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Two gold cogs with regulatory and compliance written on them for ASIC

Dixon Advisory to pay $7.2 million client best interests penalty

By Mike Taylor8 July 2021

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.

Mike Taylor

Mike Taylor

Managing Editor/Publisher, Financial Newswire

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