Former AMP life adviser Lukas Zelka has been banned for three years by the Australian Securities and Investments Commission (ASIC).

His advice on replacement life insurance “did not meet the standards expected of a financial adviser” and he “failed to comply with financial services laws”, the regulator says.

Mr Zelka failed to act in clients’ best interests by giving inadequate consideration to their relevant circumstances, including their existing policies, according to ASIC.

The regulator found Mr Zelka “relied excessively on template statements of advice containing prepopulated information”.

It says he failed to tailor these forms to clients’ specific circumstances, leading to false and misleading statements.

According to the ASIC register, Mr Zelka was with a number of AMP-owned dealer groups until February 2013.

He moved to Neo Financial Solutions in March that year and stayed until this month, when his ban took effect.

Meanwhile, ASIC has accepted enforceable undertakings from two Queensland financial advisers.

Reid and Leo Menkens operated as Menkens Financial Group in Brisbane, with Reid an authorised representative of Millennium3 until June this year. Leo Menkens, his father, is a former AMP representative, and from June this year an authorised representative of Austplan.

ASIC found the pair did not act in clients’ best interests or keep proper records. They were also slow in issuing statements of advice.

As part of the undertaking, the pair must appoint an independent consultant to carry out compliance reviews.