Phil.Anderson's avatar
Phil.Anderson
Icon for Advisely Partner rankAdvisely Partner
2 years ago

CSLR and the cost of Dixon Advisory

This week has seen a big focus on the CSLR, and particularly the cost to the financial advice profession - $18.6m in 2024/25. The underlying story is the issue of the Dixon Advisory business. At last...
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Phil.Anderson's avatar
Phil.Anderson
Icon for Advisely Partner rankAdvisely Partner
2 years ago

Hi Deb, that is a really good question - is this an advice issue or a product issue? At this stage everything points to it being assessed as an advice issue. The first published case talks to three issues - treating the US property fund as partly growth and partly defensive, an overallocation to property and an excessive amount invested in related party products (>50%).  The third issue is probably the biggest issue, and whilst it might hint at some form of influence driving that outcome, how can we prove it? Probably the only thing that AFCA have to go on is the advice file including SoAs, RoAs and file notes. Thus in the absence of any other evidence it looks like it will end up being classified as an entirely advice issue. That is a really rough call, and points to deeper issues in the entire regulatory regime.

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