Class DIMS options coming
Currently the market is waiting for the FMA and the Ministry of Business, Innovation and Employment to release the guidelines for offering class and personalised DIMS, however a number of key speakers at the recent SiFA Conference in Taupo believed the number of licences for personal DIMS will be limited to a small number.
A number of fund managers and providers though are preparing to offer their a class DIMS service to advisers including Grosvenor Financial Services and Sovereign with its Select Investment Service.
Grosvenor chief executive Alan Yeo says a class DIMS services is what the company has been offering since the company was established 16 years ago. It had also been running similar services in Australia so had good knowledge in how to go about it.
While he is critical of the changes going on, describing them as an "over-reaction" by authorities to the David Ross case, they are perfect for Grosvenor.
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