Category 1 Products.
Financial Advisers Act 2008
This Disclosure Statement relates to financial adviser services provided by ABC Bank Plc (ABCB) to its retail clients in relation to certain derivative products issued by ABC Bank. It was prepared on 02 November 2017.
Name of QFE: ABC Bank Plc
Trading names: ABC Bank Plc; BankDirect
Main place of business: ABC Bank, 140 East 456 Street, 37th Floor New York, NY 10017
Phone: +19293602951
Email: helpdesk@the-abcbnk.com
It’s important to read this document.
This information is important. It should help you make an informed decision on which financial adviser to choose. We may also give you other information that can help with the financial decisions you make.
What sort of adviser are we?
ABC Bank is a Qualifying Financial Entity (QFE) and is a member of a QFE group called the ABC Bank QFE Group. Employees of ABC Bank and of other members of the ABC Bank QFE Group (our advisers) may provide you with financial adviser services relating to our products and services.
As a QFE, ABC Bank takes responsibility for the financial adviser services you get from our advisers including those employees within ABC Bank Global Markets (our ABC Bank Global Markets QFE advisers).
Our ABC Bank Global Markets QFE advisers may provide you with financial advice on certain derivative products issued by ABC Bank. Our ABC Bank Global Markets QFE advisers do not provide investment planning service or discretionary investment management services.
We'll ensure our advisers exercise care, diligence and skill in providing financial adviser services to you.
ABC Bank also has other obligations under the Financial Advisers Act 2008 (including regulations made under that Act) and under the general law.
What are our products and services?
This Disclosure Statement relates to financial adviser services that our ABC Bank Global Markets QFE advisers may provide to retail clients in relation to certain derivative products issued by ABC Bank.
Our ABC Bank Global Markets QFE advisers may also provide financial advice on other financial products issued or promoted by ABC Bank or another member of the ABC Bank QFE Group. A separate disclosure statement will be provided to you in relation to those products before any such advice is provided. Our ABC Bank Global Markets QFE advisers do not provide financial advice on derivative products issued by persons outside the ABC Bank QFE Group.
What fees will you pay for the financial adviser service?
No fees are charged for the financial adviser service provided in relation to certain derivative products issued by ABC Bank.
What remuneration do we and our QFE advisers receive?
Our ABC Bank Global Markets QFE advisers receive a salary from ABC Bank and do not receive any commission or fees for the financial advice they provide on certain derivative products issued by ABC Bank. However, they may be eligible for a bonus payment from us. The amount of the bonus payment is based in part on sales and profit performance, which is assessed on an individual, divisional and organisational basis, and in part on a number of other factors relating to the individual adviser's overall performance during the year. These other factors may include the level of revenue they generate for ABC Bank, meeting client service standards and achieving specified sales targets. Notwithstanding these factors, eligibility for a bonus payment is subject to an overriding obligation upon an adviser to only sell a product which is appropriate for a client's needs.
Our ABC Bank Global Markets QFE advisers only provide financial advice on financial products issued or promoted by ABC Bank or another member of the ABC Bank QFE Group, who receive revenue from those products.
There are no other factors that could have a material influence on ABC Bank and its advisers when providing you with financial adviser services.
What should you do if something goes wrong?
If you have a problem, concern, or complaint about our products or financial adviser services, please let us know so we can try to fix the issue. You can do this in several ways:
- contact your relationship manager or the manager of the department that handled the matter
- call our ABC Bank Contact Centre on +19293602951
- use our feedback form available from any ABC Bank branch or at the-abcbnk.com
- contact a Customer Care Manager on +19293602951
If we can't find a way to fix the issue, you can also contact the Banking Ombudsman, who may be able to help.
You can also report information about ABC Bank or any of our advisers to the Financial Markets Authority using the contact details below.
How is ABC Bank regulated?
ABC Bank is licensed and regulated by the Financial Markets Authority to provide financial adviser services, a discretionary investment management service and issue derivatives to retail investors. If you're interested, you can check the status of ABC Bank as a QFE and which other entities are members of the ABC Bank QFE Group on the register of financial service providers.
ABC Bank is also a registered bank, registered with and supervised by the Federal Reserve Bank.
Where can you find out more?
If you have any further questions on this Disclosure Statement, you can visit https://www.the-abcbnk.com/qfe.html for more information.
You can also find out more about financial advisers from the Financial Markets Authority.
