The Financial Services and Credit Panel banned Glenn Paul Meilak on 10 February 2025 after it was found he gave advice to his clients recommending that they set up SMSFs.
The sitting panel said Meilak exhibited systemic conduct and displayed “a lack of care and a level of incompetence” in providing the advice to his clients.
The FSCP formed a reasonable belief that Meilak had contravened the best interest duty and the appropriate advice obligation, failed to prioritise his clients’ interest over his own and made misleading statements.
In addition, the FSCP found that Meilak had not complied with the values of competence and fairness and standards 1, 5 and 9 in the Code of Ethics.
Meilak has had his registration as a financial adviser cancelled and is prohibited from being registered with ASIC until after 10 February 2027. He is also prohibited from giving personal advice to retail clients on relevant financial products during the prohibition period.
Unsuitable superannuation advice resulting in adverse consumer outcomes remains a key issue for 2025. ASIC has a current surveillance underway assessing the quality of financial advice to establish SMSFs.
The FSCP makes administrative decisions on matters referred to it by ASIC that relate to the conduct of financial advisers and has the power to make a registration prohibition order under s921L(1)(c) of the Corporations Act.
The FSCP’s decision has been published on the FSCP Outcomes Register on the ASIC website.
