subscribe to our newsletter
ASIC accepts EUs from two former AMP reps

ASIC accepts EUs from two former AMP reps

ASIC has accepted enforceable undertakings from two Queensland financial advisers following concerns over their compliance with financial services laws.

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, Queensland.

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, kept proper records, and provided statements of advice (SOA) 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."

ASIC accepts EUs from two former AMP reps
mortgagebusiness logo

Latest News

Philip Lowe, the governor of the Reserve Bank of Australia, has said that he is “incredibly disappointed” and “appalled” at the beha...

The major bank has appointed a new chief information officer to replace Dave Curren, whose retirement has also been announced. ...

Borrowers paying lenders mortgage insurance should be offered more choice and ASIC should intervene to safeguard their interests, according ...

FROM THE WEB

podcast

LATEST PODCAST: Cash rate to remain unchanged, corporate cops for the banks and a new type of credit card

Do you expect access to credit to get harder this year?