FMA asks: What's your plan?

As of May 31, all advisers need to have done something to remain on the right side of the new rules.

Those who want to offer class DIMS must have applied for a licence under the Financial Markets Conduct Act. Those offering personalised DIMS need to file an updated ABS, for the FMA to determine whether they are capable of providing personalised DIMS services under the new, more stringent rules.

Despite time running out to take action, very few applications for either class or personalised DIMS have been received.

The FMA said it had approved two class DIMS licences, has another five being processed and is dealing with one application to provide personalised DIMS.