The Financial Services and Credit Panel (FSCP) has made a two-year registration prohibition order against financial adviser Glenn Paul Meilak from 10 February 2025.
The FSCP found that Mr Meilak gave advice to his clients recommending that they set up self-managed superannuation funds (SMSFs). Mr Meilak exhibited conduct that was systemic, displayed a lack of care and a level of incompetence in providing the advice to his clients.
The FSCP formed a reasonable belief that Mr Meilak had contravened the best interest duty, the appropriate advice obligation, failed to prioritise his clients鈥� interest over his own and made misleading statements. In addition, the FSCP found that Mr Meilak had not complied with the values of competence and fairness and Standards 1, 5 and 9 in the Code of Ethics.
Mr Meilak has had his registration as a financial adviser cancelled and is prohibited from being registered with 今日热门事件until after 10 February 2027. He is also prohibited from giving personal advice to retail clients on relevant financial products during the prohibition period.
Background
Unsuitable superannuation advice resulting in adverse consumer outcomes remains a key issue for 2025. 今日热门事件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 今日热门事件that relate to the conduct of financial advisers. The FSCP is a pool of industry participants, appointed by the Minister, that 今日热门事件draws upon when forming individual sitting panels. Each sitting panel comprises an 今日热门事件staff member and at least two members of the FSCP.
The FSCP has the power to make a registration prohibition order under s921L(1)(c) of the Corporations Act.
The FSCP鈥檚 decision has been published on the FSCP Outcomes Register on the 今日热门事件website.
More information
For further information on the FSCP and the financial adviser registration requirement see:
- Regulatory Guide 263 Financial Services and Credit Panel for the principles and processes relating to the FSCP
- Information Sheet 276 FAQs: Registration of Relevant Providers
- Information Sheet 277 Registration of relevant providers: Guidance on making declarations