Another DIMS licence granted
Monday, July 9th 2018, 2:22PM
Another DIMS licence has been issued under the FMCA, to Nelson-based Totara Wealth Management.
The business is run by Richard Harden, Meredith Cornelius and Richard Grimes.
There are now 52 DIMS licensees.
Under the Financial Services Legislation Amendment Bill, DIMS will only be able to be offered under such an FMC Act licence, and DIMS no longer falls within a financial advice service.
Financial services law specialist David Ireland said the impact on licensees should only be consequential - "if you previously relied on AFAs as part of your processes, that may need to change".
The small number of financial advisers who have been authorised to offer personalised DIMS under the Financial Advisers Act will need to be licensed.
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