ASIC action sees Queensland advisers take enforceable undertakings

by |
Two Queensland financial advisers have accepted enforceable undertakings as a result of an ASIC action.

Reid Menkens and son Leo Menkens have accepted EUs which mean they 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 both to the regulator and to the Menkens' current financial services licensee Austplan Pty Ltd. The Menkens' will then be required to address any deficiencies identified by the review.

The EUs come after a review of the pair's files found failures by both to demonstrate that they had acted in the best interests of their clients, keep proper records, and
provide statements of advice (SOA) in a timely manner.

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