AMP successful in obtaining DIMS licence from FMA

AMP successful in obtaining DIMS licence from FMA

Leading life insurer and retirement savings provider, AMP has today announced that it has been successful in obtaining a DIMS (Discretionary Investment Management Services) licence from the Financial Markets Authority.

A DIMS is where buy-sell decisions about a customer’s portfolio may be made on behalf of a client, without the need for client authorisation for each transaction. It includes arrangements where the customer has the right to be consulted, or can countermand the adviser’s decisions.

AMP’s licence is effective from 31 August 2015 and will enable appointed AFAs to provide class DIMS on our Wealthview platform. The licence will cover Advisers and services provided on the Wealthview platform and means Advisers will not need to apply for their own personalised DIMS licence.

Jack Regan, Managing Director, AMP New Zealand says: “This is a significant achievement for the business as it has seen us successfully reach the first major milestone under the new Financial Markets Conduct Act (FMCA) which came into effect on 1 December 2014.

“Obtaining a DIMS licence is a significant driver in our supporting role of Advisers – not only the Advisers we already support but also Independent Advisers who require significant levels of industry support in this increased regulatory environment,” points out Regan.

“To support the implementation of the FMCA requirements, and implementation of our DIMS licence, we have made a number of senior appointments across the business. These appointments provide an uplift in capability, and will enable us to provide a world-class proposition to our customers and Advisers,” concludes Regan.

Between now and 31 August the business will continue working with the FMA to further finalise details regarding implementation. We will also work with our Advisers across the AMP Financial Adviser Network (AFAN), AdviceFirst and Spicers to ensure a smooth transition for customers.

ENDS

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