Broker Referral Agreement

Broker Referral Agreement Template for South Africa

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Key Requirements PROMPT example:

"I need a Broker Referral Agreement for my financial advisory firm to establish a referral network with insurance brokers in South Africa, with a focus on high-net-worth clients and including specific FAIS Act compliance requirements."

Document background

The Broker Referral Agreement is essential for financial services providers operating in South Africa who wish to establish formal referral relationships with other brokers or intermediaries. This document is particularly relevant in contexts where financial services providers seek to expand their client base through structured referral arrangements while maintaining compliance with South African regulations, particularly the FAIS Act and POPIA. The agreement typically includes detailed provisions for commission structures, compliance requirements, operational procedures, and data protection measures. It's commonly used by financial advisors, insurance brokers, and investment firms looking to create mutually beneficial referral networks while ensuring regulatory compliance and professional standards are maintained.

Suggested Sections

1. Parties: Identification of the referring broker and the receiving party, including their registration details and FAIS license numbers

2. Background: Context of the agreement and brief description of the parties' business activities

3. Definitions: Key terms used throughout the agreement, including 'Referral', 'Referred Client', 'Services', and 'Commission'

4. Appointment and Scope: Terms of the broker's appointment and scope of referral services

5. Referral Process: Detailed procedures for making and accepting referrals

6. Commission Structure: Details of referral fees, payment terms, and calculation methods

7. Obligations of the Parties: Specific duties and responsibilities of both the referring broker and receiving party

8. Compliance Requirements: FAIS Act compliance obligations and other regulatory requirements

9. Data Protection: POPIA compliance and data handling procedures

10. Representations and Warranties: Standard warranties regarding capacity, authority, and compliance

11. Term and Termination: Duration of agreement and termination provisions

12. Confidentiality: Protection of confidential information

13. General Provisions: Standard legal clauses including notices, governing law, and dispute resolution

Optional Sections

1. Non-Solicitation: Restrictions on soliciting referred clients or employees, included when there's significant risk of client or employee poaching

2. Marketing and Branding: Guidelines for using each party's branding and marketing materials, included when joint marketing is contemplated

3. Training Requirements: Specific training obligations for referral staff, included when complex products or services are involved

4. Service Level Agreement: Specific performance metrics and standards, included for high-volume referral arrangements

5. Technology Integration: Terms for using any referral tracking or management systems, included when specific software or platforms are used

6. International Referrals: Additional provisions for cross-border referrals, included when international referrals are contemplated

Suggested Schedules

1. Commission Schedule: Detailed breakdown of commission structures and calculations

2. Referral Procedures Manual: Step-by-step guide for the referral process

3. Compliance Checklist: List of regulatory requirements and compliance procedures

4. Required Documentation: Templates and forms used in the referral process

5. Contact Details: Key personnel and escalation procedures

6. Product/Service List: Approved products or services for referral

Authors

Alex Denne

Head of Growth (Open Source Law) @ ��Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Financial Services

Insurance

Banking

Investment Management

Real Estate

Securities Trading

Wealth Management

Property Finance

Corporate Finance

Retail Banking

Relevant Teams

Legal

Compliance

Business Development

Sales

Operations

Risk Management

Finance

Partnerships

Channel Management

Client Services

Relevant Roles

Compliance Officer

Financial Advisor

Broker

Business Development Manager

Risk Manager

Legal Counsel

Operations Manager

Relationship Manager

Sales Director

Chief Financial Officer

Managing Director

Partnership Manager

Compliance Manager

Channel Manager

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