ASIC uses its “why not litigate” mantra

ASIC has launched Federal Course proceedings against well-known financial advisory group Dixon Advisory & Superannuation Services Ltd.

Dixon Advisory, arguably once a “sweet heart” of the advice world with full page ads in a leading national newspaper, is alleged to have constructed a network or related entities in breach of the Corporations Act for the purpose of commercial gain.

ASIC specifically alleges that by undertaking certain conduct, representatives of Dixon Advisory contravened ss 961B, 961G and/or 961J of the Corporations Act and Dixon Advisory contravened s 961K(2) of the Corps Act.

This demonstrates ASIC’s willingness to pursue LICENSEES & ADVISERS who DO NOT provide appropriate advice, DO NOT act in the client’s best interest, & DO NOT prioritise the client’s interest.

This offers a TIMELY REMINDER to ALL LICENSEES to ensure they have adequate OVERSIGHT of EACH INDIVIDUAL PIECE of ADVICE provided by EACH of its Financial Advisers.

Fourth Line’s risk management & compliance system provides Licensees with real-time data, analytics and insights over the quality & appropriateness of the advice provided to clients, to ensure the clients’ best interests are met, the advice is appropriate, & the client’s interests are prioritised.

Download the NOTICE OF FILING lodged with the FEDERAL COURT by ASIC against Dixon Advisory and Superannuation Services Ltd