Michael Scroope Insurances Limited t/a Michael Scroope Insurances & Scroope Wealth Management wishes to draw your attention to some important consumer information regarding our business.  This is an important document – please read carefully and if you have any questions please contact us. If there are any material changes to the information in this document you will be issued with a revised copy as soon as possible.


What is this document

These terms of business set out the basis on which Michael Scroope Insurances Limited will provide business services to you as a client of the firm. They also contain details of our regulatory and statutory obligations and the respective duties of both the firm and you in relation to such services.

Michael Scroope Insurances Limited is a member of the Irish Brokers Association & the Brokers Federation of Ireland.


Authorised Status

Michael Scroope Insurances Limited t/a Michael Scroope Insurances & Scroope Wealth Management) is authorised in Ireland under Section 26 of the Investments Intermediaries Act, 1995 to receive and transmit orders or units of shares in undertakings for collective investment in transferable securities within the meaning of the Regulations of 1989, units in a unit trust, other collective investment scheme instruments, or shares in a company which are listed on a stock exchange or bonds so listed or prize bonds, tracker bonds, insurance policies or Personal Retirement Savings within the meaning of the Pensions Act, 1990 . Our firm is also registered as an insurance intermediary under the European Union (Insurance Distribution) Regulations, 2018. Our firm is also authorised as a deposit broker, debt management services firm authorised under Section 31(1) of the CBA 1997 (as amended) and a Mortgage Intermediary authorised under the Consumer Credit Act 1995 and as a Mortgage Credit Intermediary under the European Union (Consumer Mortgage Credit Agreements) Regulations 2016. 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 visit their website at www.centralbank.ie to verify our credentials.


Statutory Codes

Michael Scroope Insurances Limited is subject to and complies with the Consumer Protection Code, Minimum Competency Code and the Fitness and Probity Standards. These Codes offer protection to consumers and can be found on the Central Bank of Ireland website www.centralbank.ie


Remuneration and Fees

Michael Scroope Insurances Limited is remunerated by commission and / or a professional fee for the initial work activity and time spent in seeking the best terms, advice, product and product producer for your specific needs.



We are usually remunerated by commission received from the product producers for the work involved in placing an order and finalising the product with them on your behalf.

Details of commission arrangements are available on request (Some product producers do not pay a commission). For Life, Pensions and Investment business, commissions receivable are disclosed prior to providing the service to you.


We are remunerated by fees as noted in the schedule of our fees below. An administration fee is also charged for the activity involved in the renewal of the policy and also any alterations that take place during and at termination of a policy. For Life, Pensions and Investment business where a fee is to be charged, this fee will be agreed in writing with you prior to the provision of that service.


Scale of Fees


Class of Business – Personal Lines Charge
Private/Commercial Motor, Campers & Motor Cycle Up to a maximum of €120
Household, Travel & all other personaal lines risks Up to a maximum of €50
Mid Term Alterations / Cancellations / Duplicate Documentation Up to a maximum of €50
Motor Legal Expenses / Personal Accident Cover (Offered Optionally on Private / Commercial Motor Insurance Policies) €25.88
Class of Business – Commercial Lines Charge
Commercial Property, Traders Combined, Employers & Public Liability, Motor Fleets, Motor Trade, Engineering & all other business-related risks Up to a maximum of 30% of premium or €250 per policy
Mid Term Alterations / Cancellations / Duplicate Documentation Up to a maximum of 30% of premium
Class of Business – Life / Pensions / Investments Charge
Renewals / New Business Commission / Fee based service
Class of Business – Mortgages Charge
Assisting & advising in the mortgage process (depending on the complexity of the case) Up to €500


For advice without the placement of business or where premiums are on a net basis, we may charge fees as follows:

  • Directors and Managers time – €200.00 per hour
  • Consultants, Sales Team Executives and Clerical Assistants time – €100.00 per hour.

Please note that some Insurance Companies may collect our administration charge on our behalf for direct debit policies.  We reserve the right to amend these fees should the complexity of the product require a higher fee.  We will confirm and agree this fee with you prior to any increased charge being applied.  We also reserve the right to charge an administration fee of 3% in respect of premiums paid by credit card.


