AIOFP presses ASIC on Dixon Advisory prosecutions
The Association of Independently Owned Financial Professionals (AIOFP) is continuing to press the Australian Securities and Investments Commission (ASIC) to take action against executives and advisers connected to the Dixon Advisory collapse.
The AIOFP has written to ASIC’s new chief executive officer, Greg Yanco asking “why has there not been any action against the Dixon Executives or Advisers who presided over their advice methodology and culture”.
The AIOFP letter, which has been shared with Federal Parliamentarians, notes that ASIC had initiated action against Dixon executive, Paul Ryan, for breaches of Director duties around insolvency.
Referring to ASIC’s confirmation to Senate Estimates that key decisions around the regulator’s approach to Dixon Advisory were taken by ASIC’s former deputy chair, Daniel Crennan, the AIOFP letter asked whether the regulator is now “going to commence action against the Dixon executive/advisers”.
“We understand one of these former Dixon Executives is now the Director of the Adviser Unit in the Department of Treasury, considering this person was in charge of Dixon Advice, are you comfortable with this outcome?” the AIOFP letter asked.
“We believe a group of Canberra Bureaucrats have corruptly manipulated the CSLR/Dixon issue to force the Advice industry to compensate Bureaucrats who lost personal savings in the Dixon product failures,” the letter to Yanco said.
“We have lodged a complaint with the National Anti – Corruption Commission [NACC], we are requesting ASIC delay invoicing Advisers for the CSLR levy until NACC has reviewed the matter, will ASIC comply with this request?”
The stench of the Dixon’s MIS fiasco, ASICs total inaction for over 10 years with acknowledged 60 complaints.
Treasury manipulating the CSLR for their employees own benefit, etc
The rats in ASIC & Treasury are doing their best to hide from any real light on the whole mess.
Love this, they should be ban from the industry under the grounds was not of good fame or character and that it has reason to believe they contravened a financial services law. this is the statement that should be used but the exact line they use on every adviser that put down the wrong figure on their FSD they want to send to Jail
Hello, I”m currently working as a Scammer in the Philippines, but I hear they’re are great job opportunities working for Treasury.
Are we serious a former Director of a failed entity now designing and writing Advice Policy.