Concern DIMS rules may force advisers out
The FMA has released further information aimed at helping advisers to understand how DIMS will be regulated under the FMC.
If advisers have authority to make decisions on behalf of their clients, they will fall under the DIMS rules – whether the client has the ability to countermand a decision or not.
The FMA expects the majority of DIMS to be class, and require licenses. And it doesn’t expect many AFAs to qualify to offer personalised services.
The Ministry of Business, Innovation and Employment is taking submissions on whether there should be exemptions from the DIMS rules for some advisers.
Adviser Alan Clarke has already made a submission calling for those who use a wrap platform to be exempt.
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