Call for Govt to come clean on intentions
Robert Oddy, of SiFA, has been working on the group’s submissions to MBIE on the possibility of exemptions from the DIMS regime and to the FMA on its regulatory reporting requirements.
He said, given the direction that had been taken so far, it would be surprising if exemptions were allowed for DIMS providers.
The development of the rules seemed to have been driven by big banks and fund managers protecting their patch, he said. “They’ve done a better job of lobbying than the advisory community… If the government’s intention is to remove independent financial advice from the marketplace they should stand up and say so.”
The DIMS rules in their current form would require a hugely expensive remodelling of businesses, he said.
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