[Weekly Wrap] DIM sins

For many in the investment advisory world the future of DIMS is critical to the future shape of their business, as it is to many of the fund managers who are prepared to work with IFAs.

If I had to sum up the week's developments it would be like this. The FMA has listened to what people were saying about DIMS. To its credit it acknowledged that if one of the outcomes of DIMS was to drive small advisers to the big end of town, and remove a choice from consumers, then that would be a bad outcome.

We also reported during the week that the draft guidance document was concerning. We understand the final document was changed significantly and resulted in something which was more useful to advisers.

An over-riding concern though is how fixated government and the FMA have become thanks to one person. David Ross.