Third Party Charges

We may source your insurance requirements through a managing agent/wholesale broker who may charge for their services. Such charges will be disclosed on your invoice, policy document or renewal notice.



We may receive a commission from mortgage lenders in respect of mortgage cases, the maximum fee currently payable is 1%. Any additional charges or fees for services rendered by our financial services division will be clearly disclosed to the client in writing prior to the inception of the mortgage and will be agreed with the consumer in writing. If we provide mortgage advice and obtain a Loan Offer for you and you subsequently do not proceed with your mortgage application through our firm, we will charge you an arrangement fee of €250 for our services.


Premium Handling

Michael Scroope Insurances Limited will accept payments in cash, by cheque, by EFT and by credit/debit card in respect of all classes of insurance in the circumstances permitted under Section 25G of the Investment Intermediaries Act, 1995. Michael Scroope Insurances Limited is not authorised to accept cash or negotiable instruments in any other circumstances. Premiums are due on / or before renewal / inception date. Under the Central Bank legislation very strict rules apply in the payment of premiums to Insurance companies. We will not be able to pay premiums to insurers which have not been received from clients. Therefore, to avoid policy cancellation, premiums must be paid strictly within the credit terms, if agreed, otherwise immediately prior to cover incepting or renewal date. A section 30 receipt will be issued for all premiums paid. A written acknowledgement will be issued in respect of direct debit cases.


Services Provided

We provide advice and placement facilities in relation to General Insurance, Life Assurance products and services, Mortgages and investments.

We will offer advice on a fair analysis of the market basis in relation to all classes of insurance policies and life assurance products. This means we will research the marketplace and providers and recommend the best product to suit your own needs. We will identify and select a suitable product producer and on receipt of your instructions we will transmit orders on your behalf to one or more product producers (a list of which is available on request). This firm does not have ‘tied’ relationship with any institution that would compromise our ability to offer you independent advice and choice. Our firm provides mortgages through lenders we currently hold appointments with. We provide mortgage advice on a fair analysis basis (providing services on the basis of a sufficiently large number of contracts and product producers available on the market to enable the firm to make a recommendation, in accordance with professional criteria, regarding which contract would be adequate to meet your needs


Instructions for Policy Amendments

It is important to note that where an instruction is transmitted to amend your policy via phone message, text, email, or fax, changes in cover are only operable provided they have been confirmed by Michael Scroope Insurances Limited.


Regular Reviews

It is in your best interest 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 Interests

It is the policy of Michael Scroope Insurances Limited to avoid any conflict of interest when providing business services to its clients. However, where an unavoidable conflict may arise we will advise you of this 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.


Cancellation / Cooling Off Period

A consumer (as defined by SI No. 853 of 2004) has the right to withdraw from an insurance policy (as defined under SI No. 853 of 2004), within 14 days for general insurance and 30 days in respect of life assurance products, of the start date of the policy without penalty and without giving any reason – this is known as the Cooling Off period. The right of withdrawal may be exercised by notice in writing to Michael Scroope Insurances Limited quoting your policy number. Should this right be exercised the Insurance Company may charge a pro rata premium for the period you are on cover. If the cover is motor insurance the premium cannot be refunded until the Certificate of Insurance and Windscreen Disc have been received by Michael Scroope Insurances Limited. You, the customer can cancel your policy by notice in writing at any time. Provided that all reasonable charges pertaining to costs incurred by Michael Scroope Insurances Limited have been paid and provided that no incident giving rise to a claim has occurred in the current period of insurance, you will be entitled to a proportionate return of the premium for the un-expired period of insurance unless the policy is on a minimum and deposit basis, and if this is the case, no return will be allowed on the policy and this will be noted on your policy schedule. If you cancel during the first year (outside of the Cooling Off period) short term rates apply, please see policy terms and conditions. In the case of cancellation of motor insurance, you must return the Certificate of Insurance and Windscreen Disc to Michael Scroope Insurances Limited. Insurance companies normally reserve the right to cancel policies at any time by giving appropriate notice to your last known address. Please refer to your policy terms and conditions.


