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Introduction

Please ensure that you read these terms thoroughly. If you have any queries, please feel free to contact us and we will endeavour to clarify matters for you.

Everlake has offices at: 5 Marine Terrace, Dun Laoghaire, Co. Dublin, Ireland
The contact details for the company are:
Phone number: 01 539 7246
Email address: enquiries@everlake.ie

Regulatory Status

Fermat Point Ltd trading as Everlake is regulated by the Central Bank of Ireland under the Investment Intermediaries Act 1995 and is registered as an insurance intermediary under the Insurance Distribution Regulations 2018.


As an intermediary, we represent the customer and will provide advice on the basis of a fair analysis of the whole marketplace for financial products and offer you the option of paying for advice by a fee.

Everlake can receive and transmit orders on your behalf for products from any of the product providers from which Everlake holds a written letter of appointment. Everlake has access to a wide range of product providers operating in the Irish market as well as internationally (see Appendix A).

Our Authorised Status reference number is 124947. This can be verified by checking the register of financial service providers on the Central Bank of Irelands website. A copy of our statement of Authorised Status can be found in Appendix B.

Codes of Conduct

We must comply with these codes which offer protection to a consumer:

  • Consumer Protection Code – Everlake is subject to The Central Bank’s Consumer Protection Code which offers protection to consumers.
  • Everlake is also subject to and complies with the Minimum Competency Code and the Fitness and Probity Standards as laid down by the Central Bank of Ireland. These codes can be found on the Central Bank website www.centralbank.ie
  • Financial Planning Standards Board (FPSB) – CERTIFIED FINANCIAL PLANNER professionals are subject to a Code of Ethics and Professional Conduct of the FPSB in Ireland. The code can be found on the FPSB website www.fpsb.ie.
  • Chartered Insurance Institute (CII) – CHARTERED FINANCIAL PLANNER professionals are subject to a Code of Ethics and Professional Conduct of the CII in the UK. The code can be found on the CII website www.cii.co.uk/code.

 

Consumer Protection

We are members of the Investor Compensation Scheme established under the Investor Compensation Act, 1998. This legislation provides for the establishment of a compensation scheme and to the payment, in certain circumstances, of compensation to clients of firms covered by the Act. However, you should be aware that a right to compensation will only arise where money or investment instruments held by this firm on your behalf cannot be returned either for the time being or in the foreseeable future and where the client falls within the definition of eligible investor as set out in the Act. In the event that a right to compensation is established, the amount payable is the lesser of 90% of your loss which is recognised as being eligible for compensation or €20,000. Your legal rights are not affected by this scheme. In addition to the above mentioned compensation scheme we also hold Professional Indemnity Insurance.

The Services We Provide

Investment Intermediary Services

Everlake provides a comprehensive Financial Planning Service.

Everlake is authorised by the Central Bank of Ireland to conduct Investment business under the Investment Intermediaries Act, 1995 (as amended). We are authorised to provide investment advice and receive and transmit orders on behalf of customers as it relates to investment instruments including;

(i) Shares in a company or bonds that are listed on a stock exchange, prize bonds;
(ii) Units or shares in undertakings for collective investment scheme, including unit trusts and UCITS
(iii) Tracker Bonds
(iv) Insurance Policies
(v) Personal Retirement Savings Accounts (PRSAs)

The firm is also authorised to act as a deposit broker and to give advice in relation to deposits.

In relation to the above investment services and instruments, we offer the following services to our customers:

  • Discretionary Portfolio Management

We may from time to time introduce you to firms which have Discretionary portfolio management capabilities;

  • Advisory Services

An advisory service is where we will offer you advice on your proposed investments. Where you have an advisory account, you are not obligated to act on any advice given to you by us and you are solely responsible for your investment decisions. All instructions must be approved by you.

  • Insurance Distribution Services

Ancillary to our primary role as a financial planning firm, we may from time to time identify a need to arrange protection through contracts for Insurance. If we act as an intermediary on insurance products:

a) The principal regulated activities of the firm are provided on the basis of a fair and personal analysis of the market; and

b) you have the option to pay in full for our services by means of a fee.

Fair Analysis

Fair analysis is defined in the Consumer Protection Code (2012) as “providing services on the basis of a sufficiently large number of contracts and product producers available on the market to enable the intermediary to make a recommendation, in accordance with professional criteria, regarding which contract would be adequate to meet the consumer’s needs”

As a fee-based adviser we provide all clients with a personal letter of engagement which sets out our fees for the services we provide. Our advice is unrestricted and not dependent in any way on commission being available and/or the level of commission offered by product providers. This increases the range of products available to us from which to conduct a fair analysis.

