CSLR data confirms Dixon Advisory impact

The degree to which the collapse of Dixon Advisory has impacted the cost of the Compensation Scheme of Last Resort (CSLR) has been laid bare by the scheme’s release of claims data up to the end of August.

The data confirms that out of $54,036,406 compensation paid via the scheme thus far, Dixon accounts for $36,735,725.

The release of the data was welcomed by the Financial Advice Association of Australia (FAAA)’s general manager, Phil Anderson who noted that, as expected, Dixon Advisory was at the top of the list with 291 claims paid.

“Most of this is expected to be pre-CSLR, which relates to pre 8 September 2022 claims and was paid for by the 10 largest financial institutions. My Planner Australia are second with 61 claims and $1.8m paid. UGC is in fourth spot with 19 claims and $2.3m paid,” he noted

“It is obvious that there are many more claims that are still to be paid across entities such as Dixon Advisory, UGC and others.”

“Visibility on this is important as it places a greater focus on the matters that have ended up with the CSLR.,” Anderson said.

The CSLR table of claims costs can be found here: https://lnkd.in/gf8RjkBR