About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds Other Sites:   tmmonline.nz  |   landlords.co.nz
Last Article Uploaded: Wednesday, December 19th, 9:55PM
rss
Latest Headlines

DIMS gets another shake-up

More change is coming for financial advisers who operate personalised DIMS for their clients.

Monday, December 3rd 2018, 6:00AM

In 2014, the discretionary investment management services sector was disrupted by the arrival of the Financial Markets Conduct Act (FMCA), which required that all providers of DIMS be licensed to offer a class service or authorised under the Financial Advisers Act (FAA) to carry on offering personalised DIMS.

Only half-a-dozen AFAs transferred to the new personalised DIMS regime.

Now the Financial Services Legislation Amendment Bill, which revokes the FAA, means their arrangement cannot continue.

Once FSLAB is passed into law, they will be allowed to carry on as they are only for another two years.

After that point, personalised DIMS will count as a market service under the FMCA and providers will need a market licence.

David Ireland, of Kensington Swan, said personalised DIMS would no longer be possible from individual advisers as a financial adviser service. At some point they would have to stop or be prepared to jump into a market service license.

One adviser with personalised DIMS authorisation is Christchurch-based Alistair Bean.

He said he intended to carry on offering the service to clients as long as was possible.

“Whatever I have to do to make that happen, that’s what I’ll do.”

He said he had deliberately kept his client numbers low to meet the demands of personalised DIMS.

“I can afford to [apply for a DIMS license] at the moment and I imagine in two years’ time I will be in the same or a better position.”

He said personalised DIMS was the only way advisers could put their clients’ needs first.

“It’s hard to keep up with all the constantly changing legislation as one-man band.”

Tags: David Ireland DIMS Financial Markets Conduct Act

« [The Wrap] Reality check for copy-pastersKiwi banks may follow Australians out of wealth business »

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
Subscribe Now

Weekly Wrap

Previous News

MORE NEWS»

Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
ANZ 5.79 4.55 4.79 4.99
ANZ Special - 4.05 4.29 4.49
ASB Bank 5.80 ▲4.45 4.69 4.89
ASB Bank Special - ▲4.05 4.29 4.49
BNZ - Mortgage One 6.50 - - -
BNZ - Rapid Repay 5.95 - - -
BNZ - Special - 4.10 4.29 4.49
BNZ - Std, FlyBuys 5.90 4.69 4.79 4.99
BNZ - TotalMoney 5.90 - - -
Credit Union Auckland 6.70 - - -
Credit Union Baywide 6.15 5.20 5.25 -
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 4.70 4.85 -
Housing NZ Corp 5.80 4.69 4.79 4.79
HSBC Premier 5.89 3.99 4.19 4.69
HSBC Premier LVR > 80% - 3.79 - -
HSBC Special - - - -
Lender Flt 1yr 2yr 3yr
ICBC 5.80 4.59 4.69 5.09
Kiwibank 5.80 4.55 4.69 4.99
Kiwibank - Capped - - - -
Kiwibank - Offset 5.80 - - -
Kiwibank Special - 4.05 4.29 4.49
Liberty 5.69 - - -
Napier Building Society - - - -
Nelson Building Society 6.10 5.10 5.45 -
Resimac 5.30 4.86 4.94 5.30
RESIMAC Special - - - -
SBS Bank 5.89 4.85 5.05 4.49
Lender Flt 1yr 2yr 3yr
SBS Bank Special - ▼4.15 ▲4.29 4.49
Sovereign 5.90 4.45 4.69 4.89
Sovereign Special - ▲4.05 4.29 4.49
The Co-operative Bank - Owner Occ 5.75 4.10 4.35 4.49
The Co-operative Bank - Standard 5.75 4.60 4.85 4.99
TSB Bank 5.80 ▲4.55 4.69 4.99
TSB Special - ▲4.05 4.19 4.49
Wairarapa Building Society 5.70 4.85 4.99 -
Westpac 5.95 4.69 4.79 5.19
Westpac - Offset 5.95 - - -
Westpac Special - 4.15 4.29 4.59
Median 5.89 4.55 4.69 4.79

Last updated: 17 December 2018 9:03am

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