Terms of Business
Background
Established in 2007, Yachting Financial Solutions (Ireland) DAC is a company incorporated and regulated in the Republic of Ireland providing long-term financial services and solutions (minimum 5 to 10 years) to superyacht crew throughout the world. Yachting Financial Solutions (Ireland) DAC works in conjunction with the YFSOL Partnership, which provides life mentoring and motivational coaching, to deliver financial measures exclusively to superyacht crew worldwide. Both businesses work together to offer a highly personal long-term service principally online from our office in Ireland.
About Us
Working with yacht crew since 1996, our experience has led us to develop our very own VPC (vehicle/plan/commitment) programme. This long-term programme enables us to work together with superyacht crew to build their own, dignified exit plans from yachting on their own terms over five- to 20-year time frames and then to move onto their ideal life. Yachting Financial Solutions provides the financial vehicles, administration and client services. The YFSOL Partnership provides the mentoring and motivational coaching to ensure that our clients remain committed to their plan and achieve their ideal lives.
Regulatory status
Yachting Financial Solutions (Ireland) DAC is regulated by the Central Bank of Ireland no 50057 to provide insurance products and life assurance-based investments. Address: Central Bank of Ireland, North Wall Quay, North Dock, Dublin, D01 F7X3, Republic of Ireland. Phone + 353 1 224 6000
Objectives
Our objective is to ensure that as many superyacht captains, officers and crew who work for the global elite exit their life on board on their own terms and move onto an independent, dignified ideal life.
Our two entities Yachting Financial Solutions (Ireland) DAC and the YFSOL Partnership, working side by side, ensure that all our clients not only are working to a plan and have received suitable financial vehicles, but also that they keep on track through continuous mentoring and encouragement.
Yachting Financial Solutions (Ireland) DAC is an independent financial entity that is not tied to a particular life assurance company and our clients are provided with the best possible long-term investment solutions for yacht crew.
Through our initial VPC programme conversations we are doing our utmost to provide clients solutions that are in line with their requirements. Any plan/roadmap written by Yachting Financial Solutions and the long-term investments recommended (at least five to 10 years) will be based on what the client said that they required during their initial conversations and subsequently agreed after in-depth discussion and review of their report/roadmap.
If subsequent to investing the client has a change of plan and decides the investments are no longer suitable, Yachting Financial Solutions (Ireland) DAC and the YFSOL Partnership cannot and do not accept responsibility. We never recommend short-term investments. In some long-term financial vehicles (five or 10 years) the full investment value (as per the policy conditions) may not be available for withdrawal in the early years.
EU Environmental, Social and Corporate Governance Notice
On 25 September 2015, the UN General Assembly adopted a new global sustainable development framework: the 2030 Agenda for Sustainable Development (the ‘2030 Agenda’), which has at its core the Sustainable Development Goals (SDGs).
This transition to a low‐carbon, more sustainable, resource‐efficient and circular economy in line with the SDGs is key to ensuring long‐term competitiveness of the economy of the European Union.
In order to reach the objectives of the Paris Agreement and significantly reduce the risks and impacts of climate change, the global target is to hold the increase in the global average temperature to well below 2 °C above pre‐industrial levels and to pursue efforts to limit the temperature increase to 1,5 °C above pre‐industrial levels.
Yachting Financial Solutions is a company that is fully committed to reducing the impacts of climate change, environmentally friendly and sustainable investment and the UN sustainable development goals. In line with REGULATION (EU) 2019/2088 we always consider and factor in to our investment advice or choice of fund managers the principal adverse impacts on sustainability factors.
Pre-contractual disclosures: As required by Regulation (EU) 2019/2088 Yachting Financial Solutions also disclose (a) the manner in which sustainability risks are integrated into our investment or insurance advice and (b) the result of our assessment of the likely impacts of sustainability risks on the returns of the financial products we advise on.
Disclosure of Clients’ Personal Data
Where investment business services are provided to Yachting Financial Solutions (Ireland) DAC by third parties then circumstances may arise which warrant the disclosure of more than just your basic contact details. On these occasions, such as processing business and obtaining compliance and regulatory advice, you agree that personal information held by Yachting Financial Solutions (Ireland) DAC may be disclosed on a confidential basis to such third parties. You agree that this information may be transferred electronically, e.g. email. You also agree that we or any such third party may contact you in future by any means of communication, which we or it consider appropriate at the time.
Payment for Services
We normally derive our income from commission paid to us by the life assurance companies. We may also receive commissions, finder’s and trail fees, and share of fees from banks, fund managers and insurance vehicles and services. Commissions and fees are clearly noted as required on all application paperwork. You agree that we retain commission, finder’s and trail and other fees as part of our remuneration.
Our VPC programme commences with a series of 45-minute conversations prior to any application paperwork being signed. We agree to provide the initial conversations and a client report/roadmap free of charge. However if you proceed to further conversations which do not result in the implementation and continuation of any financial vehicles, we will charge a fee of USD 2,000 for the VPC process. This fee of USD 2,000 will also apply where the client wishes to choose their own financial vehicles. If subsequent mentoring is required, this will be on a basis of a fee of USD 500/session.
Where we have provided the financial vehicles we will provide free of charge the review/mentoring sessions/client service according to the Silver/Gold/Platinum services levels of the VPC programme.
Any additional services required carry a fee based on an hourly rate of USD 300 (additional mentoring calls USD 500). This includes but is not exclusive to: reviews for submission to the tax office and work undertaken to change policy ownership.
Client Investment Payments
Yachting Financial Solutions (Ireland) DAC and the Yachting Partnership never handle client investment payments. These are sent directly from the client’s account/credit/debit card to an investment in the client’s name.
Client Fee Payments
Where client fees are incurred, you agree to pay any client fees incurred by bank transfer/VISA card within 30 days of receipt of our invoice.
Client Paperwork
We will forward you copies of all paperwork relating to your investment for checking and your records. These include Policy documents/application paperwork/reviews/reports/roadmaps/recommendations/additional instructions. If you have not received these we can provide duplicates on request.
Client Risk
You agree that you are aware that you are participating in a process that includes long-term investments (at least five years) and Investments can fall as well as rise. Past performance is not necessarily a guide to future performance. Whilst Yachting Financial solutions (Ireland) DAC researches as much as possible to ensure that all funds/company recommendations are rock solid, you agree that they cannot be held responsible if a fund/company becomes suspended/goes into liquidation.
Termination of Authority
You or we may terminate our authority to act for you at any time without penalty. Notice of this termination must be given in writing and will take effect from the date of receipt. Termination is without prejudice to any transactions already initiated, which will be completed according to these terms of business unless otherwise agreed in writing. You will be liable to pay for any transactions made prior to termination and any fees, which may be outstanding.
Complaints Procedure
Our complaints procedure, reflects our constantly evolving commitment to client care and protection in line with industry best practice including reference to but not limited to the Irish Financial Services and Pensions Ombudsman guidelines in Unofficial Consolidation of the consumer protection code 2012 [revised 2015] and any further Irish Financial Services and Pensions Ombudsman updates and amendments. If you have a complaint, in the first instance, please email our compliance officer Teresa Evans: teresa@yfsol.com
We will supply you with a copy of our formal complaint’s procedure upon request or automatically on receipt of a formal complaint.
If, on completion of our procedure to resolve your complaint, in line with the Irish Financial Services and Pensions Ombudsman guidelines, your complaint is unresolved, you have the option to contact the Financial Services and Pensions Ombudsman of Ireland. www.fspo.ie