Compliance & Regulation

AFCA complaints encouraged for Dixon clients

AFCA complaints Dixon

ASIC has told former clients of Dixon Advisory to lodge a formal complaint so they may be eligible to receive compensation under any schemes launched in the future.

Former clients of Dixon Advisory and Superannuation Services Pty Ltd have been advised to make a complaint as soon as possible to the Australian Financial Complaints Authority (AFCA) to ensure they may be eligible for possible compensation in the future.

In a website update, the Australian Securities and Investments Commission (ASIC) revealed it will soon write to former Dixon Advisory clients to inform them a complaint can be made to AFCA if a loss has occurred and it may make them eligible for recompense if a compensation scheme of last resort (CSLR) is established.

“If [previous clients] believe they have suffered loss as a result of the misconduct of Dixon Advisory and/or their former Dixon Advisory financial adviser in providing financial advice, they should make a complaint to the Australian Financial Complaints Authority,” the corporate watchdog said.

“As complaints may only be made against firms who are members of AFCA, complaints against Dixon Advisory should be made as soon as possible. If Dixon Advisory’s AFCA membership ceases, then no further complaints can be accepted.

“Lodging a complaint with AFCA is a necessary step for clients to preserve their possible eligibility under a potential future CSLR. However, even if a complaint is lodged with AFCA, a compensation outcome is not guaranteed.”

Eligibility for compensation will be dependent on the CSLR’s parameters, which are uncertain as a scheme has not been established yet, the outcome of the voluntary administration process for Dixon Advisory and the individual circumstances of the advice given to clients.

If a complaint with AFCA has already been made, then no further steps currently apply.

Dixon Advisory entered voluntary administration in January this year.


Our Story

selfmanagedsuper is the definitive publication covering Australia’s SMSF sector. It uniquely offers online content tailored separately for SMSF professionals and individual trustees participating in the fastest growing and largest sector of the superannuation industry. As such, it is a must read for those wanting to stay informed about the latest news, regulatory developments, technical strategies, investments, compliance, legal and administration issues concerning SMSFs.

Copyright © SMS Trustee News 2024

ABN 43 564 725 109

Benchmark Media

Site design Red Cloud Digital