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.
The linked article is disgraceful reporting, particularly given it's an industry publication. Perhaps some of FS's "Power 50" advisers (based…
I have a significant distrust of ASIC and their approach. I also find it very difficult to separate Commissioner Alan…
The SMSF review was a targeted review, looking at advisers who ASIC thought posed the biggest risk of providing inappropriate…
ASIC, what are your required CPD hrs pa per employee? Politicians, what are your required CPD hrs pa? Rest of…
What is the agenda ASIC, Kill more Advisers ? Add more Red Tape ? ASIC target known dodgy SMSF files.…