The Federal Court of Victoria has ratified a $7.2 million penalty to be paid by the collapsed Dixon Advisory and Superannuation Services following a court action brought by the corporate regulator, and the wealth manager also having to pay the regulator’s costs of about $800,000.

Two years ago, in September 2020, the Australian Securities and Investment Commission (ASIC) sued Dixon Advisory after it alleged six representatives failed to act in their clients’ best interests and did not provide advice appropriate to their clients’ circumstances.