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GMI first to be granted new licence
23 December 2014
GMI first to be granted new licence
GMI is proud to announce that the Gareth Morgan Investments Limited Partnership is the first investment manager to be granted the new Discretionary Investment Management Service (DIMS) licence by the Financial Markets Authority for its Private Portfolio Service.
Licensing of financial markets services is a central principle of the Financial Markets Conduct Act 2013, which is replacing most of New Zealand’s existing financial markets conduct law over the period beginning on 1 April 2014 through to 1 December 2016.
These changes are an integral part of a reform process that is being undertaken to ensure robust financial markets, promote growth and raise investor confidence following the global financial crisis of 2007-2008.
The new DIMS licensing arrangements, by placing greater obligations and minimum standards on providers, will deliver better protection to investors, as well as reflect global best practice.
Joe Bishop, Head of Retail Wealth and Marketing at GMI, says “As the first investment manager to be granted a DIMS licence, GMI continues to lead the way in its commitment to Kiwi investors.”
“The licence has been granted following a thorough application process which saw us work closely with the FMA.”
“GMI has always been vocal about championing our investors’ best interests, including the need for greater protection for investors and higher standards for professionals and service providers. The new DIMS licensing regime, as part of the Financial Markets Conduct Act which came into full effect a few weeks ago, is a major stride towards securing this across the finance industry.”
“As part of this, we’d like to see strong governance, clear communication and transparent reporting and processes improve across the industry. These features are already part of the quality service that GMI provides, and we want them to become standard practice for every investment manager. The new DIMS licence is a great step in the right direction.”
The licence will take effect from 31 March 2015.
ENDS
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