DIMS conditions clarified

It consulted on the minimum standards for personalised DIMS in November.  That paper included additional standard conditions for AFAs relating to outsourcing and financial resources.

The FMA yesterday clarified and re-issued the standard conditions and has asked for more feedback. Submissions close February 27.

The outsourcing standard requires that any AFA who outsources processes or systems a part of their DIMS must be satisfied the provider is capable of performing the service to the standard required to meet the AFA’s authorisation obligations.

The AFA must have a legally binding agreement with the provider and ensure the records pertaining to DIMS are available for inspection at the FMA’s request.