by Susan Edmunds
ASB head of wealth Jonathan Beale said DIMS providers were developing new materials that would allow consumers to quickly compare the different providers.
“It’s very transparent, the fees associated and what [the manager] is invested in.”
Beale said ASB was going through the DIMS licensing process, and getting ready to go live with the new requirements by December 1.
“It’s not different, just new. Lots of people are involved, for us it’s great to finally get some good collateral that explains what we do really nicely so customers can compare.”
FMA spokeswoman Shae Skellern said the requirements for DIMS providers had changed so they would need to update their client agreements and any other documentation that explains how the service works.
“The most important change is that any service disclosure statement or investment proposal must be clear, concise, and effective,” she said.
“This is because investors need to understand the services they are paying for. The format of these documents has been standardised so that investors can more easily compare different DIMS providers. The changes don’t necessarily result in clients being given a larger number of documents – the focus is instead on shorter, more useful documentation.”
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