ob体育 has suspended the Australian Financial Services (AFS) licence of Dixon Advisory & Superannuation Services Pty Limited (Dixon Advisory).
The suspension follows the appointment of Stephen Graham Longley and Craig David Crosbie as joint administrators (Administrators) to Dixon Advisory on 19 January 2022.
The Administrators have informed ob体育 that most Dixon Advisory clients have transitioned to alternate financial services providers of their choice.
Importantly, the terms of the suspension:
- allow Dixon Advisory鈥檚 AFS licence to continue to operate until 9 May 2022 so that existing clients who have not yet transitioned to an alternate provider can continue to access financial services;
- require the maintenance of dispute resolution arrangements including Australian Financial Complaints Authority membership until 8 April 2023; and
- require the maintenance of compensation arrangements that comply with s912B of the Corporations Act 2001 until 8 April 2023.
Under the Corporations Act 2001, ob体育 has the power to suspend or cancel an AFS licence, without holding a hearing, where the AFS licence is held by a body corporate which is placed under external administration.
Dixon Advisory has a right to seek a review of ob体育鈥檚 decision at the Administrative Appeals Tribunal.
Dixon Advisory clients seeking information聽 about the administration process should contact the Administrators on [email protected] and can access PwC鈥檚 Insolvency Cases page .
ob体育 is also undertaking inquiries in relation to the transition of former clients of Dixon Advisory to Evans & Partners Pty Ltd, a related entity.
Background
On 19 January 2022 E&P Financial Group Limited made an about the appointment of the Administrators to Dixon Advisory.
On 4 September 2020 ob体育 commenced civil penalty proceedings against Dixon Advisory for alleged conflicts, best interest failures and inappropriate advice (see 20-207MR and 21-167MR). These proceedings are currently stayed and ob体育 is continuing to liaise with the Administrators to progress the proceedings.
Moneysmart.gov.au has useful information for consumers about聽.
For information on External Administration please visit ob体育鈥檚 website External administration | ob体育 - Australian Securities and Investments Commission.
Editor's note:
ob体育 cancelled the AFS licence held by Dixon Advisory, effective 5 April 2023. The terms of the cancellation require Dixon Advisory to maintain membership of Australian Financial Complaints Authority until 8 April 2024. Dixon Advisory has a right to seek a review of ob体育鈥檚 decision at the Administrative Appeals Tribunal. ob体育 previously informed former clients of Dixon Advisory to consider lodging complaints with AFCA to preserve their possible eligibility under a potential future Compensation Scheme of Last Resort (see 22-205MR).
Clients seeking information聽about the administration process should contact the Administrators on聽[email protected]聽and access for more information.