ASIC bans risk adviser for three years

Mr Zelka faces a three-year ban after ASIC found his advice relating to the replacement of personal insurances “did not meet the standards expected” of an adviser and “failed to comply with financial services laws”.

A review of client files found that Mr Zelka had not acted in the best interests of his clients, failed to provide appropriate advice, and relied “excessively” on templated statements of advice containing pre-populated information.

ASIC deputy chairman Peter Kell said the regulator is focused on “weeding out advisers who fail to meet industry and community expectations”.

“We want to ensure that consumers seeking life insurance can be confident that their adviser will provide appropriate advice,” he said.

The action taken against Mr Zelka forms part of ASIC’s ongoing investigations, enforcement and regulatory action following the regulator's review of life insurance advice.

Mr Zelka has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.