About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds Other Sites:   tmmonline.nz  |   landlords.co.nz
Last Article Uploaded: Saturday, July 20th, 11:14AM
rss
Latest Headlines

44 apply for class DIMS

Just 44 applications had been made for a class DIMS licence by the May 31 deadline, the Financial Markets Authority has confirmed.

Wednesday, June 3rd 2015, 6:00AM

by Susan Edmunds

It had originally expected hundreds.

By the end of last month, advisers who wanted to continue to offer DIMS had to either apply for a class license or submit their updated ABS to be assessed for eligibility to offer personalised DIMS.

AFAs could opt to offer contingency DIMS without a license in limited circumstances but need to update their ABS to reflect that they are doing so.

Robert Oddy, of SiFA, said he was surprised that the number of applications was as high as it was, given the confusion and challenges of the process.

But he said it would leave some questions to be asked. “They ramped up staffing and seemed to spend a lot of money but the number of people who applied is very low. In terms of value for taxpayer money, it seems to have a few problems.”

The FMA has previously said it had expected to licence about 200 AFAs for class DIMS.

But even advisers who want nothing more to do with DIMS may not be able to get away with doing nothing.

An FMA spokeswoman said it was important for advisers who were not going to provide DIMS in future to update their ABS and they should have done this by May 31. “The FMA will follow up with any AFAs who haven’t submitted their ABS and will request that they either cancel their DIMS authorisation or provide us with an updated ABS showing they meet eligibility criteria.”

Oddy urged advisers who had previously had DIMS included in their authorisation, but no longer plan to offer it, to contact the FMA email address afaapplications@fma.govt.nz to request the DIMS authorisation is removed.

“You need to follow up and do it now to stop any problem that might arise with the FMA,” he said.

It has been estimated that about two-thirds of AFAs had included DIMS in their registration, although many did not actually offer the service.

Tags: DIMS FMA

« DIMS shake-up could boost managed fundsSovereign finally confirms intention to sell Select »

Special Offers

Comments from our readers

No comments yet

Sign In to add your comment

 

print

Printable version  

print

Email to a friend
News Bites
Latest Comments
  • Call to ensure efficient advice licensing
    “Interesting perspective discovered, will make things interesting in the next little while. @MPT many RFA businesses are...”
    1 hour ago by JPHale
  • Call to ensure efficient advice licensing
    “Thanks Murray. I wonder how many RFA's are considering becoming a sole trader FAP. MBIE is banking on none according to...”
    21 hours ago by MPT Heretic
  • Pathfinder-backed KiwiSaver to target gender diversity
    “This is a great initiative by Pathfinder - congratulations on taking a risk, and standing up for something that you believe...”
    2 days ago by Pragmatic
  • Call to ensure efficient advice licensing
    “@all Put your cheque books away - no need to pay the lawyers to do the research to provide an opinion...... In my old...”
    3 days ago by Murray Weatherston
  • Call to ensure efficient advice licensing
    “Further reading - Kinsington Swan in February 2018 https://www.kensingtonswan.com/news-updates-and-events/financial-advice-reforms-insights-series-14-penalties-enforcement-complaints-and-disciplinary-matters/...”
    3 days ago by all hat, no cattle
Subscribe Now

Weekly Wrap

Previous News
Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
ANZ 5.69 4.35 4.35 4.55
ANZ Special - 3.85 3.85 4.05
ASB Bank 5.70 4.29 4.35 4.55
ASB Bank Special - 3.89 3.85 4.05
BNZ - Classic - 3.85 3.85 4.05
BNZ - Mortgage One 6.40 - - -
BNZ - Rapid Repay 5.85 - - -
BNZ - Std, FlyBuys 5.80 4.69 4.59 4.79
BNZ - TotalMoney 5.80 - - -
Credit Union Auckland 5.95 - - -
Credit Union Baywide 6.15 4.95 4.95 -
Lender Flt 1yr 2yr 3yr
Credit Union North 6.45 - - -
Credit Union South 6.45 - - -
Finance Direct - - - -
First Credit Union 5.85 - - -
Heartland 6.70 7.00 7.25 7.85
Heartland Bank - Online - - - -
Heretaunga Building Society 5.75 4.60 4.75 -
Housing NZ Corp 5.80 4.69 4.49 4.45
HSBC Premier 5.89 3.79 3.79 3.89
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
Lender Flt 1yr 2yr 3yr
ICBC 5.65 3.85 3.95 3.89
Kiwibank 5.80 4.60 ▼4.60 ▼4.74
Kiwibank - Capped - - - -
Kiwibank - Offset 5.65 - - -
Kiwibank Special - 3.85 ▼3.85 ▼3.99
Liberty 5.69 - - -
Napier Building Society - - - -
Nelson Building Society 6.10 ▼4.69 ▼4.79 -
Resimac 5.30 4.86 4.14 4.19
RESIMAC Special - - - -
SBS Bank 5.79 4.85 5.05 5.49
Lender Flt 1yr 2yr 3yr
SBS Bank Special - 3.85 3.85 3.99
Sovereign 5.80 4.29 4.35 4.55
Sovereign Special - 3.89 3.85 4.05
The Co-operative Bank - Owner Occ 5.65 3.89 3.89 4.05
The Co-operative Bank - Standard 5.65 4.39 4.39 4.55
TSB Bank 5.69 4.45 4.35 4.55
TSB Special - 3.95 3.85 4.05
Wairarapa Building Society 5.70 4.85 4.99 -
Westpac 5.79 4.69 4.79 5.19
Westpac - Offset 5.79 - - -
Westpac Special - 3.85 3.85 4.05
Median 5.80 4.35 4.35 4.19

Last updated: 19 July 2019 10:59am

News Quiz

The maximum remuneration model for Australian life insurance advisers is to be set at what?

Upfront 40% + trail 20%

Upfront 50% + trail 10%

Upfront 50% + trail 20%

Upfront 60% + trail 10%

Upfront 60% + trail 20%

MORE QUIZZES »

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