DIMS advisers face uncertainty... again
Bean and the handful of advisers like him face more changes as the Financial Services Legislation Amendment Bill repeals the Financial Advisers Act.
At the moment, personalised DIMS is still offered under the FAA while class DIMS is already under the Financial Markets Conduct Act.
The Financial Services Legislation Amendment Bill will consolidate both under the FMCA. The bill enables existing personalised DIMS providers to be automatically granted licenses, subject to conditions. It is yet to be determined how those advisers' licensing requirements will be dealt with in relation to their need to offer financial advice services, as well.
Bean said he had decided it was not worth losing sleep over the changes this time around.
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