AIOFP refers CSLR issues to NACC
The Association of Independently Owned Financial Professionals (AIOFP) has referred the handling of the Dixon Advisory collapse and referrals to the Compensation Scheme of Last Resort (CSLR) to the National Anti-Corruption Commission (NACC).
AIOFP executive director, Peter Johnston has told members that his organisation has also requested that the CSLR levy be suspended until the NACC has completed its investigations and, if corruption is detected, the levy be immediately suspended.
He said that if the Minister for Financial Services, Stephen Jones, did not suspend the CSLR invoicing process as requested, the AIOFP was suggesting members delay paying the levy until the last possible moment in case the NACC made a timely announcement.
In a letter directed to Jones, Johnston said that there questions about the relationship between the CSLR, the Dixon Advisory failure and Treasury Bureaucrats.
“This issue has enraged and galvanised the Advice community like no other in living memory, it will substantially increase the cost of advice for consumers when the Government’s objective should be to lower costs. This email has been sent to all Members,” his letter to the minister said.
“ The AIOFP has referred this matter onto the National Anti – Corruption Commission [NACC] for investigation – see attached NACC receipt.”
“To be fair to the Advice community and particularly Consumers [who will ultimately pay for the levy via higher advice costs], we are requesting Ministerial intervention powers are exercised to suspend the CSLR Adviser levy invoicing process by ASIC until at least the NACC has investigated the circumstances,” his letter said.
That might rattle a few cages.
ASIC and Treasury have been ruled by bias and incompetence for years. When bias and incompetence becomes ingrained, it’s not a such a big step to extend it to corruption.
totally back the AIOFP here, the CSLR has been sloppy from the start, involved disproportionate outcomes and penalised the wrong people. the regulators and government need to know such processes and persons involved were knowingly conducting criminal behaviour and penalising existing advisers is not equitable, fair or ethical or they will be sued as well.
Is it clear who instructed Dixon remain as an AFCA member? There was a question on notice in the senate estimates hearing, but I’m not sure if the question has been answered.
What about the genesis of the term “Qualified Adviser”. Did we ever learn of the clown who devised that term ? Designed to deceive millions of superannuants ?
Shocking. Criminal.
Yeah, add this to the track list of Canberra’s greatest hits.
Too little too late … they will dismiss you like your nothing!!
Thanks Industry Super troll
Can’t wait to the ISA unlisted assets and related party corruption gets more attention too
Kudos to Peter Johnston for taking a bold stand on the Dixon Advisory CSLR debacle. His referral of this issue to the National Anti-Corruption Commission is a significant step toward exposing the potential corruption and backroom deals that have likely tainted the process. Johnston’s commitment to justice for advisers, despite representing only a minority of them, is commendable.
It’s not the first time either, as he and the AIOFP fought the good fight during the grand left of grandfathered trail commissions.
It is entirely legitimate to consider suspect the highly suspicious circumstances surrounding the Dixon Advisory failure and question the special treatment it and its civil service clients received.
While I applauded Peter and the AIOFP for the referral, this is exactly what the NACC is for.
NACC is all secret and we will hear nothing about it.
They have done nothing since inception and will do nothing with this as it will ruffle too many feathers.
even if they do take it up, which from all accounts is highly unlikely we will never hear the outcome and it will take a very long time.