The FSCP has cancelled the registration of a NSW adviser for two years as it felt he displayed a “level of incompetence” in providing advice to his clients.
Glenn Paul Meilak, a director and adviser of Definitive Wealth Management in Padstow, saw his registration as a relevant provider cancelled by the FSCP’s sitting panel from 10 February 2025 until after 10 February 2027.
The panel stated it reasonably believed he had contravened the best interests duty, the appropriate advice obligation, failed to prioritise his clients’ interest over his own and made misleading statements.
“The disciplinary action was taken as a result of advices that Mr Meilak gave to his clients recommending that they set up self-managed superannuation funds. Mr Meilak exhibited conduct that was systemic, displayed a lack of care and a level of incompetence in providing the advice to his clients.”
He also failed to comply with values of competence and fairness and Standards 1, 5 and 9 in the Code of Ethics.
This is the second FSCP action this year after a relevant provider received a written direction for additional retirement planning continuing professional education after a concessional contribution cap error.
The adviser, anonymised as Mr D, received the action after advice related to a client’s concessional contribution cap.
“As a result of the advice, the client exceeded the concessional contribution cap by approximately $15,000,” the FSCP said.
“The breach occurred because the relevant provider failed to take into account the client’s defined benefit scheme even though income the client received from the scheme was referred to on several occasions in the statement of advice.”
Why as an adviser you should send anyone wanting to set up an SMSF to an accountant. They aren’t licensed so it is open season. The money isn’t worth the risk. 95% the client would have done it anyway even if the adviser said no.
Fair enough. I wonder if these standards will be equally applied to all the new QAR Super Fund “advisers” as well?