ASIC accepts EUs from two former AMP representatives

Reid Menkens is a former ANZ–aligned Millennium3 Financial Services and AMP Financial Planning representative and Leo Menkens is a former AMP representative.

The pair trade as Menkens Financial Group in Brisbane.

The outcome is part of ASIC's Wealth Management Project which is targeting compliance in the four major banks, Macquarie and AMP.

An ASIC review of client files found failures by both father and son to demonstrate that they had acted in the best interests of their clients, had kept proper records, and provided statements of advice in a timely manner.

Under the EUs, the pair must appoint an independent consultant to undertake a program of pre-vet and audit reviews to test the compliance of advice prepared by the pair.

The consultant will report to ASIC and the Menkens' current financial services licensee, Austplan Pty Ltd, and the pair will be required to address any deficiencies identified by the review.

ASIC deputy chairman Peter Kell said, "Financial advisers need to ensure their processes and documentation demonstrate that they have acted in the best interests of their clients."