trending Market Intelligence /marketintelligence/en/news-insights/trending/bTSnxlGflBM53MopCtOgIQ2 content esgSubNav
In This List

Report: Australian regulator investigates Dixon Advisory over conflicted advice

Blog

Banking Essentials Newsletter: July Edition - Part 2

Blog

Anticipate the Unknown Go Beyond Fundamentals to Uncover Early Signs of Private Company Credit Deterioration

Blog

Taking Loss Given Default Estimation to the Next Level: An Aspiration for All Creditors, Not Just Banks

Blog

Anticipate the Unknown A Fundamentals Approach to Detect Early Signs of Private Company Credit Deterioration


Report: Australian regulator investigates Dixon Advisory over conflicted advice

The Australian Securities and Investments Commission is investigating wealth manager Evans Dixon Ltd. over alleged conflicted advice it gave to clients, The Australian Financial Review reported, citing sources who have complained or provided information to the regulator.

The corporate regulator is looking into the Dixon Advisory arm, which merged with boutique firm Evans & Partners in February 2015. The investigation focuses on cases where former clients were advised to invest more than half their savings in funds that Dixon managed. The funds posted below-market returns but charged above-market fees.

Several clients have complained to ASIC and the Australian Financial Complaints Authority over the alleged conflicted advice given to them.

An ASIC spokeswoman declined to confirm if it had received complaints or if it was pursuing the matter further. The AFCA also declined to comment on specific details regarding the complaints.