How safe are my investments and pensions with Metis Ireland? • Part 1

Many of you may have watched the four-part documentary on Netflix about Bernie Madoff. If you haven’t and you want to watch four hours of the worst of Financial Services it’s a pretty good place to go.

If you don’t have four hours to spare, here’s a brief synopsis. Bernie Madoff was an American fraudster and financier who was the mastermind of the largest Ponzi scheme in history, worth about $64.8 billion. The documentary explores how it all happened and what the fallout from it was. Read my colleague Cian’s blog for more detail on what it was and the red flags that could’ve been noticed (hindsight is a wonderful thing!).

The documentary will naturally raise questions about the safety of your investments and pensions.

You’ve worked hard to build up your savings. You’ve done your research about different funds and instruments and you know all about volatility and risk. But what happens once your money leaves your pocket? How safe is it with your financial advisor? What about with the insurance or investment company who’s taken your money and put it in the chosen investment fund?

Those are big questions, which demand great answers.

What we do to protect you

Let’s unpack a bit here. You have chosen (or are about to choose) Metis Ireland as your Financial Planners (check out my colleague Ronan’s blog here to learn about the difference between a Financial Planner and a Financial Advisor). One of the first questions you’ll ask yourself is, “how safe are my assets with Metis Ireland?”

By choosing Metis Ireland, you’re partnering with a team who are very serious and passionate about doing what’s right, both for you and for each other. We diligently abide by Our Contract With You, which promises our clients honest, experienced, client-centered service.

Who are you and why are you writing about this?

A quick glance at our team bios will show you that there’s quite a long list of letters after my name (as well as a relatively newly lengthened surname!). I bring this up not to show off about my qualifications (though I might be showing off my fancy name). I mention it simply as one small example of how seriously Metis Ireland takes our Compliance, Governance and Regulatory responsibilities.

So, take a deep breath, and let’s dive in…

My name is Sinéad Clinton Caldas. Over the last seven years, Metis Ireland have heavily invested in me to become the Head of Compliance, a role which must be approved by the Central Bank of Ireland.

 
My journey started in 2016 when I began my BA in Management. I’ve since then completed my Certificate and Diploma in Compliance to become a Licentiate of Compliance Institute (LCI). I’m a Qualified Financial Advisor (QFA), a Certified Financial Crime Professional (CFCP), a Certified Data Protection Officer (CDPO).

Currently, I’m in my last semester of my Master’s in Compliance.

And breathe!

What does it all mean?

All this to say, when Metis Ireland talk about compliance, we mean business. Rest assured, we’re not satisfied with simply reaching the minimum requirements. Our objective is to always go above and beyond.

When you meet with Metis Ireland, we talk about where you are now and where you want to be, we talk about your goals dreams and aspirations. Then, we create your plan. You read the recommendations, the fund factsheets, the Key Investor Investment document, our ‘’Doing Business with Us” document, the product provider terms of business, the quotes, the comparisons, and you fill in a lot of forms.

It’s lot of information which we do our best to distill as succinctly as possible. After all that, you transfer your money. And you trust that your money is safe. But what are the safeguards from misappropriation of your funds? Or your safeguards from the insurance or investment company going bust?

How we keep your money safe

First things first: we never personally touch your money.

Metis Ireland never receive your money. Your funds never rest in our account. Your money always goes directly to the insurance or investment platform company.

Secondly, an external auditor audits our accounts annually. These findings are then reported annually to the Central Bank of Ireland for review to ensure that Metis Ireland is itself financially stable and not putting our clients at risk. You can read more about how we protect you through Financial Governance in this article, written by our Head of Finance Paddy O’Halloran.

Thirdly, we pay into the Investor Compensation fund. This was set up to afford eligible investors some degree of financial compensation if an authorised firm fails and investors lose funds.

And, finally, we’re insured to protect our clients should we fail in our objective to go above and beyond.

What next?

In Part 2 of this exploration on what we do to keep your money safe, I’ll be looking at the security of your funds in terms of the providers that we advise you to place your money with.

If you have any queries or questions on anything in relation to the above, please don’t hesitate to contact me at sclintoncaldas@metisireland.ie.
 

If you’d like to speak to the wider team about engaging with financial planning with Metis Ireland, please do get in touch on 01 908 1500 or email us at info@metisireland.ie.

Sinéad Clinton Caldas BA, LCI, QFA, CFCP, CDPO

Head of Compliance
Head of Anti-Money Laundering and Counter Terrorist Financing Legislation Compliance