Terms of business & legal

Authorised Status:

OMAC Mortgages & Finance Ltd is regulated by the Central Bank of Ireland as mortgage intermediary 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; an insurance, reinsurance or ancillary insurance intermediary under the European Union (Insurance Distribution) Regulations, 2018; an investment product intermediary under Section 31 of the Investment Intermediaries Act, 1995 (as amended). 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.

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.

Application, Service and Valuation Fees:
In cases where the firm is not in receipt of commission, or where the clients request to pay a fee, we may charge a service fee, agreed with clients in advance. This depends on the complexity of the transaction, time spent and nature and extent of the transaction. This fee will be notified to client in writing. The firm will also charge an application fee and this is clearly displayed in our office and detailed on our website www.omacmortgages.ie. Clients are responsible for fees for valuations requested by the Banks.

The firm will, if necessary, exercise its legal rights to receive any payments due to it from clients for business services provided by it, and be reimbursed for any value obtained by the firm for clients arising from payments by the firm on behalf of clients, and who subsequently default in any payment due to the firm.

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 Limited complies with the requirements of the Data Protection Acts, 1988 and 2003 and Regulation (EU) 2016/679 (General Data Protection Regulation). 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:
We always endeavour to offer the best possible service but we recognise that sometimes customers might feel disappointed. We will try to resolve any issues as quickly as possible, in as fair a way as possible.

Our regulator, the Central Bank of Ireland, requires certain procedures are adhered to, but we also recognise that complaints can be good for our business and we can learn from them. We therefore review any trends that emerge so we can improve our service where needed. We acknowledge the right of customers to have any expression of dissatisfaction dealt with courteously, professionally and in a timely manner.

If you are dissatisfied at any time with the service that you receive from us, do not hesitate to contact us. We have an internal complaints procedure and will deal with your complaint promptly. Please address your correspondence to: Chief Executive, OMAC Mortgages and Finance, OMAC Business Centre, Mill Shopping Centre, Clondalkin, Dublin 22, or by email to office@omacmortgages.ie.

Any complaint should be made verbally or preferably in writing to us. Any such complaint will be recorded and acknowledged within five business days. Any complaint received will be fully investigated by us and a full response will be provided to you. Updates on the progress of handling your complaint will be provided every 20 business days in writing. Our objective is to investigate and resolve any complaint within 40 business days.

If you are not satisfied you are likely to have the right to refer the complaint to the Financial Services and Payments Ombudsman. Please note however, that they will not look at a complaint until it has been raised with OMAC Mortgages and Finance and OMAC Mortgages and Finance has had a reasonable time to respond. We will provide full details of the service when we respond to your complaint.

Receipts:
OMAC Mortgages & Finance 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.

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

• Life Assurance: Irish Life Assurance Company plc, New Ireland Assurance Company, Royal London Insurance DAC, Zurich Life Assurance plc
• Mortgage Providers: Permanent TSB, Blue Sky Mortgages Ltd., Bank of Ireland, Haven Mortgages Ltd, Diliosk Ltd, Dublin Mortgage Bureau Ltd, Nua Money Limited, Seniors Money (Ireland) DAC.

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.