DIMS gets another shake-up
In 2014, the discretionary investment management services sector was disrupted by the arrival of the Financial Markets Conduct Act (FMCA), which required that all providers of DIMS be licensed to offer a class service or authorised under the Financial Advisers Act (FAA) to carry on offering personalised DIMS.
Only half-a-dozen AFAs transferred to the new personalised DIMS regime.
Now the Financial Services Legislation Amendment Bill, which revokes the FAA, means their arrangement cannot continue.
Once FSLAB is passed into law, they will be allowed to carry on as they are only for another two years.
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