It has released advice for those who are affected by the introduction of the new Financial Markets Conduct Act.

From March next year, those offering class DIMS will need a license. But those who offer personalised DIMS will also be affected.

DIMS are defined as situations where advisers make buy-sell decisions about their clients' portfolios, without always consulting them first.

The FMA says personalised DIMS has to be truly bespoke for each client. Those who offer DIMS will need to be aware of their new eligibility requirements, which will be laid out in forthcoming regulations, new conduct obligations which require advisers to comply with a professional standard of care and a duty to act honestly and in the clients' best interest, the requirement for written client agreement and investment authority, more disclosure and reporting requirements and the need for an independent custodian.

The regulator said it was a good time for advisers to work out whether they really needed to be authorised for DIMS.

"If you are authorised to provide DIMS but are not currently providing them, and do not intend to provide these services in the future, now is a good time to cancel your authorisation to provide DIMS before the new requirements come into force."

That can be done by contacting the FMA.