Regulatory Status
Navigation Wealth Ltd t/a Navigation Wealth is regulated by the Central Bank of Ireland as Investment Intermediary under Section 10 of the Investment Intermediaries Act, 1995 (as amended) and as an Insurance Intermediary registered under the European Communities (Insurance Distribution) Regulations, 2018 (C355757). We do not have a holding, direct or indirect, representing 10 percent or more of the voting rights or of the capital in any insurance undertaking; and likewise, no insurer has any such holding in our firm. We represent our customers when dealing with insurers. Copies of our statements of authorised status are available on request. You may contact the Central Bank of Ireland on 0818 681 681 or alternatively visit their website at www. centralbank.ie to verify our credentials.
Codes of Conduct
Navigation Wealth Ltd is subject to the Consumer Protection Code, Minimum Competency Code and Fitness & Probity Standards which offer protection to consumers. These Codes can be found on the Central Bank’s website www. centralbank.ie.
Provision of Financial Services
Navigation Wealth principal business is to provide advice on a range of financial services principally in relation to risk assurance (life assurance, permanent health insurance, serious illness & group risk), pensions, investments and financial planning.
Insurance Based Products – Life, Pensions & Investments
Navigation Wealth provides life assurance, pensions and insurance-based investment products on a fair and personal analysis basis, i.e. providing services on the basis of 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 adequate to meet your needs.
Fair and Personal Analysis
The concept of fair and personal analysis 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 it could reasonably be 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 and personal 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.
- Investment Intermediary Services
We provide investment Intermediary services on the basis Fair and Personal Analysis basis.
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 criteria such as your needs, the size of the order, the number of providers in the market that deal with brokers, the relevant number of products available from each provider, the availability of information, the quality of the product and service provided by providers, cost and any other relevant consideration.
We will provide assistance to you with 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, particularly in relation to PHI and serious illness policies.
Specifically on the subject of Permanent Health Insurance and Specified Illness policies it is our policy, where reasonably possible, to provide you with the Terms & Conditions of the policy that is being recommended by us Navigation Wealth, which will inform you of a) the meaning of disability as defined in the policy; b) the benefits available under the policy; c) the general exclusions that apply to the policy; and d) the reductions applied to the benefit where there are disability payments from other sources.
On making our recommendation(s) and on receipt of your instructions we will transmit orders on your behalf to one or more Product Producers with whom we hold a written letter of appointment, a list of which is available on request.
Non-Insurance Based Investment Products
In relation to non-insurance-based investment products, other than bank deposit accounts, we provide advice on a limited analysis and non- independent basis, as we may receive remuneration from the product providers of such products. These products include structured products which may typically be listed bonds, collective instruments, unit trusts, Prize Bonds and tracker bonds. The product providers with which we currently hold agencies are:
Cantor Fitzgerald
Quilter Cheviot
If our recommended product is with a product producer with whom we do not hold an appointment in writing, we will advise you accordingly.
Products Regulated under Markets in Financial Instruments Directive (MiFID II)
In relation to products regulated under MiFID such as Loan Notes, Self-Administered Pension Arrangements etc., we provide advice on a limited analysis and non-independent basis, as we may receive remuneration from the respective providers of such structures. The product providers with which we hold agencies for such arrangements are:
Newcourt Pensioneer Trustees Ltd, “NPT”
Newcourt Retirement Fund Managers “NRFM”
Independent Trustee Company Ltd “ITC”
Deposits
We are not authorised as a Deposit Broker. It is, however, within our regulatory status to provide advice in relation to deposit arrangements. We do not hold agencies with any deposit institution.
Client Details
Before we enter into a relationship with you, we will establish personal and financial information on your current financial position which enables us to make suitable recommendations. Our advice is given based on our knowledge and understanding of your current financial affairs. It is therefore necessary for you to provide us with all relevant information, financial and otherwise, and to advise us of any changes in your circumstances. If you decline or omit to do this, our advice will be based on incomplete information and therefore we may not be in a position to offer you appropriate advice.
Furthermore, our advice is based on any instructions given regarding:
Restrictions you wish to impose relating to particular investments or types of investments.
- The investment guidelines to be followed.
- The degree of financial and investment risk which you are prepared to accept.
Unless otherwise agreed between us in writing:
- Documents of title shall be registered in your name at your address.
- We shall not hold documents of title on your behalf.
We can enter into a relationship if you want to deal with us on an execution only basis, where you have identified the provider and the specific product that you wish to effect or invest in regardless of its suitability to your needs. However, we must obtain certain information from you in order to fulfil your instructions. This means that we will not give you any advice in relation to the transaction, we will warn you investment products can fall as well as rise in value and you will be required to provide us with written confirmation that you still wish to proceed with the transaction.
