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  4. Financial Markets Authority AFA Update: Issue # 33

Financial Markets Authority AFA Update: Issue # 33

DIMS Workshop for AFAs

Are you thinking about DIMS and what steps to take? To help navigate your way to understanding what’s involved, the FMA will be hosting a DIMS workshop in Auckland next month. The workshop will cover the following topics:

Part 1 - Understanding DIMS

  • What is DIMS.
  • Different types of DIMS / contingency DIMS.
  • How it is regulated.

Part 2 –Becoming Licensed or Authorised

  • Minimum standards.
  • How to apply for a DIMS licence under Financial Markets Conduct Act (FMC Act) or how to become authorised under Financial Advisers Act (FA Act).

Part 3 – Putting it all together

  • The DIMS pathways / decision points.
  • Transition steps and timeline.

Workshop details are:

Date: Wednesday 3 December 2014
Time: 2 - 4pm
Location: FMA Board Room, Level 5, Ernst & Young Building, 2 Takutai Square, Britomart, Auckland

Numbers are limited so if you are interested attending, please email derek.grantham@fma.govt.nz by the end of this week.

Consultation on Personalised DIMS under the Financial Advisers Act 2008

We are now consulting on the draft eligibility criteria and new standard conditions for AFAs authorised to provide a Personalised Discretionary Investment Management Service (Personalised DIMS).

The Financial Markets (Repeals and Amendments) Act 2013 introduces amendments to the Financial Advisers Act 2008 (the FA Act). This means for a person to be authorised under the FA Act to provide a Personalised DIMS they must meet the prescribed eligibility criteria.

These criteria are set out in the Financial Advisers (Personalised DIMS) Regulations 2014. To be eligible you must be capable of effectively performing the Personalised DIMS. The FMA will assess capability against minimum standards.

Advisers who provide Personalised DIMS will also be expected to ensure ongoing compliance with additional Standard Conditions which reflect the minimum standards.

This paper outlines the proposed minimum standards the FMA will use to assess eligibility to provide Personalised DIMS. The paper also outlines the proposed additional standard conditions. We invite you to review these and share your feedback with us.

Submissions close on Tuesday 9 December at 5pm. See our website for more details.

The FMA releases 2014 Annual Report

Today we have published our 2014 annual report for the year ended 30 June 2014. Rob Everett, Chief Executive, said in today’s media release that in completing its third year of operations the FMA was now established as a respected regulator. “This reporting period has seen the FMA become a fully-fledged financial markets conduct regulator. Our focus remains on building confidence in the robust framework that supports the financial markets. We’ve built our capability, processes and expertise so we can administer the FMC Act over the long term.” To read the media release in full please click here.

AML and CFT Monitoring Report

Earlier this month we released our Anti-Money Laundering and Countering Financing of Terrorism Monitoring Report. The Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (AML/CFT Act) and associated Regulations, came into full effect on 30 June 2013. In this report we summarise our monitoring results to help reporting entities gain a better understanding of our expectations.

KiwiSaver data at your fingertips

Have you ever wondered how KiwiSaver funds are performing? What the fees are? What assets they hold? Did you know that you can get all that data from our website?

By law, there is a requirement for managers of all (non-restricted) KiwiSaver schemes to produce quarterly and annual disclosure statements. This is to ensure consistent and comparable information about KiwiSaver funds is publicly available on a regular basis and to enable investors to make more informed investment decisions. Using that information, FMA consolidates all this data into one handy Excel spreadsheet per reporting period every quarter. Find them on our website under Help Me Invest -> KiwiSaver -> Compare KiwiSaver Information

Use this file to understand how the data is structured.

If you are looking to compare KiwiSaver funds' performance, fees and service, we also recommend you visit Sorted's KiwiSaver Fund Finder calculator. This easy tool not only provides a comparison of KiwiSaver funds and schemes but there is additional information about KiwiSaver which you may find useful.

(Sorted mixes single sector funds with diversified funds in their risk categories.)

Please note, we do not make any representation or give any assurance of the accuracy, quality or completeness of the consolidated data, as FMA consolidates the data files submitted by KiwiSaver managers. KiwiSaver managers are each responsible for the accuracy, quality or completeness of their individual data.

For enquiries about any of these topics please email us at questions@fma.govt.nz