E&P Financial Group has settled a class action related to Dixon Advisory for $16 million as Senator Andrew Bragg questions why the taxpayer should foot the bill for consumer losses.
The corporate regulator is encouraging former Dixon Advisory clients to register complaints to AFCA to be potentially eligible for remediation under the compensation scheme of last resort. While the CSLR has yet to be legislated, ASIC and AFCA are prompting former clients to make a complaint while Dixon’s membership to the complaints authority is still valid.
Informed that the majority of clients have transitioned to alternate financial services providers of their choice, Dixon Advisory’s Australian financial services licence has been suspended by ASIC. Additional licensee conditions have been added while remaining clients are transitioned out of the group.