Failure to Pay or Default

We reserve the right to instigate cancellation proceedings in the event of the following:

  • Your non-payment of the premium due at inception, renewal or following a mid-term adjustment
  • Your bank returns your cheque due to insufficient funds or any other reason
  • non-disclosure of relevant information
  • Insurer imposed cancellation

Your insurer may cancel your policy in certain circumstances. These conditions are clearly outlined on all policy documents. When your policy ends or is cancelled, we will send you any documentation and information that you are entitled to on request. We reserve the right to take legal action for the recovery of any outstanding premiums due to Insurers or fees due to Michael Scroope Insurances Limited.

Mortgage lenders may seek early repayment of a loan and interest if you default on your repayments. Your home is at risk if you do not maintain your agreed repayments.


Complaints Procedure

The company has a written procedure in place for the effective consideration and handling of complaints. Any complaints should be addressed in writing to the Managing Director, Michael Scroope Insurances Limited. Each complaint will be acknowledged by us within 5 working days of receipt, updates will be advised in intervals of not more than 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.

In the event that you are not entirely satisfied with the firms handling of and response to your complaint, contact may be made with the Irish Brokers Association, 87 Merrion Sq, Dublin 2 and ultimately you have the right to complain to the Financial Services Ombudsman, 3rd Floor, Lincoln House, Lincoln Place, Dublin 2.


Investor Compensation

Investor Compensation Company Ltd (ICCL) Scheme

Michael Scroope Insurances Limited is a member of the Investor Compensation Company Ltd (ICCL) Scheme established under the Investor Compensation Act, 1998. The legislation provided for the establishment of a compensation scheme and to the payment in certain circumstances, of compensation to certain clients of firms (known as eligible investors) covered by the Act. However, you should be aware that a right to compensation would only arise where client money or investment instruments held by this company on your behalf cannot be returned, either for the time being or for the foreseeable future, and where the client falls within the definition of eligible investor as contained in the Act. In the event that a right to compensation is established, the amount payable is the lesser of 90% of the client’s loss, which is recognised as being eligible for compensation, or €20,000. Irish Brokers Association (IBA) Compensation Fund Ltd As a member of the Irish Brokers Association (IBA), Michael Scroope Insurances Limited is also a member of the IBA Compensation Fund Ltd. Subject to the rules of the scheme the liabilities of its member firms up to a maximum of €100,000 per client (€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 ICCL (established by law) has failed to adequately compensate any client of the member.



We consider the adverse impacts of investment decisions on sustainability factors in our Investment Advice and our Insurance Based Investment Advice, both at the initial stages of our research, in our recommendations and annually as part of the investment services we provide to our clients. An assessment of sustainability risks are integrated into our Investment Advice and our Insurance Based Investment Advice through the following means:

  • The product information provided to us by the Product Producers and Insurers on the integration of sustainability risks.
  • Our professional interrogation of the information provided by the Product Producers and Insurers.
  • Our in-house Investment research as we keep our Investment knowledge current and relevant.

We will advise you of the likely impacts of sustainability risks on the returns of the financial products we may recommend. This will be advised to you in your Statement of Suitability.


Data Protection

Michael Scroope Insurances Limited is a Data Controller as defined in the General Data Protection Regulation (GDPR)(EU) 2016/679 / Data Protection Act 2018. We collect your personal details in order to provide the highest standard of service to you. 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. We take great care with the information provided; taking steps to keep it secure and to ensure it is only used for legitimate purposes. To fulfil these objectives we may share information with other affiliated professionals. The information and other data provided to our office may be used to advise you of products and services we may offer from time to time. You have the right at any time to request a copy of any ‘personal data’ within the meaning of the Data Protection Act 2018 (as amended or re-enacted from time to time) that our office holds about you and to have any inaccuracies in that information corrected.)


E-Mail Communication and the Internet

We may choose to correspond with you by means of electronic communication (as defined in the Electronic Commerce Act 2000). Electronic communication may be corrupted and may not be either private or secure and, as with other means of delivery, there is a risk of inadvertent misdirection or non-delivery We cannot guarantee the security and integrity of electronic communication sent by you. It is your responsibility to carry out a virus check on electronic communication and attachments. While we take reasonable steps to ensure the integrity of our data transmission systems, we cannot guarantee that our communication will be free from infection.


