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Milford gets DIMS licence

Wednesday 19th of August 2015

Licences are now required under the Financial Markets Conduct Act for those offering class DIMS services. Financial advisers can be authorised to provide personalised DIMS under the FAA but only two have been approved for that service so far.

Managing director of Milford Asset Management Anthony Quirk welcomed the licence.

"The Private Wealth advice business is an increasingly important service provided by Milford. Obtaining a DIMS licence is a significant step in Milford’s strategy to deliver a superior service to its Private Wealth clients,” he said.

“We considered the options long and hard when the new licensing requirements first became clear, as obtaining and maintaining a DIMS licence is a significant undertaking. We felt that the DIMS service model provided the best solution for our clients. It fitted our existing model very well, and we welcome the additional disclosures and consistent standards for performance reporting involved in this service. Our Private Wealth business has grown by 80% over the past two years and we now have a team of five authorised financial advisers looking after more than $750 million of funds in this area."

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Paul Flood: The danger is that the 'goalposts' (regarding what is acceptable or unacceptable adviser conduct) may be susceptible to change. Our 'Principles based' legal/regulatory environment lends itself to “prevalence-induced concept change” over time, perhaps not so much in the written laws and Code, as in the interpretation of the prescribed principles.
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Just a tip, if you use more than six, six letter words in a sentence you lose most Kiwi's. So avoid client/adviser confusion when writing your post or article if you would like it read and understood. Ironically, my last sentence was not likely read.
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FMA outlines its latest expectations for advisers
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To correct errors in my previous post: "policies, templates, and controls" should read "policies, processes, systems and controls", and "is more conductive" should read "is more conducive".
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