These Terms of Business applicable from 26/08/2024 and set out the general terms under which we will provide business services to you and the respective duties and responsibilities of both us 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.
General Mortgage Corporation (Ire) Ltd. T/A GMC Mortgages and GMC Life & Pensions is regulated by the Central Bank of Ireland. You may contact the Central Bank of Ireland on 1890777777 or alternatively visit their website at www.centralbank.ie to verify our credentials on their register. Our reference code is C10492. We are also subject to the Consumer Protection Code, Minimum Competency Code and Fitness and Probity Standards which offer protection to consumers. These Codes can also be found on the Central Bank’s website.
GMC Mortgages & GMC Life and Pensions are an Insurance, Investment and Mortgage Credit Intermediary, our principal business is to provide advice and arrange transactions on behalf of clients in relation to mortgages, life assurance, investments, deposits and pension, products. We are not under a contractual obligation to conduct Insurance distribution business exclusively with one or more Insurance Undertakings and do not give advice on the basis of a fair and personal analysis, we do however provide advice from the selection of products provided by the Companies and Lenders we have agencies with. We recommend the product that, in our professional opinion, is best suited to your needs and objectives from this selection of products.
As part of the process when giving our clients advice on Investments we will need to gather information with regards your investment knowledge and experience, if this information is not provided we will not be in a position to determine whether the product is appropriate for you.
We will need to collect sufficient information from you before we can offer any advice on housing loans. This is due to the fact that a key issue in relation to mortgage advice is affordability. Such information should be produced promptly upon our request. Where the creditor is unable to carry out an assessment of creditworthiness because the consumer chooses not to provide the information or verification necessary for an assessment of creditworthiness, the credit cannot be granted.
See below for a list of Companies we have agencies with;
Life & Investment Companies
- Aviva Life & Pensions Ireland Dac
- BCP Asset Management Dac
- Cantor Fitzgerald Ireland Ltd
- Irish Life Assurance plc
- New Ireland Assurance plc
- Royal London
- Standard Life
- Zurich Life & Pensions plc
Mortgages
- Avant Money Dac
- Bank of Ireland Mortgage Store
- Dilosk Dac
- Finance Ireland Credit Solutions Dac
- Haven Mortgages Ltd
- Permanent TSB plc
- Seniors Money Mortgages (Ireland) Dac
We provide General Insurance through Allianz only.
We act as your representative to the companies we have agencies with, and 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 life of the policies and we will explain to you the various restrictions, conditions and exclusions attached to your policy. However, it is your responsibility to read the policy documents, literature and brochures to ensure that you understand the nature of the policy cover. Material information about medical history, non-smoker status, occupation category and any hazardous pursuits are central to underwriting decisions and it is imperative that all information you provide to the insurer is accurate and complete.
You are under a duty to answer all questions posed by the insurer or us on your behalf, honestly and with reasonable care. It is presumed, unless the contrary is shown, that you would know all questions in an application or at renewal is material to the risk undertaken by the insurer or the calculation of the premium by that insurer, or both. Any failure to disclose material information may invalidate a claim and render your policy void.
You must inform and disclose any material information including any material changes that might take place between the time you complete an application form and the time your pay the first premium.
To assist us in providing you with a comprehensive service and to keep our records as up-to date as soon as possible, please notify us of any changes to your personal circumstances, e.g. name change, change of address, etc.
We will consider adverse impacts of investment decisions on sustainability factors in our investment and insurance-based Investment advice.
We will gather your preferences for Sustainable Investing and build them into our Statement of Suitability for you. Ultimately, it is the Product Producers we have agencies with that build the Investment Products we advise on, and it will be their documentation we are relying on when advising you on Sustainable investments.
All information re Sustainable Finance Disclosures will be adhered to by the Product Producers and their brochures and documents will outline their disclosures.
GMC Mortgage & GMC Life & Pensions is remunerated by commission and other payments from product producers or lenders on the completion of your business. You may choose to pay in full for our services by means of a fee. Where we receive recurring commission, this forms part of the remuneration for ongoing advice with regards to the business we advise you on and we will provide you with an annual update on your investment business.
Where we receive commission from a product provider and charge a fee, we will offset the commission against the fee.
We may receive up to 1% (or whatever maximum is applicable) of your loan for arranging mortgage finance from the lenders. The actual amount of commission will be disclosed at a later stage in the ESIS (European Standardised Information Sheet) which will be forwarded to you at loan offer stage. Please note that lenders may charge specific fees in certain circumstances and if this applies, these fees will be specified in your Loan Offer. A full list of lenders and remuneration is available on request. All costs valuations etc. must be paid by you. You have the right to pay a fee separately and not include it in the loan.
If we provide mortgage advice and obtain a Loan Offer for you and you subsequently do not proceed with your mortgage application through our firm, we will charge you an arrangement fee of €1,000 for our services.
We reserve the right to charge an extra fee to our mortgage clients on cases where we spend extra time on the mortgage, this fee will be agreed at the outset and is non-refundable.