Call Recording

Please note that telephone calls to and from our offices may be recorded for quality, training and verification purposes, to assist in the complaints procedure and/or to help detect fraud and also to ensure the accuracy of our consumer records. All data recorded in this way is managed in keeping with Data Protection Acts. A copy of your recorded telephone call can be made available to you on request.


Anti-Money Laundering

The Firm reserves the right to request information which it reasonably believes it needs to know in order to comply with the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 as amended. From time to time, we may ask customers to confirm (or reconfirm) their identity in order to comply with the Anti-Money Laundering requirements. Any suspicious transactions will be reported to the Gardai and Revenue in line with our regulatory obligations.



All insurance contracts contain conditions which impose obligations on the policyholder. It is important that you read and understand your policies. If in addition the insurers impose warranties we will bring these to your attention. A warranty must be complied with literally. Failure to comply with the exact terms of a warranty may mean the Insurers obligations under the policy will be automatically terminated or claim not paid. If you cannot comply with the terms of any warranty please advise us immediately.


Duty of Disclosure

Section 14 (1) – (5) of the Act which is effective from 1st September 2021 alters consumer’s duty of disclosure:

You are under a duty to answer all questions that have been asked, honestly and with reasonable care and attention. You are not under any duty to volunteer any information over and above what is asked in these questions. The questions we ask are material to the risk to be undertaken by the relevant insurer, or the calculation of the premium by the relevant insurer, or both. If you do not answer these questions honestly and with reasonable care and attention, the relevant insurer may use the remedies available to them, including any remedies under the Act (and any subsequent amending legislation) which may include the remedy to cancel the contract, reject a claim or to limit the amount they pay in the event of a claim.

Specific questions will be asked. Where you do not provide additional information (after being requested to do so) it can be presumed that the information previously provided remains unchanged.

Mortgages – We will need to collect sufficient information from you before we can offer any advice on housing loans. This is due to the fact that a key issue in relation to mortgage advice is affordability. Such information should be produced promptly on request


Research / Market Security

We use both local and international insurers / markets to obtain the best terms and conditions available. In selecting an insurer, a wide variety of factors are taken into account including the financial statements of the insurer in question. We do not, and cannot, guarantee the financial security of any insurer. If you have any concerns about the security offered, please contact us immediately.


Selection of Insurers

We hold a significant number of appointments with insurers/product providers so that we can offer a range of products that best matches our customers’ needs. However, we cannot take responsibility for or guarantee the financial stability of any of these entities with whom we place business on your behalf.



It is important to note that failure to notify a claim or potential claim without delay could result in a claim being refused. When you notify us, you must include all material facts concerning the claim. The policy wording will describe in detail the procedures and conditions in connection with making a claim. It should be noted that there is no cover for defence costs incurred without insurer’s prior consent. Insurers may appoint a loss adjuster to assist them in the handling of a claim. You may also appoint a loss assessor to act in your interest but doing so will be at your own expense. If you are in doubt as to whether or not a matter should be reported, please tell us and we will be happy to advise.


Email & Electronic Communication of Insurer Documentation

We may communicate with each other by electronic mail, sometimes attaching further electronic data, where we have each expressed a wish for that to happen. By consenting to this method of communication, we both accept the inherent risks [including the security risks of interception of, or unauthorized access, to such communications, the risk of non-delivery, the risks of corruption of such communications and the risks of viruses or other harmful devices. Notwithstanding that we have reasonable virus checking procedures on our system, you will be responsible for virus checking all electronic communications sent to you. You will also be responsible for checking that messages received are complete.


Governing Law & Language

The laws of Ireland form the basis for establishing relations between you and Michael Scroope Insurances Limited. All contracts, terms, conditions and communications relating to any policies you may enter with this firm will be in English. The terms set out above apply to any service provided to you after March 2012 and should the firm change its terms, you will be notified in advance.


Terms of Business

I acknowledge and confirm that I have been provided with a copy of the Terms of Business of Michael Scroope Insurances Limited t/a Michael Scroope Insurances & Scroope Wealth Management and that I have read through, understand and agree to these terms.


Document effective from 5th December 2022.
This policy is kept under content review and updated to reflect relevant changes.