Financial Advisers (Personalised DIMS) Regulations 2014

Further information to be made available to retail clients provided personalised DIMS

7 Ongoing reporting information
  • (1) An authorised financial adviser who provides a personalised DIMS to a retail client is required under section 29A of the Act to make available to the client, as regulation 8 prescribes, the information prescribed in subclauses (2) to (4).

    (2) The information is a record of all transactions made by the adviser on behalf of the client under the service during the reporting period, including for each transaction (to the extent applicable)—

    • (a) the name of the issuer and the number and class of financial products to which the transaction relates; and

    • (b) the price per financial product; and

    • (c) the total amount of the transaction; and

    • (d) the date of the transaction.

    (3) The information is also the following as at the reporting time:

    • (a) the name of each class of financial products in the client’s portfolio, the name of the issuer of those products, and the number of those products in the client’s portfolio; and

    • (b) the cash held for the client under the service.

    (4) The information is also the following in respect of the client’s portfolio:

    • (a) all dividends paid, all interest paid, and other distributions or income received during the reporting period:

    • (b) all percentage-based charges paid during the reporting period:

    • (c) all other charges paid during the reporting period:

    • (d) all individual action fees paid during the reporting period:

    • (e) other information that the authorised financial adviser reasonably believes the client needs in order to have a reasonable understanding of any corporate action that affects the client’s portfolio (for example, bonus issues).

    (5) If the information required under subclause (2), (3), or (4) is made available to a client by a person (A) on behalf of the authorised financial adviser (for example, by a custodian), the information must be accompanied by a statement to that effect (and the statement must include A’s name and role).

    (6) An authorised financial adviser who provides a personalised DIMS to a retail client is required under section 29A of the Act to make available to the client, within 5 working days after receiving a request, the following requested information to the retail client who makes the request:

    • (a) the current value or the most recent valuation of any of the financial products in the client’s portfolio and a statement of—

      • (i) the basis on which that value is assessed or the valuation is carried out (for example, the value of quoted products is the market price); and

      • (ii) the date on which the value is assessed or of the valuation; and

    • (b) the total value of the financial products in the client’s portfolio (based on the values disclosed under paragraph (a)).

    (7) The information under subclause (6) must be made available by giving it to the client or delivering or sending it to the client’s address.

    (8) In this regulation, financial products are of the same class if those financial products have attached to them identical rights, privileges, limitations, and conditions (including, in the case of debt securities, the same redemption date and interest rate).