MFA launches ‘transparency framework’ on rebates, value banks and agency trading desks
The industry body representing Australia’s major media agencies yesterday issued a new “transparency framework” which is set to govern how they interact with clients on hot button issues such as agency rebates/commissions, so-called ‘value banks’, disclosure of margins on agency trading desks and ethics training.
The industry transparency move is endorsed by marketer body the Australian Association Of National Advertisers (AANA) and comes in the wake of this year’s misreporting and ‘value bank’ scandal involving GroupM agency Mediacom.
“This is a document that sets a standard of what clients should expect from their service providers,” Peter Horgan chairman of the MFA told Mumbrella.
The 243 word transparency framework which has been posted on the MFA and AANA websites and is understood to have been developed after months of discussions between both groups.
Transparency intetnaly will relate to transparency full stop.
Great article Nic, let’s hope this opens up debate between agencies, media owners and clients… Agencies provide a necessary and valuable service that has been commoditised by procurement departments. This has led to agencies reacting rather than embracing the issues. Therefore everyone looses. If you base your agency partnerships on price, every one looses, especially the client!