don’t have copy but from what has been written and what I know the relevant clauses include......
1. AMP can change the terms of contract including the multiple of recurring revenue etc.
2. There is constant reference to changes in industry economics but it is not clear whether this is part of the first clause in contracts or gives some type of sweeping power. AMP seems to be claiming any change in industry gives it change to make overnight sweeping change.
3, before changing the terms AMP is to give 13 months notice.
4. Before changing terms AMP will negotiate with the amp adviser association.
Where AMP is in a weak position us that the contract was clearly designed to give advisers notice. AMP were still selling businesses to advisers at the full bolr price only months before they dropped the price. The values did not change overnight.
don’t have copy but from what has been written and what I know...
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