A summary of the details of all arrangements for any fee, commission, other reward or remuneration paid or provided to us by the product producers” is available on our website. If you need further explanation on this information, please do not hesitate to call us.
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
It is the policy of GMC Mortgages & GMC Life & Pensions to avoid conflicts of interest in providing services to you. However, where an unavoidable conflict of interest arises, we will advise you of this in writing before providing you with any service. As per above remuneration policy we receive payments from providers and lenders for your business.
GMC Mortgages & GMC Life & Pensions will exercise its legal rights to receive payments due to it from clients (fees) for services provided. Product producers may withdraw benefits or cover in the event of default on payments due under policies arranged for you. We would refer you to policy documents or product terms for the details of such provisions. Mortgage lenders may seek early repayment of a loan and interest if you default on your repayments. Your home is at risk if you do not maintain your agreed repayments.
We have a complaints procedure in place which is available on request. Your complaint can be in writing, email, telephone or face to face. If your complaint is face to face or by phone, we will write to you to confirm our understanding of your complaint. We will acknowledge your complaint within 5 business days, advising you of the name of the person dealing with your complaint on behalf of the company. Please address any complaint to General Mortgage Corporation (Ire) Ltd. Unit 1, The Seapoint Building, 44/45, Clontarf Road, Clontarf, Dublin, D03 F4A7. If in the event, a complainant is dissatisfied with the outcome of our investigation, you are entitled to refer the matter to the Financial Services & Pensions Ombudsman, 3rd Floor, Lincoln House, Lincoln Place, Dublin 2, Locall 01 5677000 email info@fspo.ie.
We comply with the requirements of the Data Protection Regulations 1988-2018. The data will be processed only in ways compatible with the purposes for which it was given. You will be given a separate Data Privacy Notice with these terms of business.
We are members of the Investor Compensation Scheme which 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. 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. For further information, contact the Investor Compensation Co Ltd (01)224 4955.
GMC Mortgage & GMC Life & Pensions will accept payments in cash, by cheque, credit/debit card, in respect of all classes of insurance in circumstances permitted, i.e. where the money represents premiums in respect of either a renewal of a policy which has been invited by an insurance undertaking, or a proposal accepted by an insurance undertaking. Every effort is made to ensure that clients’ money is transmitted to the appropriate Financial Institution/Product Provider without delay.
GMC Mortgage & GMC Life & Pensions recommends that all cheques or negotiable instruments are made payable to the appropriate Financial Institution/Product Provider for Life, Pensions and Investment business.
GMC Mortgage & GMC Life & Pensions shall issue a receipt for each payment received, these receipts are issued with your protection in mind and should be stored safely.
Our principal business is to provide advice and arrange transactions on behalf of clients in relation to Life, Pensions, Investments, Deposits and Mortgages. We provide our services from the selection of products provided by the Companies we have agencies with. We recommend the product that, in our professional opinion, is best suited to you. In providing this service to you we will need to obtain personal information from you the following outlines how we deal with this information and how it is used. Any questions or concerns you have can be addressed to us directly.
This Privacy Notice sets out the bases on which we gather, use, process and disclose any Personal Data we collect about you, or that you provide to us. This Privacy Notice applies to you, whether you are a current, past or prospective customer. It also applies to third parties whose Data you provide to us in connection with our relationship with you (for example, the names of relatives). Please ensure that you provide a copy of this Privacy Notice to any third parties whose personal data you provide to us.
Who controls your Personal Data and how can you contact them
We control your Personal Data to allow us to give you advice and recommendations on your financial affairs, your data is then passed on to the relevant company/companies we have agencies with by way of application forms, by post email or through their secure websites online.
Data we may collect about you
In order for us to give you a recommendation and information on financial products, we need to collect and process personal information about you. If you do not provide the information we need, we may not be able to offer you advice or provide our services to you. The types of personal data that are processed may include:
- Individual details – Name, address (including proof of address), other contact details (e.g. email and telephone numbers), gender, marital status, date and place of birth, nationality, employer, job title and employment history, and family details, including their relationship to you
- Financial details – full details on any debts, loans assets you may own
- Identification details – Identification numbers issued by government bodies or agencies, including your PPS Number, passport number, tax identification number
Special Categories of Personal Data
- Health information which has additional protection under Data Protection Law. We do not process health information other than hold the information on application forms you have filled in. The Life Insurers process and control your health data to allow them to underwrite your policy or decide decline cover, they may have further information they have obtained with your approval from your doctor, but we are not privy to this information
- Claims information – information you give us with regards claims you notify us about or ask for help on
- Policy Information – Information about the quotes you receive and policies you take out
Where We May Collect Your Personal Data From
We may collect your personal data from various sources, including;
You, Your employer or representative, Life Companies we have agencies with, any other records you have or had any other contracts of insurance with or sought a quote from a us on that is under our agencies, otherwise we will need a letter of authorisation from you to allow us contact other companies on your behalf. When you visit our website and input a request for us to contact you. Which of the above sources apply will depend on your particular circumstances and the product or service you are interested in or your enquiry relates to.
