In the context of Statutory Legislation Governing Investment Business Relating To Consumer Credit Transactions: THE UNITED KINGDOM POSITION  —— 

The failure of both First National and Irish Life to disclose the material facts related above would contravene the Principles of Disclosure, as defined in Schedule 8 of U.K. Financial Services Act 1986, and the various Conduct of Business Rules (i.e. those of the Securities and Investment Board, LAUTRO and FIMBRA) issued in accordance with those Principles.

In the context of Statutory Legislation Governing Investment Business Relating To Consumer Credit Transactions: THE IRISH POSITION  ——  

First National and Irish Life are also in breach of the stated tenets of the Code of Conduct for Insurance Intermediaries, which was represented as being subordinate to the Irish Insurance Act 1989.

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Note! The contractual agreement between the Life Assurance Company / Financial Institution and the party selling their investment product or giving advice on that product, whereby the remuneration or commission paid/payable to that party (or any other beneficial arrangement entered into with that party) is dependent on the potential Policyholder / Investor entering into an Endowment / Investment agreement with the Life Assurance Company / Financial Institution, is a contract solely between themselves. (See Section 1.5: The Untouchables.) 

The Endowment Policyholder / Investor is not in any way a party to that Contract. 

However, this does not negate any of the various statutory, or otherwise commanded, requirements regarding the disclosure of potential conflicts of interest.

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(See Section 2.5 and Section 2.6: Statutory Legislation Governing Investment Business Relating To Consumer Credit Transactions.)

In this Chapter we have outlined the global basis for the total rebuttal of the legal validity (to the Endowment Mortgage Contract) of the appending POST CONTRACT by Irish Life / First National of the onerous conditions not previously brought to our attention.


Notwithstanding this rebuttal, it is important that we highlight these onerous conditions and expose the contrived manner in which they have been concealed within the tortuous Labyrinth created by the policy wording.


It is also important that we decipher their penal significance for the consumer, so that we can objectively expose the true comparison between the Endowment Mortgage Contract and the Repayment Mortgage Contract.