ASIC announces suspension of AFS licence of Dixon Advisory

The Australian Securities and Investments Commission (ASIC) has suspended the Australian Financial Services (AFS) licence of Dixon Advisory & Superannuation Services Pty Limited, the regulator revealed today.

The licence’s suspension follows the appointment administrators to Dixon Advisory in January. This was a result of civil penalty proceedings against the financial services provider for alleged conflicts, best interest failures and inappropriate advice in September 2020. The Aussie regulator noted that the proceedings are currently stayed.

The administrators Stephen Graham Longley and Craig David Crosbie, informed ASIC that most of Dixon Advisory’s clients have transitioned to alternate financial services providers.

The AFS licence suspension allows the company to continue its operation until 9 May 2022 so that its existing clients can move to alternative providers.

Earlier in April, ASIC took action against Macquarie Bank for unauthorised withdrawals.

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