FMA wants advisers to apply for DIMS licences

FMA Senior Adviser, Compliance Colin Magee acknowledges that the earlier consultation paper on DIMS was seen as benefitting larger firms and potentially driving independent financial advisers into corporate firms or out of the industry totally.

The new guidelines released yesterday are designed to be flexible and to allow IFAs to operate in this space, FMA director of compliance Elaine Campbell says.

“This space is not reserved for the big end of town,” she told goodreturns.co.nz.

“We don’t want an outcome where people capable of providing this business don’t do it because of some concern around licensing criteria.”