This statement highlights the FSCP’s decision to impose a two-year registration prohibition on financial adviser Glenn Paul Meilak, effective from 10 February 2025. Key points include:
🔹 Misconduct Findings: Mr. Meilak systematically provided unsuitable advice on self-managed superannuation funds (SMSFs), demonstrating a lack of care and competence.
🔹 Regulatory Breaches: He was found to have contravened the best interest duty, failed to prioritise clients’ interests, and made misleading statements.
🔹 Ethics Violations: He breached Standards 1, 5, and 9 of the Code of Ethics, particularly in areas of competence and fairness.
🔹 Consequences: His financial adviser registration is cancelled until after 10 February 2027, and he cannot provide personal financial advice during the prohibition period.
🔹 Broader Implications: ASIC is actively monitoring SMSF-related advice due to ongoing concerns about consumer outcomes.
This action underscores ASIC’s commitment to ensuring financial advisers uphold high ethical and professional standards. The FSCP’s decision is publicly available on the ASIC website.