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AMP successful in obtaining DIMS licence from FMA
AMP successful in obtaining DIMS licence from FMA
Leading life insurer and retirement savings provider, AMP has today announced that it has been successful in obtaining a DIMS (Discretionary Investment Management Services) licence from the Financial Markets Authority.
A DIMS is where buy-sell decisions about a customer’s portfolio may be made on behalf of a client, without the need for client authorisation for each transaction. It includes arrangements where the customer has the right to be consulted, or can countermand the adviser’s decisions.
AMP’s licence is effective from 31 August 2015 and
will enable appointed AFAs to provide class DIMS on our
Wealthview platform. The licence will cover Advisers and
services provided on the Wealthview platform and means
Advisers will not need to apply for their own personalised
DIMS licence.
Jack Regan, Managing Director, AMP New
Zealand says: “This is a significant achievement for the
business as it has seen us successfully reach the first
major milestone under the new Financial Markets Conduct Act
(FMCA) which came into effect on 1 December 2014.
“Obtaining a DIMS licence is a significant driver in
our supporting role of Advisers – not only the Advisers we
already support but also Independent Advisers who require
significant levels of industry support in this increased
regulatory environment,” points out Regan.
“To support the implementation of the FMCA requirements, and implementation of our DIMS licence, we have made a number of senior appointments across the business. These appointments provide an uplift in capability, and will enable us to provide a world-class proposition to our customers and Advisers,” concludes Regan.
Between now and 31 August the business will continue working with the FMA to further finalise details regarding implementation. We will also work with our Advisers across the AMP Financial Adviser Network (AFAN), AdviceFirst and Spicers to ensure a smooth transition for customers.
ENDS
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