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Michael Murphy Financial Services Limited is regulated by the Central Bank of Ireland. The firm is registered as an insurance intermediary under the European Union (Insurance Distribution) Regulations, 2018.

Copies of our regulatory authorisations are available on request. The Central Bank of Ireland holds registers of regulated firms, you may verify our credentials by searching for the firm’s name at registers.centralbank.ie[1].

These Terms of Business (“Terms”) outline the basis on which we provide regulated financial services to our clients. Please ensure that you read this document. These Terms apply to all business transactions undertaken for you or services provided to you and will remain in force until further notice. Should we make any material changes to our Terms, we will advise you in advance of providing any further services to you.

Contact Details

Our registered office is at Ivy Gates, Dromdowney Lower, Mallow, Co. Cork. Our company registered number is 659084 and our Central Bank registration number is C417777.

Statutory Codes

Michael Murphy Financial Services Limited is subject to the Central Bank of Ireland’s Consumer Protection Code, Minimum Competency Code and Fitness and Probity Standards. These Codes offer protection to consumers and can be found on the Central Bank website at www.centralbank.ie


Our principal business is to provide advice and arrange transactions on behalf of clients in relation to life assurance products, pensions and insurance based investment products. A full list of the insurers and investment firm we have agencies with is available on request.

Fair Analysis

The concept of fair 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.

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 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.

As at the date of these Terms of Business we provide life assurance, pensions and insurance based investment products on a fair analysis basis as we do agencies with a sufficiently large number of providers to perform fair analysis of the market.

Anti-Money Laundering 

In order to comply with legal and regulatory requirements we are obliged to request information from you to verify your identity as well as your source of funds and to keep a record of this information. Before making a recommendation to you, we will request such information and documentation where we deem it necessary to meet our obligations.

Should you not provide satisfactory evidence of your identity within a reasonable time, we may not be in a position to provide the services described in these Terms to you. We may be required to request updated identity and verification documents from time to time.

Fact find, Statement of Suitability and Ongoing Advice

All clients are required to provide sufficient information including contact details, financial information, objectives, needs and requirements and (where relevant) your risk appetite and investment time horizon to enable us to provide our services.  We will also obtain further information about your needs and requirements through meeting with you.

It is important that the information you provide is complete and accurate as it will form the basis for future advice, and we accept no liability for any omissions or oversights on your part. You are also requested to notify us of any material changes to your personal circumstances as these may impact on the advice and services we provide to you.

In entering into or renewing an insurance policy (such as e.g. a proposal form for life insurance, serious illness cover or an insurance based investment product) you are required to answer all questions posed by us or the insurer in a proposal form honestly and with reasonable care. Specific questions will be asked. An insurer may repudiate liability or limit the amount paid on foot of the contract of insurance, only if it establishes that non-disclosure of material information was an effective cause of the insurer entering into the relevant contract of insurance and on the terms on which it did.

Sustainability Factors

When providing advice, the firm considers the adverse impact of investment decisions on sustainability. 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 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.

Fees and Charges

The firm may receive commission and other payments from the insurance and investment companies to whom orders are transmitted. Details of the range of commissions that may apply are set out in our commission disclosure statement and the actual commission we will receive is disclosed in product and/or policy documentation you will receive.

Investor Compensation Scheme

The Investor Compensation Act, 1998 provides for the establishment of a compensation scheme operated by the Investor Compensation Company Limited (ICCL) and for the payment of compensation to clients:

  • 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.

Michael Murphy Financial Services Limited is a member of this compensation scheme. The amount of compensation that you may receive under the compensation scheme is 90% of the net amount you have lost or €20,000; whichever is less. Full details of the Investor Compensation Scheme are available on www.investorcompensation.ie.

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.

Conflicts of Interest

It is the policy of Michael Murphy Financial Services Limited to act in the best interests of our clients and to avoid a conflict of interest when providing services. However, where an unavoidable conflict arises, we will advise you of this in writing before providing any business service and request your written acknowledgment that you are aware of the conflict of interest and still want to proceed.

We have a written policy which sets out the steps that we take to ensure that we avoid or, where this is not possible, mitigate conflicts of interest that may arise in providing services to you. These steps include administrative and organisational arrangements appropriate to the size, nature and complexity of the business to ensure that staff always act in the best interests of clients. A copy of the policy is available on request.

Data Protection 

Michael Murphy Financial Services Limited is a Data Controller as defined in the Data Protection Acts 1988 to 2018 (“Acts”). We collect personal data about you in order to provide the highest standard of service to you and in order to comply with our legal and regulatory obligations. This includes account opening information and any other personal data you provide to us or that we collect or process in the normal course of providing the services set out in these Terms.

We take great care with personal data that is provided to us, taking steps to keep it safe, secure and private and to ensure it is used only for legitimate purposes and in accordance with data protection legislation including the Acts and the General Data Protection Regulation 2018.

