Dixon Advisory to pay $7.2 million client best interests penalty
Dixon Advisory is to pay $7.2 million in penalties plus court costs to settle client best interests actions brought against it by the Australian Securities and Investments Commission (ASIC).
ASIC announced today that Dixon Advisory and Superannuation Services Limited had entered into a heads of agreement to resolve civil penalty proceedings commenced by the regulator in the Federal Court in September, last year.
It said the proceedings related to best interests duties under the Corporations Act, including allegations that Dixon Advisory representatives failed to act in their clients’ best interests to provide financial advice appropriate to the clients’ circumstances.
The announcement said the heads of agreement followed Court-ordered mediation.
The in-principle resolution is now subject to approval from the Court.
When the experience exemption was proposed, FAAA lobbied very hard for a 10 year sunset clause. Which was actually quite…
Maybe if they showed they actually care & supported their existing members better. I reported last year case of being…
"They need to ditch the “grandfathered” CFPs which totally undermine the value of the CFP designation." I said this years…
FAAA only has about half of the practising adviser population as members. (They also have lots of miscellaneous hangers on…
Anyone entering this profession to do the Professional Year would clearly lack the intelligence to gauge the probable risk/return of…