees may be payable for complex cases or to reflect value, specialist skills or urgency.

Conflict of Interest:
It is the policies of Omac Mortgages & Finance Ltd to avoid conflict of interest when providing services to clients. Where an unavoidable conflict arises the firm will advise you of this in writing before providing any business service. If you have not been notified of any such conflict you may assume that none arises.

Data Protection:
Omac Mortgages & Finance Ltd Limited 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 tell us. We may receive referrals from such firms and may advise them of any transactions arranged for you.

Complaints Procedure:
Omac Mortgages & Finance Ltd has a written procedure for the handling of complaints. Any complaint that you may have in relation to business services provided should be made verbally or preferably in writing to us outlining the nature of your complaint. Any such complaint will be recorded and acknowledged within 5 business days. Any complaint received will be fully investigated by the firm and a full response will be provided to you. Any updated responses (if relevant) will be provided every 20 business days in writing. Our objective is to investigate and if possible resolve any complaint within 40 business days. In the event that a client remains dissatisfied with the firms handling and response to a complaint then you are entitled to refer your complaint to the Financial Services Ombudsman, and/or The Central Bank of Ireland. All complaints should be addressed to Garry Manning of this office. A full copy of our complaints procedure is available on request.

Omac Mortgages & Finance Ltd will issue receipts for each payment received pursuant to Section 30 of the Investment Intermediaries Act 1995 and these should be retained in a safe place. Product producers may withdraw benefits or cover on default of any payments due under any products arranged for your benefit. Details of these provisions will be included in your product terms and conditions.

Debt Management:
Omac Mortgages and Finance Ltd is authorised as a Debt Management Firm under Part V of the Central Bank Act, 1997 (as amended by the Central Bank (Supervision and Enforcement ) Act, 2013) to provide debt management services.


Association of Expert Mortgage Advisers

Omac Mortgages & Finance Limited is a member of the Association of Expert Mortgages Advisers.

This group represent the interests of our expert and qualified members whilst promoting professional standards and development all times. Members of AEMA develop long-term relationships with their customers who can rely on our experience, expertise and knowledge in all aspects of their mortgage, leading to an ultimately rewarding customer experience. For more information see www.aema.ie

The Central Bank of Ireland Consumer Protection Code 2012 states that the term 'independent' may only be used in any trading name or other description of a regulated activity where the intermediary: A: provides the regulated activity on the basis of a fair analysis of the market; and B: allows the consumer the option to pay in full for the regulated activity by means of a fee. Omac Mortgages and Finance Limited, complies with both parts of the above.