Advisers complain of paperwork deluge
Under Financial Markets Conduct Act requirements, DIMS clients will receive reports from their adviser, the DIMS license holder, such as the fund manager, and the custodian.
That could be up to eight reports for each client every year.
Fiona Judd, who has a class DIMS license, said her clients had received a lot more paperwork since the new DIMS structure came into effect.
“A number of clients have queried why Aegis has sent them information but didn’t include what they think is the most important thing, what the portfolio is valued at. I have to spend my time explaining that the custodian is demonstrating they are being a custodian, it’s not to do with the value of the portfolio.”
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