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Submissions sought on standard agency agreement

Moves are afoot to create a standard agency agreement as a means of protecting the interests of financial planners and investment advisers.

Wednesday, September 16th 1998, 12:00AM

by Philip Macalister

Moves are afoot to create a standard agency agreement as a means of protecting the interests of financial planners and investment advisers.
The Investment Adviser Association (IIAA) has appointed Christchurch-based planner Kevin Seque to spearhead this initiative.
A group of people representing the IIAA, the Association of Investment Advisers and Financial Planners (IAFP), fund managers and life offices, has drawn up a draft agency agreement for discussion.
A full copy of this document can be found on the IAFP News Page.

The group is seeking submission on this document. They can be sent to either the IIAA or the IAFP.
The agreement is no longer being portrayed as something all fund managers and life offices would have to agree to. Rather it is a base contract that shows advisers what clauses they should consider having in their agency agreements.
Seque says the agreement "details a standard set of clauses that define the relationship between the adviser and the product manufacturer."
"It is acknowledged that each company would have its own agreement but these clauses would be negotiated as the core of each contract," he says.
The IIAA council supports this initiative, and it is on the IAFP's agenda for discussion.
The committee that drew up the draft document includes:
Kevin Seque (IIAA), Alan Anderson (IAFP), Tracey Robinson (Life Brokers Association), Stuart Robson (Prudential agents), Peter Chote (NML agents), Greg Stanley (AMP agents) and John Bunny (AMP Financial Advisers).
Colonial withdrew from the committee as it felt its franchise agreement is appropriate.
Once submissions have been received a legal draft will be prepared.
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