A life insurance financial adviser, Lukas Zelka, has been banned from providing financial services for three years by the Australian Securities and Investments Commission (ASIC).
Zelka is a former authorised representative of Neo Financial Solutions, and was found his advice did not meet the standards expected of a financial adviser and that he failed to comply with financial services law.
An ASIC review of client files found Zelka had:
- failed to act in the best interest of his clients by not giving adequate consideration to the information he had obtained about their relevant circumstances, including their existing insurance;
- failed to provide appropriate advice;
- failed to have a reasonable basis for advice; and
- relied excessively on template statements of advice containing pre-populated information, failing to tailor them to the client’s specific circumstances which led to false and misleading statements being made.
Zelka has the right to appeal to the Administrative Appeals Tribunal for a review of the decision.
