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AFCA confirms spike in Dixon complaints

Mike Taylor4 June 2024
Last chance sign

The Australian Financial Complaints Authority (AFCA) has confirmed that a spike in complaints around Dixon Advisory were received ahead of the 8 April deadline imposed by the Australian Securities and Investments Commission.

Appearing before Senate Estimates AFCA officials said that there were now 2510 open complaints regarding Dixon.

NSW Liberal Senator, Andrew Bragg expressed surprise at the increase in the number of complaints which had been received by AFCA in relation to Dixon in circumstances where there had only been 1,948 received in mid-February.

Bragg asked what process was driving the large number of complaints, with AFCA responding that it appeared to be the 8th April deadline.

AFCA has confirmed that its board has resolved to expel Dixon from the scheme with a final decision to be made later this month.

Mike Taylor

Mike Taylor

Managing Editor/Publisher, Financial Newswire

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1 month ago

What an absolute farce.

Why doesn’t the Minister respond? Appalling.

Govt Hate Advisers
1 month ago

$10K per Adviser CSLR at least from Dodgy Dixons MIS Fiasco.
MIS providers pay ZERO.
Dodgy Dixons directors pay ZERO.
Useless ASIC pays ZERO.
Dixons take 2, E&P pay $16Mill whilst innocent Advisers will pay over $100 MILLION.
This is an absolute DISASTER !!!!!!!!!!!!!!!!!!!!!!!!!
ASIC has Promoted Dixon’s to Phoenix itself out of most of the responsibility.
ASIC are Corrupt.
Dixon’s & E&P are Criminal

Real Advisers should Refuse to PAY CSLR Levies.
This THEFT must be stopped.

1 month ago

F@%king crap that we have to pay for this

Uber Qualified Adviser
1 month ago

This is sickening and disgusting.

In essence it is theft from Advisers.

1 month ago

One comment on “The advice was fine, but ASIC wants super funds to do more checks”

Chris Cornish
May 10, 2024 @ 11:30
Here lies the crux of the problem, “the review recommended trustees avoid over-reliance on member consent forms.”
If member consent forms state, I have received financial advice on my superannuation and direct payment of $x to be made, then that should be the end of the matter.
But Stephen Jones and the government don’t trust Australian adults to be capable ; they consider the people to be cretins below them who need the government to help tie their shoes.
It is a sad state of affairs and perfectly illustrates the Nanny State and red-tape that is killing productivity.