Regulation
Unio Financial Services Ltd Trading as Unio, Unio Employee Benefits and Unio Wealth Management (“Unio”) are regulated by the Central Bank of Ireland.
Central Bank of Ireland Regulated Activities
Unio Wealth Management is subject to the Central Bank of Ireland Code(s) of Conduct which includes the Consumer Protection Code, the Fitness and Probity Standards and Minimum Competency Code. Unio Wealth Management must comply with these codes which offer protection to consumer(s). These Code(s) can be found on the Central Banks website at www.centralbank.ie.
As an Investment Intermediary, Unio Wealth Management provides its services to its clients on a "fair analysis of the market" basis. This means that it provides services on the basis of a number of products available from various producers in the market which enables Unio Wealth Management to make a recommendation to meet its client's needs. These services include mediation services in relation to insurance products and PRSAs. Unio Wealth Management provides investment advice and receives/transmits orders in respect of transferable securities, collective investments, unit trusts and tracker bonds. In addition, Unio Wealth Management acts as a Deposit Agent/Broker and gives advice in respect of deposits.
Some of Unio’s Employee Benefits pension consultancy and administration services are also regulated by the Central Bank of Ireland and are covered by the terms of its various protections. These services include the insurance mediation services that Unio Employee Benefits provides to pension scheme trustees in respect of insuring their schemes' death in service benefits and to sponsoring employers in relation to securing cover under their disability arrangements. Also included are the services involving the receipt and transmission of orders in investment instruments provided in the context of administering defined contribution pension schemes and consultation with scheme trustees in relation to selecting fund managers.
A summary of our regulated activities and investment instruments are as follows:
Regulated Activities
- • Insurance Mediation
- • Receiving and transmitting orders
- • Investment advice
Regulated Investment Instruments
- • Transferable securities
- • Units or shares in collective investment schemes and UCITS
- • Trackers Bonds or similar instruments
- • Insurance policies
- • Personal Retirement Savings Accounts (PRSAs)
Un-Regulated Activities
The provision of Unio Employee Benefits un-regulated pension consultancy and administration services do not require licensing, authorisation or registration with the Central Bank of Ireland and as a result, are not covered by its requirements designed to protect consumers or by a statutory compensation scheme. These services are supervised by the Pensions Authority. Unio Employee Benefits, acting as a Registered Administrator complies with the Pensions Authority's rules in relation to how pensions are administered. These include core administration functions such as the preparation of annual reports and annual benefit statements for trustees, and the maintenance of sufficient and accurate member records. As a Registered Administrator, Unio Employee Benefits must also provide annual scheme information to the Pensions Authority.
Occupational pension schemes and larger corporate entities are specifically excluded from entitlement to claim from the Investor Compensation Fund.
A summary of un-regulated activities are as follows:
- • Pension Scheme Design
- • Actuarial Valuations
- • Contribution Processing