DIMS rules set bar for whole industry
Stephen Jonas, head of client services at Craigs Investment Partners, said applying for the firm's discretionary investment management services (DIMS) licence had been a significant chunk of work and required a number of changes.
To get up to the standard required, Craigs had had to alter its processes to ensure proper separation and effective governance of its related-party custodian arrangements and update its reporting to customers, including things such as total expense ratios and bar graphs of returns by time period.
Jonas said the DIMS rules set a high bar but that was not a bad thing for the industry.
“I think for the protection and betterment of the market these are not bad things to have regulations for.”
Click the button below to subscribe and will have free unlimited access for a limited time to full article and all other articles on the site.
You will also be able to comment on articles on Good Returns.
![[The Wrap] What the heck is happening at the FMA?](https://goodreturns.publit.io/file/c_fill,w_300,h_200/a6c3bc06-6401-44de-96e2-286c090e132d.jpg)