AAA reaches agreement with AMP

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The AAA Advisers Association (AAA) has resolved a dispute with AMP over adviser contracts, but the finer details of the agreement have yet to be revealed.

Monday, August 6th 2012, 6:00AM 5 Comments

by Niko Kloeten

The AAA, formerly the AXA Advisers Association, made the announcement to its members on Friday afternoon.

"The AAA Board is pleased to announce that after six months of positive negotiations, we have today ratified a new "self-compliance" agreement with AMP," it said. 

"This has been a major exercise that delivers significant benefits to members.  We believe over time that this will be industry changing."

The announcement said the AAA Board will shortly be undertaking a series of road shows to outline the benefits to members.  A timetable will be communicated shortly.

"There are several AXA/AMP agency agreements on offer, so which one you opt for will depend on your business model.   Therefore the Board recommends that members do not sign any AMP contract until after you have attended one of our road shows."

AAA president John Wood wouldn't comment on what the "self-compliance" agreement would involve for advisers, saying it would be "unfair" to tell media before members were informed at the road shows.

"It simply addresses AMP's view that if you wish to be completely independent then AMP have no liability on any advice you may or may not give on other companies' products," he said.

Wood said the AAA was "very pleased" with the details in the contract, which will be explained at the road shows.

Niko Kloeten can be contacted at niko@goodreturns.co.nz

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