Our Advisory Portfolio Services documents set out full details of the analysis that we conduct in respect of Advisory Investment Services.

Responsible Investment Policy

The Sustainable Finance Disclosure Regulation (“SFDR”) effective on the 10th of March 2021 was introduced by the European Commission alongside (the “Taxonomy Regulation”) and (the “Low Carbon and Positive Impacts Benchmarks Regulation”) as part of a package of legislative measures arising from the European Commission’s Action Plan on Sustainable Finance.

The SFDR sets out harmonised rules on transparency and aims to include environmental, social and governance (ESG) “sustainability” considerations and risks in the decision-making process of investors and asset managers in a consistent manner across the EU financial services sector. A sustainable investment product is where a product is sold as promoting environmental or social characteristics. It is envisaged that greater transparency and sustainability-related information will enable investors to compare financial products and to make informed investment decisions about ESG products.

A key focus of the European Commission Action plan is Sustainable Finance and recital 19 of the regulation state;

“The consideration of sustainability factors in the investment decision-making and advisory processes can realise benefits beyond financial markets. It can increase the resilience of the real economy and the stability of the financial system. In so doing, it can ultimately impact on the risk-return of financial products.”

Sustainability Factors 

When providing advice, the firm considers the adverse impact of investment decisions on suitability. As part of our research and assessment of products, the firm will examine the Product Providers literature to compare financial products and to make informed investment decisions about ESG products. The firm will always act in the client’s best interests and keep clients informed accordingly. The consideration of sustainability risks can impact on the relative cost, relative risk and both positively and negatively impact potential returns of financial products.

Fees/Remuneration Policy

In compliance with section 4.58A of the Consumer Protection Code 2012 as amended (“the act”), a summary of the details of all arrangements for any fee, commission, other reward or remuneration paid or provided to Everlake which it has agreed with product producers is available on our website.

As a fee-based company, Everlake does not rely on fees or commissions paid by product producers, and our investments are fee based and agreed with our clients in a transparent manner before any investment takes place.

In respect of any insurance contracts we may advise our clients on, we also disclose any commissions that we are likely to receive in advance of any transaction taking place as part of our overall recommendation.

Our full schedule of fees is available on our pricing page here.

Ongoing Suitability: Investments

Ongoing suitability assessments form part of the service to clients. On an annual basis the firm will issue a client report outlining changes in the services or instruments involved and/or the circumstances of the client.

Regular Reviews

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. 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 conflicts of interest when providing business services to clients. However, where an unavoidable conflict may arise we will advise you before providing any such service. If you have not been advised of any conflict you may assume that none arises.

PortfolioMetrix Asset Management

Fermat Point Ltd trading as PortfolioMetrix Ireland is the distributing partner for PortfolioMetrix Asset Management in Ireland. PortfolioMetrix provides professional discretionary portfolio management services to financial advisers including Everlake.

We therefore wish to disclose that there is a potential conflict of interest between the two trading names of Fermat Point Ltd. However, Everlake is required to conduct a fair analysis of the market (see below) and will only introduce you to the PortfolioMetrix Asset Management Service where it is suitable for your requirements. In every respect Everlake will provide advice which is both suitable and appropriate for you.

In order to minimise the impact of this particular conflict Everlake reduces its fees to reflect the additional payment arising from PortfolioMetrix Ireland.

Complaints

We have written procedures in place for the effective consideration and handling of complaints. Any complaint that you may have in relation to any products should be addressed to the Compliance Officer, Everlake, 5 Marine Terrace, Dun Laoghaire, Co. Dublin, Telephone 01 539 7246, email enquiries@everlake.ie.

Each complaint will be acknowledged by us within 5 working days of receipt, updates will be advised in intervals of not more that 20 working days, we will endeavour to resolve the complaint within 40 business days and findings will be furnished to you within 5 working days of completion of the investigation.

If you are dissatisfied with our handling of the complaint or our response to it you may refer the issue to the Financial Services & Pensions Ombudsman who can be contacted:

Financial Services & Pensions Ombudsman, Lincoln House, Lincoln Place, Dublin 2, D02 VH29
Tel 01 567 7000
Email info@fspo.ie

Handling Money, Receipts And Business Processing, Premium Handling

Payments should be made in favour of the provider of the product and not to us. We will issue a receipt for each payment received. Your application to a product provider will be submitted to it provided we have received all necessary documentation required to evidence compliance with regulatory requirements.

