All financial advisers must comply with the requirements of the Financial Advisers Act 2008.
Changes ahead for regulation of Personalised DIMS
The Financial Markets (Repeals and Amendments) Act 2013 introduces amendments to the Financial Advisers Act 2008 (the FA Act), which take effect from 1 December 2014. This means for a person to be authorised to provide a Personalised DIMS they must meet the prescribed eligibility criteria. New AFA’s must meet the criteria from 1 December 2014 and existing DIMS authorised AFA’s must meet the criteria from 1 June 2015, unless they apply for an FMC Act licence by 31 May 2015.
We are currently finalising the new framework for Personalised DIMS and will publish new guidance and updates to the ABS and Authorisation guides in December. Keep an eye out for the updated guides or sign up to receive our AFA Updates.