Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


MA releases guide to help smaller financial adviser business

MA releases guide to help smaller financial adviser businesses with the licensing process for DIMS

Following changes to the regulation of Discretionary Investment Management Services (DIMS) announced Monday 16 June, by Commerce Minister, Craig Foss, the Financial Markets Authority (FMA) has released a guide to help advisers and small businesses who want to apply for a licence to provide DIMS under the Financial Markets Conduct Act. The changes announced are designed to ensure that investors are well-protected and the regulatory regime works for smaller players in the industry.

The minister’s announcement outlines transitional arrangements for DIMS licence applications and clarifies points that were raised during consultation with the industry, including:
• Aligning the requirements for DIMS under the Financial Advisers Act 2008, with those that will apply to other DIMS providers under the Financial Markets Conduct Act 2013.
• An exemption for financial advisers who only manage their clients’ investments in limited situations, such as when they are on holiday.
• A transition period for existing DIMS, allowing them until 1 June 2015 to apply for a licence, and until 1 December 2015 to update their client documentation. New providers will need to comply from 1 December 2014.
The base licence fee for those operating a DIMS business will decrease by 40 per cent from $3,565 to $2,139.

Elaine Campbell, Director of Compliance, FMA welcomed the announcement, “these changes confirm the flexibility in the licensing arrangements for DIMS. In particular, single adviser or smaller AFA-led businesses that offer relatively straightforward services for their clients will benefit from the changes. If they need to apply for a DIMS licence they will now have more time to complete their application. Our guide helps advisers understand how small and lower-risk DIMS businesses can demonstrate to FMA that they meet the standards required for licensing.”

FMA’s ‘Quick guide to licence applications for small and lower risk businesses providing DIMS’ is intended to be used with the licensing application guide.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Postnatal Depression: 'The Thief That Steals Motherhood' - Alison McCulloch

Post-natal depression is a sly and cruel illness, described by one expert as ‘the thief that steals motherhood’, it creeps up on its victims, hiding behind the stress and exhaustion of being a new parent, catching many women unaware and unprepared. More>>


DIY: Kiwi Ingenuity And Masking Tape Saves Chick

Kiwi ingenuity and masking tape has saved a Kiwi chick after its egg was badly damaged endangering the chick's life. The egg was delivered to Kiwi Encounter at Rainbow Springs in Rotorua 14 days ago by a DOC worker with a large hole in its shell and against all odds has just successfully hatched. More>>


Trade: Key To Lead Mission To India; ASEAN FTA Review Announced

Prime Minister John Key will lead a trade delegation to India next week, saying the pursuit of a free trade agreement with the protectionist giant is "the primary reason we're going" but playing down the likelihood of early progress. More>>



MYOB: Digital Signatures Go Live

From today, Inland Revenue will begin accepting “digital signatures”, saving businesses and their accountants a huge amount of administration time and further reducing the need for pen and paper in the workplace. More>>

Oil Searches: Norway's Statoil Quits Reinga Basin

Statoil, the Norwegian state-owned oil company, has given up oil and gas exploration in Northland's Reinga Basin, saying the probably of a find was 'too low'. More>>


Modern Living: Auckland Development Blowouts Reminiscent Of Run Up To GFC

The collapse of property developments in Auckland is "almost groundhog day" to the run-up of the global financial crisis in 2007/2008 as banks refuse to fund projects due to blowouts in construction and labour costs, says John Kensington, the author of KPMG's Financial Institutions Performance Survey. More>>


Health: New Zealand's First ‘No Sugary Drinks’ Logo Unveiled

New Zealand’s first “no sugary drinks logo” has been unveiled at an event in Wellington... It will empower communities around New Zealand to lift their health and wellbeing and send a clear message about the damage caused by too much sugar in our diets. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news