  • Everlake does not hold client funds.
  • Everlake does not handle client premiums.

 

Taxation

As an Irish Resident, you are solely responsible for your obligations to file a tax return with Revenue each year. We also have certain reporting obligations (Form 8d) as your wealth manager which require that we file details of any relevant transactions each year with Revenue. We can provide you with a copy of our filing to Revenue on request.

We will also use our best endeavours to assist you, and/or your nominated tax adviser to access transaction reports and income statements from the custodian(s) for the account(s) that we advise upon.

To the extent that our advice may impact on your tax reporting obligations we provide our clients with a tax guide. This document has been prepared for information and educational purposes only and should not be relied upon by any individual. We recommend seeking specific guidance from a competent tax consultant on the suitability of any course of action for your unique circumstances.

The level and bases of taxation are based on current legislation and may change in the future.

The Central Bank of Ireland does not regulate tax advice.

Insurance Claims

Insurance claims should be advised to the insurer when the claim arises. The insurer will advise you of its claims requirements and provide you with a copy of its claims process on request. If you experience any difficulty with the insurer’s claims process you should contact us.

Product Provider Security

We seek insurance and investment contracts for you from Institutions with which we hold a written appointment and from which we consider offer an appropriate product to meet the needs identified. We cannot and do not guarantee the solvency or continuing solvency of any Institution used and you should note that the financial position of an Institution can change at any stage.

Termination of Your Agreement

You or we may terminate our authority to act on your behalf at any time, but the termination must be communicated in writing (to us the address shown below) and cannot be backdated. The termination will be without prejudice to the completion of any transactions already initiated and you remain responsible for the payment of any fees and expenses incurred up to the date of termination, or to the date of completion of any transactions in progress, whichever is the later.

Failure To Pay Or Default On An Insurance Premium

Your insurer may cancel your policy in certain circumstances including failure to pay premiums. These conditions are clearly set out in all policy documents.

Anti-Money Laundering

Everlake is required under the Criminal Justice (Money Laundering and Terrorist Financing Act) 2010-2013 to identify and verify both our direct and indirect clients. We are likely to request from you, and retain, some information and documentation for these purposes and/or make searches on appropriate data-bases. If satisfactory evidence of your identity is not provided, there may be circumstances in which we are not able to proceed with your business transaction.

Further to the above, if we have reasonable grounds to believe that a transaction(s) or activity is suspicious, we are legally required to report such suspicions to the Garda Síochána and the Revenue Commissioners.

Data Protection

Fermat Point Limited trading as Everlake is a data controller (as defined by GDPR and the Data Protection Acts 1988 and 2003, as may be amended). Everlake is committed to protecting and respecting your privacy.

Any personal data and information provided to Everlake will be collected and held on computer, and/or in printed form or otherwise, retained and processed (as defined under GDPR and the Data Protection Acts, 1988-2003, as may be amended) by Everlake for the purposes of providing financial advice and related services to you.

Everlake will keep your personal data confidential, but may disclose it to third parties where necessary for the purposes of providing the above service to you, including to, inter alia, associated companies, financial institutions, your other advisers and other parties with whom Everlake has contractual arrangements to provide financial products and ancillary and support services, and to regulatory and other governmental bodies where required by or under any enactment or rule of law or court order, including, inter alia, the Revenue Commissioners, Regulators/Competent Authorities and the Pensions Authority.

We try to make sure that the information we have about you is accurate and up-to-date. Sometimes we may ask you to verify that the information we have remains accurate. If your information changes, or you believe we have information which is inaccurate or not up-to-date please let us know and we will change it.

To find out more about how we interact with your personal data, you can read our full Privacy Notice here.