Investment Advice
There are risks attached to any investment and our own recommendations do not give an express or implied warranty or guarantee relating to the financial return of the particular investment.
We shall put our advice in writing before completing a transaction on your behalf. Should you wish to effect a transaction which we do not regard as suitable we shall require your written confirmation before completion.
Sustainable (“SFDR” – Regulation)
This EU Regulation is effective 10 March 2021. As the area of SFDR is new and evolving without sufficient information being currently available, we do not currently assess in detail the adverse impact of investment decisions on suitability when providing investment or Insurance Based investment advice. The key product providers which we engage have developed responsible investment as part of their investment philosophies and sustainability policies. However, detailed information on specific fund recommendations we recommend is not always possible. As further information on the approach being taken by product providers, and their internal/external fund managers, becomes available over the course of the next year, we anticipate reviewing these areas in our assessments.
Complaints
Whilst we recognise that complaints can be verbal, it is our requirement that all complaints are made in writing and we are pleased to advise that we have a written complaints procedure for the effective handling of all complaints.
We will acknowledge receipt of your complaint in writing within 5 working days and we will fully investigate it.
A written update will be issued to you every 20 business days by a nominated individual within our firm.
In the event of any failure to resolve your complaint you may raise this matter with the: Financial Services & Pensions Ombudsman Tel: 01 567 7000 or by email: info@fspo.ie
Our full Complaints Procedure is available on request.
Remuneration
We are remunerated for the business services we offer in a number of ways:
- by the product producers with whom we place business in the form of a commission payment on the completion of business. AND/OR
- by you directly in the form of a fee which we will agree in advance of all transactions. Our fee structure is outlined below.
Where we receive recurring, trail or renewal commission, this forms part of the remuneration for the initial advice provided and servicing your product where you require it. We reserve the right to charge additional fees if the number of hours relating to on-going advice/assistance exceeds 2 hours.
These fees will be charged in line with our fee structure below. We shall notify you in advance when these fees are applicable.
Navigation Wealth may also receive additional commission from product producers and financial institutions. This is paid at the discretion of the financial institutions and reflected in disclosure documents issued by the providers.
In certain circumstances, it will be necessary to charge a fee for services provided. Where such fees are chargeable, we will notify you in writing in advance. In circumstances where fees are chargeable or where you choose to pay in full for our service by fee, we will notify you in writing in advance and agree the scale of fees to be charged if different from the fees outlined below.
We may receive commission from a product provider; this may be offset against any chargeable fee. Commissions receivable will not be offset against fees unless agreed with you in writing.
We may charge a fee where we recommend a product available from a product producer with whom we do not hold a written appointment.
Full details of commission arrangements with product providers are displayed on our website www.navwealth.ie
Fees Payable – Financial Advice; Life, Pension, PRSAs, Investment, and Deposits
You may elect to engage with us on a fee basis on the following hourly rates (all rates are exclusive of VAT where applicable):
Principals/Directors: €250
Senior Advisers: €150
Support Staff: €100
Sustainability Remuneration Policies
We are remunerated by commission and other remuneration from product providers. The key product providers with which we engage, and receive remuneration from, have developed responsible investment as part of their investment philosophies and sustainability risk policies.
Regular Reviews
We do not conduct a periodic assessment of the suitability of insurance-based investment products or non-life financial instruments on an ongoing basis unless instigated at your request. However, 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 or investment 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 inappropriate investments.
Conflict of Interest
It is our policy to avoid any conflict of interest when providing business services to our clients. However, where an unavoidable conflict may arise, we will advise you of this in writing before proceeding to provide any business service. If you have not been advised of any such conflict you are entitled to assume that none arises.
Premium/Payment Handling
In all circumstances when receiving and transmitting orders in relation to insurance policies, PRSA’s and investments, we only accept cheques/bank drafts or Electronic Fund Transfer from clients payable to the product provider.
Client Default
Navigation Wealth will, if necessary, exercise its legal right to receive any payments due from clients for business services provided.
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.
Duty to Disclose Information
It is your responsibility to provide complete and accurate information for insurers when arranging an insurance policy. Failure to disclose any material information to your insurers could invalidate your insurance cover and could mean that all or part of a claim will not be paid.
Anti-Money Laundering
All necessary Anti-Money Laundering verification checks are undertaken in accordance with the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 (as amended) and regulations pursuant thereto. Your investment will not proceed unless you are in compliance with the anti-money laundering verification checks.
Data Protection
Navigation Wealth complies with the requirements of the General Data Protection Regulation 2018 and the Irish Data Protection Act 2018.
