Terms of Business

Alpha Wealth Limited trading as Alpha Health – Terms of Business Effective Version 2.1 Effective from

Alpha Wealth Ltd. trading as Alpha Health
These Terms of Business set out the general terms under which our firm will provide business services to you
and the respective duties and responsibilities of both the firm 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.

Authorisation with the Central Bank of Ireland
Alpha Wealth Ltd. trading as Alpha Health (C111779) is regulated by the Central Bank of Ireland as an
insurance intermediary registered under the European Communities (Insurance Mediation) Regulations, 2005;
as an Investment Intermediary authorised under the Investment Intermediaries Act.Copies of our regulatory
authorisations are available on request. The Central Bank of Ireland holds registers of regulated firms. You may
contact the Central Bank of Ireland on 1890 777 777 or alternatively visit their website at www.centralbank.ie
to verify our credentials.

Codes of Conduct
Alpha 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

Our Services
Alpha Wealth Ltd is a member of Brokers Ireland.
Our principal business is to provide advice and arrange transactions on behalf of clients in relation to
protection, pensions, savings/investments products. A full list of insurers, product producers with which we
deal is available on request.

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 could be reasonably 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 analysis
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

Alpha Wealth Ltd. is renumerated by commission for its investment intermediary services.
We are remunerated by commission for the advice we provide on our insurance based investment products
(or otherwise state how you are remunerated for providing IBIPs).

Life & Pensions & Life Wrapped Investments
Alpha Wealth Ltd. provides life assurance, life wrapped investments and pensions 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 the your needs.

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; particularly in relation to PHI and
serious illness policies.

Specifically on the subject of permanent health insurance policies it is our policy to explain to you 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.

For a serious illness policy, we will explain clearly to you the restrictions, conditions and general exclusions that
attach to that policy.

Sustainability Factors
When providing advice on investments & pension products, Alpha Wealth considers the adverse impact of
investment decisions on sustainability. As part of our research and assessment of products, Alpha Wealth will
examine the Product Providers literature to compare financial products and to make informed investment
decisions about ESG products. The firm will at all times act in the client’s best interests and keep clients
informed accordingly. The consideration of sustainability risks can impact on the returns of financial products.

Alpha Wealth Ltd. is remunerated by commission and other payments from insurers/ providers/ product
producers on completion of business. Details of this remuneration are outlined on our letters of
recommendation & also a summary of the details of all arrangements for any fee, commission other reward or
remuneration paid or provided to us which have agreed with product providers is available in our office or on
our website – www.alphawealth.ie

In addition to the above, we charge a fee of €199 per financial consultation (annual reviews/ updates are not
charged this fee).

In relation to investment & pension products, when assessing products we will consider the different approach
taken by product providers in terms of them integrating sustainability risks into their product offering. This will
form part of our analysis for choosing a product provider.

Ongoing Suitability: Investments
Ongoing suitability assessments form part of the service to clients. On an annual basis the firm issues client
reports outlining changes in the services or instruments involved and/or the circumstances of the client.

Insurance based Investment Products

We will provide periodic assessments of the suitability of the insurance based investment product which we
have recommended to you.

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 which may result in you having insufficient insurance cover
and/or inappropriate investments. We would therefore advise that you contact us to ensure that you are
provided with up to date advice and products best suited to your needs.

Conflicts of interest
It is the policy of our firm 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. A full copy of our conflicts of interest policy is available on request.

Default on payments by clients
We will exercise our legal rights to receive payments due to us from clients (fees) for services provided.
Product producers may withdraw benefits or cover in the event of default on payments due under policies of
insurance or other products arranged for you. We would refer you to policy documents or product terms for
the details of such provisions.

Whilst we are happy to receive verbal complaints, it would be preferable that any complaints are made, in
writing. We will acknowledge your complaint within 5 business days and we will fully investigate it. We shall
investigate the complaint as swiftly as possible, and, the complainant will receive an update on the complaint
at intervals of not greater than 20 business days starting from the date on which the complaint is made. On
completion of our investigation, we will provide you with a written report of the outcome. In the event that
you are still dissatisfied with our handling of or response to your complaint, you are entitled to refer the matter to the Financial Services and Pensions Ombudsman (FSPO). A full copy of our complaints procedure is
available on request.

Data Protection
Alpha Wealth Ltd. complies with the requirements of the General Data Protection Regulation 2018 and the
Irish Data Protection Act 2018
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 and as outlined in our Data Privacy Notice and Data Protection policy. We will ensure
that this Privacy Notice is easily accessible. Please refer to our website (https://alphawealth.ie/privacystatement/#:~:text=Alpha%20Wealth%20Ltd%20is%20committed,correspondence%20and%20on%20our%20
website). If this medium is not suitable, we will ensure you can easily receive a copy by hard copy, or
telephonic environment. (pre-recorded).
We would also like to keep you informed on 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 would like to receive to receive such marketing
information please complete the permission statements contained in the Terms of Business acknowledgement
letter attached.
We may receive referrals from such firms and may advise them of any transactions arranged for you. You have
the right at any time to request a copy of any ‘personal data’ within the meaning of the GDPR that our office
holds about you and to have any inaccuracies in that information corrected. Please contact us at
info@alphawealth.ie if you have any concerns about your personal data.

Consumers: Duty of Disclosure when completing documentation for new business/renewals and midterm

You are required to answer all questions posed by us or the insurer honestly and with reasonable care – the
test will be that of the ‘average consumer’.
Failure to answer all questions honestly and with reasonable care can result in the Insurer being able to rely on
proportionate remedies for misrepresentation, which include but are not limited to the insurer voiding the
contract of insurance. If a policy is cancelled by an insurer for any reason including payment default you may
encounter difficulty in purchasing insurance in the future

Completed proposal forms/statement of fact

Completed proposal forms or Statements of Facts will be provided to you. These are important documents as
they form the basis of insurance contract between the insurer and you the consumer. You should review and
confirm that the answers contained within are true and accurate.

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

If you have taken out a life insurance contract, you may cancel the contract by giving notice in writing to us.

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

Post-Contract Stage and Claims

Any clause in a contract of insurance that refers to a “material change” will be interpreted as being a change
that takes the risk outside what was in the reasonable contemplation of the both you and the insurer when
the contract was concluded.

You 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 a reasonable time.

You must notify the insurer of a claim within a reasonable time, or otherwise in accordance with the terms of
the contract of insurance.

If you become aware after a claim is made of information that would either support or prejudice the claim, you
are under a duty to disclose it. (The insurer is under the same duty).

If you make a false or misleading claim in any material respect (and know 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 may notify the consumer
advising that they are voiding the contract of insurance, and 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, and the insurer is under no obligation to return any of the premiums paid
under the contract.

Commercial Customers: Non-Consumers

Disclosure of Information

It is essential that you should bring to our attention any material alteration in risk such as changes of address
or use of premises. Any failure to disclose material information may invalidate your claim and render your
policy void.

Compensation Scheme
We are members of the Investor Compensation Scheme operated by the Investor Compensation Company Ltd.
See below for details.

Investor Compensation Scheme
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 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 orbelonging 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 Company Ltd. at (01) 224 4955.

Brokers Ireland Compensation Fund

We are also members of the Brokers Ireland Compensation Fund. Subject to the rules of the scheme the
liabilities of its members firms up to a maximum of €100,000 per client (or €250,000 in aggregate) may be
discharged by the fund on its behalf if the member firm is unable to do so, where the above detailed Investor
Compensation Scheme has failed to adequately compensate any client of the member. Further details are
available on request