The Financial Services and Credit Panel, convened by the Australian Securities & Investments Commission (ASIC), has made a two-year registration prohibition order against financial adviser Glenn Paul Meilak from 10 February 2025. His registration has been cancelled and he is prohibited from being registered with ASIC until after 10 February 2027, and from giving personal advice to retail clients on relevant financial products during the prohibition period. The panel found that Mr Meilak advised clients to set up self-managed superannuation funds (SMSFs) and that his conduct was systemic and showed a lack of care and incompetence in providing that advice. It formed a reasonable belief that he contravened the best interests duty and appropriate advice obligation, failed to prioritise clients’ interests over his own, and made misleading statements, and also did not comply with the Code of Ethics values of competence and fairness and Standards 1, 5 and 9. ASIC noted it is conducting surveillance into the quality of advice to establish SMSFs, and the decision has been published on the FSCP Outcomes Register.
Australian Securities & Investments Commission 2025-02-11
Australian Securities & Investments Commission’s Financial Services and Credit Panel issues two-year registration prohibition order against adviser Glenn Paul Meilak
The Financial Services and Credit Panel, under ASIC, has imposed a two-year registration prohibition on financial adviser Glenn Paul Meilak, effective 10 February 2025. His registration is cancelled, barring him from providing personal advice to retail clients until after 10 February 2027. The panel found systemic misconduct, including breaches of the best interests duty, inappropriate advice, misleading statements, and non-compliance with the Code of Ethics. ASIC is also conducting surveillance on SMSF advice quality, with the decision recorded in the FSCP Outcomes Register.