No doubt you will be aware of the alarming number of
high-profile Federal Court proceedings commenced this year that
deal with AFSL holders monitoring and supervising their service
providers (or not) in some shape or form.
Monitoring your service providers becomes challenging when you
don't have the right agreements in place.
Now is really the perfect time for you to think about what to
look out for when negotiating these kinds of arrangements.
What are Services Agreements?
If you're looking for a legal definition as such, a
services agreement is really a legally binding
contract between two or more parties, where one party agrees to
provide a specific service in return for compensation. In the
highly-regulated financial services industry, services agreements
are more than just formalities. They are legally binding contracts
which define the rights, responsibilities, and expectations between
the parties to the agreement.
