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DIMS conditions clarified

The FMA has clarified the additional standard conditions that it proposes will be imposed on AFAs who offer personalised DIMS.

Friday, January 30th, 6:00AM

It consulted on the minimum standards for personalised DIMS in November.  That paper included additional standard conditions for AFAs relating to outsourcing and financial resources.

The FMA yesterday clarified and re-issued the standard conditions and has asked for more feedback. Submissions close February 27.

The outsourcing standard requires that any AFA who outsources processes or systems a part of their DIMS must be satisfied the provider is capable of performing the service to the standard required to meet the AFA’s authorisation obligations...MORE»

10% miss Information Return deadline

Thursday, October 2nd, 6:00AM

Ninety per cent of the inaugural AFA information returns were submitted on time.

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Shorter version of return gets green light

Tuesday, July 8th, 6:00AM

AFAs will have to answer 40 questions about their businesses each year in Information Returns submitted to the Financial Markets Authority.

MORE»

 

Previous News

Return 'may just add work for advisers'

Wednesday, March 26th, 6:00AM

Industry participants were scathing in their response to the first draft of the new information return advisers will now have to complete annually. But the changes the FMA has made in its second attempt have been cautiously welcomed.

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Worry at DIMS 'overkill'

Thursday, March 6th, 6:00AM

There is concern regulation of discretionary investment management services under the new Financial Markets Conduct Act is overkill.

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Call to add reasonableness standard

Monday, October 28th, 5:02PM

A “reasonableness” standard should be included in the conflict of interest standard in the new Code of Professional Conduct for Financial Advisers, a Chapman Tripp senior associate says.

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Taking professional bodies out of the equation 'a boost'

Wednesday, October 9th, 6:00AM

Moves to require structured continued professional development credits to have credentials beyond merely being provided by a professional body will give genuine organisations a boost, the Institute of Financial Advisers says.

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Professional bodies 'will have to push harder' on CPD

Friday, October 4th, 6:01AM

[UPDATED, ADDS DAVID IRELAND COMMENT] Under the new proposed code for financial advisers, rules around CPD credits and who can offer them are being tightened and the proposed KiwiSaver delegation has been dropped.

MORE»

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Latest Comments
  • DIMS conditions clarified
    “What am I missing? I agree with MPT Heretic's questioning of the importance of NTA when the client or the custodian holds...”
    2 days ago by Murray Weatherston
  • DIMS conditions clarified
    “It is the final paragraph from MPT Heretic's response that caught my attention: Perhaps it is time for the playing field...”
    2 days ago by Pragmatic
  • DIMS conditions clarified
    “Well Minister Goldsmith does not have to look far to find unnecessary costs being piled onto adviser businesses and ultimately...”
    3 days ago by MPT Heretic
  • Demand for simpler trauma policies
    “Maybe Milton and the other Head Honchos should maybe suck the Sav a bit and dial down their profit margins eh! And dont give...”
    4 days ago by billy the broker
  • Demand for simpler trauma policies
    “The Lifecare product that Fidelity offer is a good way around the problem. I think a lot of people do not understand it. Appreciate...”
    10 days ago by Wall
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