Legal Bases for Processing Your Information
We will only use your Personal Data for lawful reasons. These are:
a) The use is necessary for the performance of a contract to which you are a party or in order to take steps at your request prior to
entering a contract (such as providing a recommendation).
b) The use is necessary to comply with our legal obligations.
c) You have consented to us using your information in such a way.
d) The use is necessary for the purpose of our legitimate interests.
e) The use is necessary for the performance of a task carried out in the public interest, such as assisting a regulatory authority’s investigation of a criminal offence
The Purpose of Processing Your Information
- To give you information on and provide you with recommended financial products
- Disclose data to policyholder, life assured, beneficiary, trustee, assignee, successors, group company or to other parties
- To comply with legal and regulatory requirements including Anti-Money Laundering and Sanctions compliance
- To understand how people, interact with our websites (if applicable)
- To carry out and determine the effectiveness of advertising, and of marketing campaigns
Who we share Your Information with
In order to provide our services and to comply with legal obligations imposed on us, we may share your information with:
- Pension Trustees and beneficiaries of Pensions and other Financial Products, Relatives and guardians, (in certain circumstances and within the law)
- Employers – past, present and prospective
- Legal, financial, investment, medical, and other professional advisors in the process of submitting your application on the various
- Companies we may outsource our printing and posting to
- Businesses that refer your business to us
- Any business which we are required by law to share the information with, ie compliance resource companies
- Database provider all data encrypted
- The Pensions Authority
- Stockbrokers we have agencies with
- Insurance and Assurance companies we have agencies with
- Investment Companies we have agencies with
- Lenders
- An Garda Síochána.(Anti Money Laundering)
- Central Bank of Ireland. We are authorised by Central Bank and they have the right to inspect our files
- The Financial Services Ombudsman. In the event of a complaint
- Data Protection Commissioner
- The Revenue Commissioners. Re pensions and Dirt tax
How long do we keep Your Information
When providing products to you it may be necessary to retain your information for an extended period of time. We keep your information for as long as required by law for the purpose that you gave it to us for. As a general rule for legal and best practice reasons we are required to keep your information for 6 years after the date on which our relationship with you ends.
Your Rights to Access, Transport, Correct, Delete and Restrict the Use of Your Personal Data
You have the right to access a copy of your Personal Data which we hold on you. In the case of Personal Data, you provided to us to process on the basis of your consent or for automated processing, you have the right to have it provided in a commonly used electronic format to you or to another Data Controller (subject to applicable Data Protection Law). If you would like a copy of your Personal Data, please contact us.
Your request will be dealt with as quickly as possible and in any event within a month for us to respond. If at that stage, we are unable to provide the data you require (due to the complexity or number of requests) we may extend the period to provide the data by a further two months but shall explain the reason why. There is no charge for the request for your data, but it must be in writing, fax, email or text message.
Correcting Your Personal Data
You have the right to have your Personal Data corrected if you feel we have incorrect data held on you.
Deleting Your Personal Data
Subject to any overriding legal obligation requiring us to retain it, you have the right to have your Personal Data deleted, however erasing your information may make it difficult or impossible for us to give you information on, provide you with, or administer our financial products. If you want your information deleted, please contact us.
Restricting our use of your Personal Data
You have the right to restrict our use of your Personal Data in certain circumstances. If you wish to exercise your rights in this regard, please contact us.
Automated/Profiling Decision Making
Where we use automated decision-making you will always be informed & you will be entitled to have a person review the decision so that you can contest it and put your point of view and circumstances forward. Eg. When we produce quotes for the business you are contacting us about. When we want to market to you we may run a program which allows us to identify certain criteria of clients (all those with that fit within a certain criteria for example).
Your Right to Object and Withdraw your Consent to Data Processing
Where our lawful basis for processing your Personal Data is based on our legitimate interests, you have the right to object. You also have the right to withdraw your consent to any processing at any time. However, if we cannot process your data it may make it difficult, impossible or unlawful for us to give you information on, provide you with, advice on financial products. If you want to object or withdraw your Consent to processing, please contact us.
Your Right to Make a Complaint
If you are dissatisfied about the way we handle your Personal Data, please contact us. We will do our best to address your concerns swiftly and resolve any issues you have. You have the right to complain to the Office of The Data Protection Commission, Canal House, Station Road, Portarlington, Co. Laois, R32 AP23. www.dataprotection.ie
Tel: +353 (0)761 104800. Fax: +353 57 868 4757. E-Mail: info@dataprotection.ie
General Mortgage Corporation (Ire) Ltd., T/A GMC Mortgages and GMC Life & Pensions is regulated by the Central Bank of Ireland.
Registered No. 248276.
Directors: Andrew Keegan, Alan Grant.
Address: Unit 1, The Seapoint Building, 44/45, Clontarf Road, Clontarf, Dublin, D03 F4A7.
Tel: 01 643 0900
Locall: 1890 462 462
Email: info@gmc.ie
www.gmcmortgages.ie