AFAs slow to update DIMS status
Advisers have to take some action by the end of May.
Applications for a licence for class DIMS must be received by May 31. Those who want to offer personalised DIMS under the FAA must file a new ABS by the same date.
Advisers who have been authorised to offer DIMS previously but no longer want to offer the service need to contact the FMA to cancel their authorisation. The FMA has said those who have DIMS in their authorisation but do not take any action will come in for increased regulatory scrutiny.
The FMA has previously estimated that 1300, or about two-thirds of AFAs, had included DIMS in their registration, although many did not actually offer the service.
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