The data which you provide to us will be held in electronic format on a computer database . Your data will be processed only in ways compatible with the purposes for which it was given. We may use your personal data for the purposes of:

  • Providing the services we have been contracted to provide to you including investment advice and receipt and transmission of orders.
  • Reporting and management information, including quality assurance.
  • Prevention of money laundering, financing of terrorism and fraud and otherwise complying with legal and regulatory obligations.
  • Providing you with information about our services and products that may be of interest and relevance to you as we have a legitimate interest in providing you with information about our services. You have the right to ask us not to send you marketing material and, at any time, you can ‘opt out’ of receiving marketing material.

We may share your personal data with:

  • Insurance companies we have agencies with
  • Regulators, law enforcement agencies and any other public bodies we are legally obliged to disclose such information to.
  • Service providers of Michael Murphy Financial Services Limited who have undertaken to keep such information confidential.

In order to comply with regulatory obligations, we are obliged to retain personal data for a minimum period of 6 years or such longer period as we are directed to by law. You have the right at any time to request a copy of any ‘personal data’ that we hold about you.  You may have other rights in relation to your personal data which apply in certain circumstances and which are described in more detail in our privacy statement. You may request a copy of your personal data by writing to the Data Protection Officer, Michael Murphy Financial Services Limited, Ivy Gates, Dromdowney Lower, Mallow, Co. Cork.

By agreeing to these Terms of Business you acknowledge the processing of your personal data as set out herein.


Michael Murphy Financial Services Limited has a written procedure in place for the handling of any complaints that are made against our firm for services provided by us. This procedure ensures that all complaints are recorded and acknowledged in writing within 5 business days and are fully investigated. Any complaints should be addressed to The Compliance Officer, Michael Murphy Financial Services Limited, Ivy Gates, Dromdowney Lower, Mallow, Co. Cork.

If you are dissatisfied with our handling of, or response to your complaint, you can refer the matter to The Financial Services and Pensions Ombudsman. The Financial Services and Pensions Ombudsman is a statutory officer who deals independently with unresolved complaints from consumers about their individual dealings with financial services providers. It is a free service to the complainant.

Further details relating to the Financial Services and Pensions Ombudsman, including how to make a complaint, are available at www.fspo.ie, by telephone on Lo-Call Number: 1890 88 20 90, or by writing to the Financial Services and Pensions Ombudsman, 3rd Floor, Lincoln House, Lincoln Place, Dublin 2.


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

Governing Law

These Terms of Business shall be governed by the laws of the Republic of Ireland. These Terms of Business are effective from 1 February 2022 and apply until further notice.

Michael Murphy Financial Services Limited is regulated by the Central Bank of Ireland

European Communities Distance Marketing:


Supplementary Notice Applicable to Contracts Concluded Using Exclusively Distance Means of Communication:

The following information is provided pursuant to Regulations 6 and 9 and Schedule 1 to the European Communities (Distance Marketing of Consumer Financial Services) Regulations 2004 (the “Regulations”).

This notice applies only in relation to contracts with consumers that are negotiated and concluded exclusively using means of distance communication (i.e. telephone, internet, etc.). This notice has no application where any aspect of the contract has been negotiated or concluded on a “face-to-face” basis by the parties in each others’ physical presence.

(a) Identity, Address and Main Business of the Supplier

Michael Murphy Financial Services Limited is regulated by the Central Bank of Ireland. The firm is registered as an insurance intermediary under the European Union (Insurance Distribution) Regulations, 2018.

The Supplier’s address Ivy Gates, Dromdowney Lower, Mallow, Co. Cork.

The Supplier’s main business is the provision of insurance intermediation services on behalf of insurance undertakings from whom it holds letters of appointment.

The Commercial Purpose of this contract is the arrangement of a contract(s) of insurance by the Supplier in return for commission or fees.

(b) The Supplier operates in Ireland only and has no representatives in any other Member-State of the EU.

(c) The Supplier does not provide its services through any other advisor or agent.

(d) The Supplier is registered in the Companies Registration Office as a Limited Company, registration no. 659084.  This information can be verified by contacting the Companies Registration Office (www.cro.ie).

(e) The relevant authorisation and supervisory authorities for the Supplier’s business are:

The Central Bank of Ireland, New Wapping Street, North Wall Quay, Dublin 1, D01 F7X3

(f) The Supplier is not a member of a profession regulated by law, otherwise than at (e) above.

(g) The Supplier’s is not registered for VAT.

(h) The main characteristics of the services provided by the Supplier are as follows:

– Advise and arrange policies of insurance for consumers

(i) It is not possible to indicate in advance the total price to be paid by the consumer for the services provided by the Supplier. The following is the basis that will be used by the Supplier for the calculation of charges for its services:

All charges and fees are outlined in detail in our Commission disclosure document.

The price payable to the insurance company for your insurance policy is the premium (including applicable government levies and premium taxes). The premium and any optional covers are separately specified by the insurance company in their policy schedule/Renewal notice.

(j) The services supplied are not related to instruments involving special risks whose price depends on fluctuations in the financial markets.

