FMA offers guideline for license applicants
The FMA says the guide is intended to offer information on what people can expect when they apply for a DIMS license.
Those offering class DIMS require a license from December 1. The FMA has indicated that most DIMS services will be class.
The guide indicates licensing applications will ask for a lot of detail. It says the FMA will want information on a business’ total FUM, retail FUM, number of clients, money-handling, use of wrap platforms and products.
It will also want to see the business structure, how directors and senior managers meet “fit and proper” standards, and details of how new clients will be approached.
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