Evans Dixon to rebrand
Evans Dixon has announced that it will re-brand to E&P Financial Group Limited, a month after the corporate regulator commenced civil penalty proceedings against its subsidiary.
The financial services group said in an announcement to the Australian Securities Exchange (ASX) that the change would “align the group’s trading brands and increase market awareness of the groups collective offering”.
The re-brand was subject to shareholder approval at its annual general meeting on 11 November, 2020.
On 4 September, 2020, Dixon Advisory, a subsidiary of Evans Dixon, had become the subject of Federal Court proceedings launched by the Australian Securities and Investments Commission (ASIC) over alleged failure to act in their clients’ best interests.
The regulator also alleged that Dixon Advisory representatives knew or ought to have known there was a conflict between their clients’ interests and the interests of entities associated with Dixon Advisory within the Evans Dixon group, and failed to give priority to clients’ interests.
Recommended for you
ASIC has banned a Queensland adviser from providing financial services for five years after failing to provide appropriate advice that was in the best interest of his clients.
Minister for Financial Services, Stephen Jones, has said it is not a “backdoor attempt” by the government to allow the new class of adviser to provide full advice.
The financial advice industry has seen a net loss after 10 consecutive weeks of net growth in adviser numbers, according to Wealth Data.
Only 11 per cent of financial advice practices have said they are including crypto products on their approved products lists, according to CoreData.
