Updated: 11 April 2024
Dixon Advisory membership
As at 10 April 2024, Dixon Advisory and Superannuation Services Pty Limited (in administration) remains a current AFCA member.
When cancelling the firm’s Australian Financial Services Licence (AFSL), the Australian Securities and Investments Commission (ASIC) required Dixon Advisory to remain an AFCA member until 8 April 2024. ASIC’s requirement set a minimum period but did not require either Dixon Advisory or AFCA to bring this membership to an end after that date.
AFCA will continue to address Dixon Advisory’s membership in the same way as it would for any other AFCA member.
There are three common circumstances in which an AFCA membership can cease, after a period of time:
- Voluntary cessation
- A member is in liquidation, or
- A member has unpaid fees and charges
Termination of an AFCA membership would then be a decision for the AFCA Board. However, none of the above prerequisites for membership cessation has been met yet.
AFCA must accept complaints against financial firms with current AFCA membership if those complaints fall within AFCA's jurisdiction.
Dixon Advisory and Superannuation Services - in administration (Dixon Advisory)
The Australian Securities and Investments Commission cancelled the Australian Financial Services Licence held by Dixon Advisory and Superannuation Services, effective 5 April 2023.
The terms of the cancellation require Dixon Advisory to maintain membership of AFCA until at least 8 April 2024. This means it will still be possible to lodge a complaint with AFCA, because Dixon Advisory remains a member, until at least that time.
ASIC previously informed former clients of Dixon Advisory to consider lodging complaints with AFCA to preserve possible eligibility under a potential future Compensation Scheme of Last Resort (CSLR)
The Federal Government passed legislation for a Compensation Scheme of Last Resort on 22 June 2023.
Paused complaints are now under investigation
In January 2022, AFCA was advised that Dixon Advisory had been placed into Voluntary Administration. As a result, AFCA paused progress of all complaints against Dixon Advisory.
This is in line with our practice for the handling of complaints involving insolvent firms, including those in Voluntary Administration. Now that legislation has passed to establish a CSLR, we have commenced early work to investigate these complaints and assess if they may be eligible to raise a CSLR claim.
Whether or not a former client of Dixon Advisory is eligible to raise a claim for compensation will depend on the individual circumstances of the advice they were given, and the scope of the CSLR as set out in the legislation.
If a complaint is eligible, AFCA will consider the complaint further. However, this process will take time due to the large number of Dixon Advisory complaints lodged with AFCA. If the complaint is not eligible, AFCA will contact the consumer to explain why.
What can I do to prepare for my complaint to be investigated?
To ensure our case workers can efficiently deal with your complaint, you can start gathering relevant information in preparation for our contact. Information we typically request includes:
- SMSF Trust Deed and investment strategy
- Correspondence (including emails, letters, etc) received from Dixon Advisory in relation to investment recommendations
- Statements of Advice, Records of Advice and any other advice documents provided by Dixon Advisory, such as copies of Fact Finds and Risk Profile if you have one
- SMSF financial statements available from when you became a client of Dixon’s, to date
- A copy of your SMSF portfolio holdings as at 30 June 2023 (if applicable)
- Cash management account statement from 1 July 2022 if SMSF financial statements for the 2022-23 financial year are not available, and
- Other information about your SMSF, including ABN numbers.
We are working through a significant number of paused complaints. It will take time for us to contact you, as we work through each complaint with the care and rigour that is required. Having this information ready for when we contact you will assist us in reviewing complaints as quickly as we can.
There is no need to contact us, we will be in touch when your case is allocated for investigation.
If you are considering winding up your SMSF
If you have a complaint relating to your SMSF before AFCA and are considering winding up the SMSF, AFCA encourages you to seek independent financial and legal advice.
Winding up the SMSF may have implications for your complaint, AFCA’s ability to consider your complaint and any potential eligibility you may otherwise have for the CSLR.
Read AFCA’s factsheet about SMSF complaints here.
Complaints received
As at 1 February 2024, AFCA has over 1,900 complaints registered for Dixon Advisory.
The number of complaints with AFCA may mean some delays, but consumers can be assured that by submitting their complaint they preserve any possible eligibility under the CSLR.
See details below on how to lodge a complaint.
How to lodge a complaint
- online at AFCA’s website
- by phoning AFCA on 1800 931 678
If a former client of Dixon Advisory has already lodged a complaint with AFCA there is no need for them to do anything further at this time.
ASIC announcement
On 3 August 2022 ASIC announced that it will soon be writing to former clients of Dixon Advisory to inform them that if they 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 (AFCA).
As complaints may only be made against firms who are members of AFCA, complaints against Dixon Advisory should be made as soon as possible to ensure that Dixon Advisory’s AFCA membership is still current and that consumers remain eligible to access the future Compensation Scheme of Last Resort (CSLR).
Details of administrators
On 19 January 2022 E&P Financial Group Limited made an ASX announcement about the appointment of the Administrators to Dixon.
When a firm enters an insolvency process it is important that any communications or queries about the process are directed to those now responsible for the firm.
In the case of Dixon this is currently the administrators, Stephen Longley and Craig Crosbie of PwC Partners. Their contact details are:
Class actions
AFCA understands that current class actions have been paused by the court. If you have a complaint about Dixon, there may be jurisdictional issues if you are part of a class action in the future. However, in the meantime you can still lodge your complaint with AFCA.
For more information, click the button below for a PDF copy of the factsheet.
Factsheet - Class actions affecting AFCA complaints
More information
- AFCA’s factsheet which provides information for people with complaints about insolvent firms.
- Information about AFCA’s approach to complaints that may be impacted by the Compensation Scheme of Last Resort
- Announcement from Dixon’s parent company, E&P Financial Group
- PwC's Insolvency Cases page
Previous ASIC announcements
ASIC has suspended the Australian Financial Services licence of Dixon Advisory with conditions including the maintenance of AFCA membership (see 22-094MR).
On 4 September 2020 ASIC commenced civil penalty proceedings against Dixon Advisory for alleged conflicts, best interest failures and inappropriate advice (see 20-207MR and 21-167MR).
