Financial Markets Authority AFA Update: Issue # 32

Planning to offer DIMS?

While some of the regulations for Discretionary Investment Management Services (DIMS) are still to be finalised there are steps you can take now to start preparing for the changes ahead. For further background on these changes see our most recent update.

What can you do now?
We understand that until the final regulations are published it is difficult to make a decision on what type of DIMS you or your business will offer, if any.

However, as part of our monitoring work we’ve found a number of AFA’s include DIMS in their authorisation but don’t provide DIMS in practice. If this is you, then there are steps you can take now to update your authorisation.

I plan to provide Class DIMS
If you think you or your employer will be applying for a DIMS licence you should leave your DIMS authorisation as is. If you want to apply for a DIMS licence see our DIMS licence application guide. The sooner you apply, the sooner we can process your application.

I plan to provide Personalised DIMS
If you think you will continue to provide personalised DIMS then you should leave your DIMS authorisation as is for the time being.

I don’t plan to provide any type of DIMS
If you don’t intend to provide any type of DIMS then we recommend you remove the DIMS scope from your authorisation now.

Removing the DIMS scope from your authorisation is easy, just follow these steps:

a) email us at and state that under Standard Condition 3 you do not provide DIMS as part of your service, and request cancellation of your authorisation to provide DIMS; and

b) update your AFA disclosure statement and Adviser Business Statement (ABS) to show that the adviser services that you are licensed to provide do not include DIMS.

Remember, if you’ve cancelled your authorisation to provide DIMS but decide to provide these services in the future, you’ll need to reapply under the requirements of either the Financial Markets Conduct Act 2013 or the Financial Advisers Act 2008.

Helping investors understand risk with our Money Week 'Heavy Weight Debate'

To support Money Week FMA is hosting a panel discussion to promote greater understanding of investment risk. The event is in Auckland on Thursday 16 October and is free and open to everyone. The panel aims to help investors and consumers understand more about risk, a subject which many investors often find challenging.

If you’re based in Auckland and you think you or your clients would be interested, then check out the event details on our website.

AFA Information Return

We would like to thank everyone who submitted their AFA Information Return on time and for the great response. In the meantime the portal remains open for any late Returns.

If you have any questions on any of these topics please contact us at