tmmonline.nz  |   landlords.co.nz        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Thursday, March 28th, 10:13PM

News

rss
Latest Headlines

AFAs slow to update DIMS status

Almost 1000 authorised financial advisers still need to decide how they will proceed with DIMS under the new Financial Markets Conduct Act obligations.

Friday, April 17th 2015, 6:00AM 2 Comments

by Susan Edmunds

Advisers have to take some action by the end of May.

Applications for a licence for class DIMS must be received by May 31. Those who want to offer personalised DIMS under the FAA must file a new ABS by the same date.

Advisers who have been authorised to offer DIMS previously but no longer want to offer the service need to contact the FMA to cancel their authorisation. The FMA has said those who have DIMS in their authorisation but do not take any action will come in for increased regulatory scrutiny.

The FMA has previously estimated that 1300, or about two-thirds of AFAs, had included DIMS in their registration, although many did not actually offer the service.

Since the end of 2012, 297 AFAs have removed their DIMS authorisation, 212 of them in the year to March 31. That leaves about 1000 AFAs still to update their ABS, or make an application.

An FMA spokeswoman said it was likely a large proportion who had removed their DIMS authorisations had not been providing a DIMS service. It estimated in 2014 that about 44% actually offered a service.

“Over the last 12 months, since the introduction of the FMCA regime, advisers have had the opportunity to reflect on the services they provide and ensure their details are accurate, and, as a result, the number of people removing their DIMS authorisation has increased,” she said.

She said the FMA had been strongly recommending that AFAs update their authorisation. They can do it by contacting the FMA and requesting the DIMS reference is removed.

The FMA has approved two class applications for DIMS licences, to AMP and GMI, and has another five being processed.

It is dealing with one personalised DIMS application.

« Disclosure requirements benefit advisers: ManagerSovereign finally confirms intention to sell Select »

Special Offers

Comments from our readers

On 17 April 2015 at 8:06 am MPT Heretic said:
This begs the question has the FMA been incredibly successful or incredibly inept? Apparently 1000+ advisers now either offer something different to investors or have stopped investment advice altogether. Was this the aim? has the FMA improved investor access to good advice? Or has it just shifted poor practices further into the shadows under the guise of non-discretion
On 17 April 2015 at 3:06 pm macca said:
Well said MPT. It seems that the institutions are well on their way to dominate the personalised investment advice market. The product providers removing the independent advice providers - well done FMA...

Sign In to add your comment

 

print

Printable version  

print

Email to a friend
News Bites
Latest Comments
Subscribe Now

Weekly Wrap

Previous News
Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA - Back My Build 6.19 - - -
AIA - Go Home Loans 8.74 7.24 6.79 6.65
ANZ 8.64 7.84 7.39 7.25
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 7.24 6.79 6.65
ASB Bank 8.64 7.24 6.79 6.65
ASB Better Homes Top Up - - - 1.00
Avanti Finance 9.15 - - -
Basecorp Finance 9.60 - - -
Bluestone 9.24 - - -
Lender Flt 1yr 2yr 3yr
BNZ - Classic - 7.24 6.79 6.65
BNZ - Green Home Loan top-ups - - - 1.00
BNZ - Mortgage One 8.69 - - -
BNZ - Rapid Repay 8.69 - - -
BNZ - Std, FlyBuys 8.69 7.84 7.39 7.25
BNZ - TotalMoney 8.69 - - -
CFML Loans 9.45 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 7.04 - -
Co-operative Bank - Owner Occ 8.40 7.24 6.79 6.65
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Standard 8.40 7.74 7.29 7.15
Credit Union Auckland 7.70 - - -
First Credit Union Special - 7.45 7.35 -
First Credit Union Standard 8.50 7.99 7.85 -
Heartland Bank - Online 7.99 6.69 6.45 6.19
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.60 7.40 -
HSBC Premier 8.59 - - -
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 7.85 7.05 6.75 6.59
Lender Flt 1yr 2yr 3yr
Kainga Ora 8.64 7.79 7.39 7.25
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 8.50 8.25 7.79 7.55
Kiwibank - Offset 8.50 - - -
Kiwibank Special - 7.25 6.79 6.65
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 9.00 7.75 7.35 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
Resimac - LVR < 80% 8.84 ▼8.09 ▼7.59 ▼7.29
Lender Flt 1yr 2yr 3yr
Resimac - LVR < 90% 9.84 ▼9.09 ▼8.59 ▼8.29
Resimac - Specialist Clear (Alt Doc) - - 8.99 -
Resimac - Specialist Clear (Full Doc) - - 9.49 -
SBS Bank 8.74 7.84 7.45 7.25
SBS Bank Special - 7.24 6.85 6.65
SBS Construction lending for FHB - - - -
SBS FirstHome Combo 6.19 6.74 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.95 - - -
Select Home Loans 9.24 - - -
TSB Bank 9.44 8.04 7.55 7.45
Lender Flt 1yr 2yr 3yr
TSB Special 8.64 7.24 6.75 6.65
Unity 8.64 6.99 6.79 -
Unity First Home Buyer special - - 6.45 -
Wairarapa Building Society 8.60 6.95 6.85 -
Westpac 8.64 7.89 7.49 7.25
Westpac Choices Everyday 8.74 - - -
Westpac Offset 8.64 - - -
Westpac Special - 7.29 6.89 6.65
Median 8.64 7.29 7.32 6.65

Last updated: 28 March 2024 9:42am

About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox  |  Disclaimer
 
Site by Web Developer and eyelovedesign.com