ASIC 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 ASIC that most Dixon Advisory clients have transitioned to alternate financial services providers of their choice.
Importantly, the terms of the suspension:
- allow Dixon Advisory’s 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, ASIC 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 ASIC’s decision at the Administrative Appeals Tribunal.
