{"id":72790,"date":"2024-08-09T11:56:02","date_gmt":"2024-08-09T01:56:02","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=72790"},"modified":"2024-08-13T10:11:32","modified_gmt":"2024-08-13T00:11:32","slug":"faaa-anger-at-handling-of-cslr","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2024\/08\/09\/faaa-anger-at-handling-of-cslr\/","title":{"rendered":"FAAA Anger at Handling of CSLR"},"content":{"rendered":"

\u201cEverywhere that we looked, we saw inequity and unfairness. The more we looked, the angrier we got,\u201d the FAAA\u2019s Phil Anderson<\/strong> says in highlighting a new paper analysing the Dixon Advisory collapse and the association\u2019s objections to the way it has been handled, particularly with regard to the CSLR.<\/p>\n

Anderson\u2019s new paper<\/a> is the first of a three-part series and in it he lays out that the FAAA has identified its six most significant objections:<\/p>\n

    \n
  1. \n
    \"\"<\/a>
    Phil Anderson<\/figcaption><\/figure>\n

    E&P Financial Group walking away from its subsidiary Dixon Advisory and “…leaving virtually the entire mess for the rest of the advice profession to pick up.”<\/li>\n

  2. The Government failing to deliver on a commitment of a prospective scheme (in which the financial advice sector would only be expected to pick up the costs of claims after the scheme started), and instead launching the scheme with a massive overhang of legacy compensation to be paid.<\/li>\n
  3. The Government committing to picking up the first 12 months of costs and claims for the CSLR, but then reducing that to less than three months and only covering one Dixon Advisory claim.<\/li>\n
  4. The Government failing to disclose anything about Dixon Advisory or the likely cost in the Explanatory Memorandum to the CSLR legislation, and failing to do a regulation impact statement for the CSLR.<\/li>\n
  5. ASIC failing to take action against Dixon Advisory in a timely manner and then only focussing on advice issues in their ultimate civil penalty action.<\/li>\n
  6. ASIC postponing the end date of Dixon Advisory\u2019s AFCA membership which seemingly has enabled multiple hundreds of extra claims in the final months.<\/li>\n<\/ol>\n

    Anderson says the association has documented its objections in as much detail as it could, drawing on source documents where possible.<\/p>\n

    \u201cAcross three separate papers we will release the detail on the six objections, starting with the first part<\/a> which looks at the E&P Financial Group involvement…\u201d<\/p>\n

    He says in the analysis \u201c\u2026we have just scratched the surface. There is so much more that needs to be unearthed, including what really went wrong at Dixon Advisory and how so much money was lost by clients in the E&P Financial Group\u2019s US Masters Residential Property Fund. Getting to the bottom of this will only happen through a public inquiry. We are continuing to call for a public inquiry, and we ask for your support to achieve that.\u201d<\/p>\n

    See more information on the CSLR and Dixon Advisory at the FAAA\u2019s CSLR hub<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

    \u201cEverywhere that we looked, we saw inequity and unfairness. The more we looked, the angrier we got,\u201d the FAAA\u2019s Phil Anderson says in highlighting a new paper analysing the Dixon Advisory collapse and the association\u2019s objections to the way it has been handled, particularly with regard to the CSLR. Anderson\u2019s new paper is the first […]<\/p>\n","protected":false},"author":24,"featured_media":72793,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[282,3],"tags":[],"class_list":{"0":"post-72790","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-associations","8":"category-general"},"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/72790","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/users\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=72790"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/72790\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media\/72793"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=72790"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=72790"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=72790"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}