(k) It is possible that other taxes or costs may exist that are neither paid by the Supplier nor imposed by the Supplier.

(l) The information given by the Supplier in this notice is valid as of January 2022. Whilst the Supplier will make reasonable efforts to keep this notice under review and up to date, the Supplier cannot accept responsibility for any changes that may arise as a result of actions by persons outside of its control or knowledge.

(m) The arrangements for payment and performance that will apply under the contract:

Insurance Policies:

Mortgage and other protection insurance can be paid monthly or annually by direct debit or a cheque for the premium can be made payable to the insurance company. If a cheque is provided to Finance Made Simple Limited made payable to the insurance company, a receipt will be issued to the consumer. Lump sum investments will be paid by single premium to the insurance company, premiums for pension and savings policies are payable in accordance with the terms of the policy, typically monthly or annually.

Non-payment of the premium or part thereof or any monthly premium (where using Direct Debit) or breach of certain conditions of a policy may lead to the policy being revoked or cancelled. The precise terms of the insurance policy should be referred to.

Non-payment of the premium or part thereof or any monthly premium (where using Direct Debit) or breach of certain conditions of a policy may lead to the policy being revoked or cancelled. The precise terms of the insurance policy should be referred to.

(n) No additional charge will be imposed on the consumer for using a particular means of communication in connection with the contract.

(o) Rights of Cancellation:

A consumer has the right to withdraw from an insurance policy within 14 working days of the start date of the policy (except in the case of travel policies whose operative period is for one month or less) without penalty and without giving any reason. This is known as the cooling off period.

For Life policies the cooling off period is 30 days from the start date of the policy.

The right of cancellation may be exercised by sending notice in writing to Michael Murphy Financial Services Limited, Ivy Gates, Dromdowney Lower, Mallow, Co. Cork.

Where the right of cancellation is so exercised, the insurance company will refund any premium paid and cover will be withdrawn as and from the proposed inception date. While the right of cancellation is not subject to penalties, the Supplier reserves the right, in accordance with Regulation 15 of the Regulations, to deduct from a refund any reasonable charge that may have arisen for services actually supplied in accordance with the contract prior to cancellation.

The consumer shall return all policy documentation within 30 days from the date of the exercise of the right of cancellation.

If the right of cancellation is not exercised, the contract between the parties will be fully binding and the consumer will be legally obliged to perform his/her obligations under the contract in their entirety. If the consumer seeks to cancel the contract after the expiry of the cancellation period the Supplier reserves the right, in cases other than housing loans, to apply an appropriate cancellation penalty.

(p) The minimum duration of the contract in the case of a financial service that is to be performed on a continuing or recurring basis: The period of insurance in respect of any insurance policy will be the period specified by the insurance company in the policy schedule/renewal notice

(q) Early Termination. In the case of insurance contracts, non payment of premium or part thereof or any monthly premium (where using direct debit) or breach of certain conditions of an insurance policy may lead to the policy being revoked or cancelled. A consumer or the insurance company can cancel the policy at any time by notice in writing to your financial consultant, in accordance with the terms in that respect set out in the insurance policy.

(r) Practical instructions for exercising the right to cancel – see (o) above.

(s) Relations between the supplier and consumer before the contract is entered into shall be governed by Irish law.

(t) The contract with the supplier shall be subject to Irish Law and the Irish Courts shall have jurisdiction with respect to the determination of disputes arising under the contract.

(u) The contractual terms and the prior information required under the Regulations shall be provided in the English language.

(v) The Supplier undertakes to communicate with the consumer in the English language.

(w) Out of Court Complaint and Redress: The Supplier operates a complaints procedure which may be availed of by the consumer and if that process does not resolve the matter the consumer may take the matter to the Financial Services and Pensions Ombudsman, 3rd Floor, Lincoln House, Lincoln Place, Dublin 2.



Acknowledgment and marketing consent

We have provided our Terms of Business setting out the terms under which Michael Murphy Financial Services Limited t will provide insurance, protection, investment, and pension business services to you. You should review the Terms and if there are any matters on which you require clarification we will be happy to provide this.

These terms will remain in force and shall apply to any business service provided to you now or at a future date. Any changes to the Terns of Business will be notified to you.

Privacy Policy

We take your privacy seriously and will only use your personal information to provide the products and services you have requested from us.

Direct Marketing

However, from time to time we would like to contact you with details of other products and services we can provide to you. If you consent to us contacting you for this purpose please tick to say how you would like us to contact you.

I agree to being contacted about other services:

Client 1                 _____

Client 2                 ______


Preferred Contact Method:

Post      ___          E-mail                 ___          Telephone       ___          Text Message ___


Terms of Business

I acknowledge that I have been provided with a copy of the Terms of Business of Michael Murphy Financial Services Limited and confirm that I have read and understand them.

Signed:  _____________________________________                          Date:     ___/___/_____

Signed:  _____________________________________                          Date:     ___/___/_____