If you have any questions about how we process your data or wish to exercise any of your data privacy rights you can request same by emailing: info@everlake.ie

Distance Marketing and Electronic Signatures

As part of our business operations Fermat Point Ltd trading as Everlake will often deliver our services remotely to customers over telephone, internet or other electronic methods. In doing so where the services are delivered exclusively over electronic methods, we adhere to Distance Marketing Regulations which are additional measures over and above those required for face-to-face meetings. These regulations include;

Cooling-Off Period – there is a standard cooling-off period of 14 days for distance financial contracts, other than life assurance and personal pensions where the cooling-off period is 30 days. However, the cooling-off right does not apply to certain financial services whose price depends on fluctuations in the financial market outside the supplier’s control, which may occur during the cooling-off period.
The following are specifically excluded from the cooling-off right under the Distance Marketing Regulations:

a) financial services related to:

    • foreign exchange
    • money market instruments
    • transferable securities
    • units in collective investment undertakings
    • financial-futures contracts
    • swaps and options

 

b) contracts entered into at the consumer’s express request whose performance has been fully completed by both parties before the consumer exercises his or her right of withdrawal.

Where a consumer exercises a cooling-off right, he or she can be made pay only for the financial services actually provided during the period before he or she exercised the cooling-off right; however, in the case of life assurance and personal pension contracts the consumer is entitled to a full refund of any premium paid, within the 30 day cooling-off period, less any investment losses during the period the policy was in force.

Furthermore, as part of any such contracts entered into at the distance, we will make use of electronic signatures. By using our services, you consent to the use of electronic signatures if they are so required.

Governing Law

These Terms of Business shall be governed by and construed in all respects according to the laws of the Republic of Ireland and are valid from May 2022 until further notice.

 

Appendix A – Product Providers

Fermat Point Ltd currently holds written appointments directly with the following Irish product providers:

  • Independent Trustee Company Ltd
  • Irish Life
  • Zurich Life Assurance plc
  • New Ireland Assurance Company
  • Capital International Group (Isle of Man).
  • Conexim Advisers
  • Aviva
  • Standard Life
  • Royal London
  • Cantor Fitzgerald

Through the Independent Custodians our clients have access to a wide range of Exchange Traded Investments and Collective Investment Funds.

 

Appendix B – Code Of Ethics And Professional Responsibility
  • Principle 1 – Best interests of Clients

Act in the best interest of clients.
Acting fairly, honestly and professionally in the best interests of the client is a hallmark of professionalism, requiring the financial planner to act honestly and not place personal gain or advantage before the client’s best interests.

  • Principle 2 – Integrity

Provide professional services with integrity.
Integrity requires honesty and candour in all professional matters. Financial planners are placed in positions of trust by clients, and the ultimate source of that trust is the financial planner’s personal integrity. Allowance can be made for legitimate differences of opinion, but integrity cannot co-exist with deceit or subordination of one’s principles. Integrity requires the financial planner to observe both the letter and the spirit of the Code of Ethics.

  • Principle 3 – Objectivity

Provide professional services objectively.
Objectivity requires intellectual honesty and impartiality. Regardless of the services delivered or the capacity in which a financial planner functions, objectivity requires financial planners to protect the integrity of their work, manage conflicts and exercise sound professional judgment.

  • Principle 4 – Fairness

Be fair and reasonable in all professional relationships. Disclose and manage conflicts of interest.
Fairness requires providing clients what they are due, owed or should expect from a professional relationship, and includes honesty and disclosure of conflicts of interest. It involves managing one’s own feelings, prejudices and desires to achieve a proper balance of interests. Fairness is treating others in the same manner that you would want to be treated.

  • Principle 5 – Professionalism

Act in a manner that demonstrates exemplary professional conduct.
Professionalism requires behaving with dignity and courtesy to clients, fellow professionals, and others in business-related activities, and complying with appropriate rules, regulations and professional requirements. Professionalism requires the financial planner, individually and in cooperation with peers, to enhance and maintain the profession’s public image and its ability to serve the public interest.

  • Principle 6 – Competence

Maintain the knowledge and skill necessary to provide professional services competently.
Competence requires attaining and maintaining an adequate level of knowledge, skills and abilities in the provision of professional services. Competence also includes the wisdom to recognise one’s own limitations and when consultation with other professionals is appropriate or referral to other professionals necessary. Competence requires the financial planner to make a continuing commitment to learning and professional improvement.

  • Principle 7 – Confidentiality

Protect the confidentiality of all client information.
Confidentiality requires client information to be maintained and protected in such a manner that allows access only to those who are authorised and legally entitled to access that information. A relationship of trust and confidence with the client can only be built on the understanding that the client’s information will not be disclosed inappropriately.

  • Principle 8 – Diligence

Provide professional services diligently.
Diligence requires providing services in a timely and thorough manner, and taking due care in planning, supervising, and delivering professional services.

Terms of Business effective May 2022