Navigation Wealth is committed to protecting and respecting your privacy. We wish to be transparent on how we process your data and show you that we are accountable with the GDPR in relation to not only processing your data but ensuring you receive information on your rights as a client.
The data will be processed only in ways compatible with the purposes for which it was given and as outlined in our Data Privacy Notice, this will be given to all our clients at the time of data collection.
We will ensure that this Privacy Notice is easily accessible. Please refer to our website www.navwealth.ie if this medium is not suitable, we will ensure you can easily receive a hard copy. Please contact us at info@navwealth.ie if you have any concerns about your personal data.
For further information on the General Data Protection Regulation please refer to the following website: GDPR – Data Protection Commissioner – Ireland
Investor Compensation Scheme
We are members of the Investor Compensation Scheme operated by the Investor Compensation Company Ltd. The following provides an overview:
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 owed to or investment instruments 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 reasonable 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 owed to 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 entitlement to compensation is established, the compensation payable will be the lesser of:
- 90% 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 Company Ltd. At (01) 2444485or http://www.investorcompensation.ie/.
Consumer Insurance Contracts Act 2019
The following sections apply to consumer duties and rights arising out of the Consumer Insurance Contracts Act 2019 which was implemented to protect consumers.
Non-Consumer Commercial clients have no duties and rights under this Act, and therefore the following sections do not apply to them.
You are under a duty to pay your premium within a reasonable time, or otherwise in accordance with the terms of the contract of insurance.
A court of competent jurisdiction can reduce the pay-out to you if you are in breach of your duties under the Act, in proportion to the breach involved.
Cancellation of a Contract of Insurance
You may cancel a contract of insurance, by giving notice in writing to the insurer, within 14 working days after the date you were informed that the contract is concluded. This does not affect the notice periods already provided under European Union (Insurance and Reinsurance) Regulations 2015 ( S.I. No. 485 of 2015 ) or the European Communities (Distance Marketing of Consumer Financial Services) Regulations 2004 ( S.I. No. 853 of 2004 ) which is 30 days in respect of life policies, irrespective of whether the sale took place on a non-face to face basis, and 14 days in respect of general policies and only on sales that took place on a non-face to face basis (distance sales).
AND/OR
If you have taken out a life insurance contract, you may cancel the contract by giving notice in writing to us within 30 days after the date you were informed the contract is on cover.
The giving of notice of cancellation by you will have the effect of releasing you from any further obligation arising from the contract of insurance. The insurer cannot impose any costs on you other than the cost of the premium for the period of cover.
This right to cancel does not apply where, in respect of life insurance, the contract is for a duration of six months or less, or in respect of general insurance, the duration of the contract is less than one month.
Post-Contract Stage and Claims
The consumer must cooperate with the insurer in an investigation of insured events including responding to reasonable requests for information in an honest and reasonably careful manner and must notify the insurer of the occurrence of an insured event in reasonable time.
The consumer must notify the insurer of a claim within a reasonable time, or otherwise in accordance with the terms of the contract of insurance.
If the consumer becomes aware after a claim is made of information that would either support or prejudice the claim, they are under a duty to disclose it. (The insurer has the same duty).
If when making a claim, a consumer provides information that is false or misleading in any material respect (and knows it to be false or misleading or consciously disregards whether it is) the insurer is entitled to refuse to pay and to terminate the contract.
Where an insurer becomes aware that a consumer has made a fraudulent claim, they must notify the consumer on paper or on another durable means advising that they are avoiding the contract of insurance. It will be treated as being terminated from the date of the submission of the fraudulent claim. The insurer may refuse all liability in respect of any claim made after the date of the fraudulent act; the insurer is under no obligation to return any of the premiums paid under the contract.
Contract
This document outlines the terms on which we do business with you and by transacting business with us they are deemed to be acceptable to you. If you do not fully understand the content or wish to have more information on any of these matters, please let us know, otherwise we will assume that none arise.
Amendment
Navigation Wealth reserves the right to amend its Terms of Business and advise clients without prior agreement. Consideration will be given to whether the changes materially affect any clients and we will notify any client so affected.
Termination
You or we may terminate our authority to act on your behalf at any time, without penalty, and without prejudice to the completion of transitions already initiated on your behalf. Termination will take effect at any time by either party giving 30 days’ written notice. If the agreement is terminated, the client will be responsible for meeting the costs of any transactions affected before termination, and the due proportion of any fees.
Governing Law
The law of the Republic of Ireland will govern the provision of the services covered by this letter, and the Irish courts will have exclusive jurisdiction over any dispute.
Download our Terms of Business in pdf – click here.