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 try to better it.

What fees are there?

No Training fee.
No Visits fee.
No File Check fee.
No Joining fee.
No ICS Levy.
No Software fee.
No FCA annual fee.

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

Discounts are given to efficient and low risk professional firms.

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.

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

It goes to the IFA via a letter of acceptance signed by us.*

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

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

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

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

Is there any backup for unusual products?

Yes. We can provide 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?


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

Yes, this is encouraged.

Is Professional indemnity insurance (PII)cover paid by the member?

The network maintains PI insurance cover within the EEA and encourages advisers to also maintain their own individual cover.

Is the PII excess charged to the member?

We have a risk based approach where you will be asked to pay an excess (€500) 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 500 euros.

How are client complaints handled?

We are enrolled into the Financial ombudsman scheme for UK resident clients and we have 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 and reporting?


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.

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 and Google docs that can be used.

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.

What period of notice is required to terminate membership?

3 months during the first 6 months then 1 month there after.

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?


*subject to contract