FMA wants feedback on personalised DIMS rules
Under the FMCA, only advisers providing completely personalised DIMS can continue to do so without a licence. Everyone else is judged to be providing class DIMS, even those who select options from a model portfolio or make minor changes to a strategy.
But the standards will be high for those offering personalised DIMS. They will have to meet minimum standards of capability, operational infrastructure, financial resources and governance.
Advisers who are already authorised to provide DIMS need to meet the standards when the criteria takes effect next June. Advisers who want to become authorised must meet the criteria from the beginning of next month.
Among the standards advisers will be required to adhere to are that they and their team must have adequate knowledge and have access to any necessary expert professional advice.
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