Frequently asked questions

Who is responsible for the network?

Abana Lda

How do you guarantee to better the commission rates I currently receive?

You will provide evidence of the commission you receive and we will simply better it.

What fees are there?

No Training fee.
No Visits fee.
No File Check fee.
No Professional indemnity cost.
No Joining fee.
No ICS Levy.
No Software fee.
No FSA annual fee.

Is there a discount for several Appointed Reps under one umbrella IFA company?

Discounts are given to efficient and professional firms.

What is the minimum annual commission per registered individual?

Nothing

Is there a capital adequacy requirement imposed on me by the network?

No. However, your firm needs to be financially sound to adhere to fit and proper rules.

How long does it take to become a member of the network?

Often just 3 weeks. The time delay beyond the first week is only in obtaining references.

Can I talk to existing members before I join?

You will find a list of appointed representatives on our web site that have agreed to comment on our service.

How many times a year do you come and see me?

Once.

Who gets the initial and renewal commission from business written before joining the network?

It all goes to the IFA via a letter of acceptance signed by us which normally directs it to your own bank account (which can be a private account).

Is there a panel of members I have to stick to?

No. You are an experienced adviser and should source and justify your own recommendations.

Does the advice I give require pre-approval and how does it take?

No. You are an experienced adviser and should source and justify your own recommendations.

Is there any backup for unusual products?

Yes. There is a highly experienced compliance and research team with the knowledge to help you through more unusual cases.

Does the network provide Technical Support and services?

We can provide specialist services if required.

Does the network provide all the commission tracking conciliation and credit control facilities?

No. In most cases commissions are paid direct to the member IFA so they control the process themselves.

Can the IFA still use own local reps and contacts with providers?

Yes, this is encouraged.

Does PI insurance cover have to be paid by the member?

No. The network covers the PI insurance requirement.

Is the PII excess charged to the member?

We have a risk based approach where you will be asked to pay an excess (£5,000) on any upheld claim. Following an upheld complaint, an individual adviser’s excess will be increased to £10,000. If after 3 years, there have been no further upheld complaints, the excess will be returned back to £5,000.

How are client complaints handled?

We are enrolled into the Financial ombudsman scheme for UK resident clients and we have a similar procedures for EU resident clients.

Who is your PII policy with?

AIG Europe Limited for 1,875,927 euro annually

Can a member design and use their own stationery?

Yes, subject to a compliance check before use.

Does the network help with marketing and leads?

Yes, SEO experts can assist you with any online marketing.

Do you provide a web site with the members branding?

Yes, web hosting can be provided

Does the network handle all regulatory requirements of registration, reporting and T&C?

Yes.

Does the network have special terms with the providers?

Yes. Normal network special terms have been negotiated.

How often do I have to attend a network meeting?

Not compulsory. You control your own CPD and T&C regime.

Can the member do their own local advertising?

Yes, subject to a compliance check.

Do all proposals have to go via the network?

No, you can deal direct with your existing provider systems.

Does the network require any specific software or hardware?

No. Excel, Word and PDF printer are almost essential. However there are free downloadable alternatives such as ZOHO that can be used. Ask us if you need any help.

Does the network provide a locum for me at no cost?

No. Locum's are not required for network members but you can appoint one if you wish.

How often do you pay commission?

We don't. The providers pay you direct. If we are paid by a provider for some specific reason it is paid to you within the week.

What period of notice is required to terminate membership?

3 months.

What costs are involved in leaving the network?

Claw back provisions will have to be met.

If I leave can I take my clients with me?

Yes.