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’ 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 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.