Click to Run the downloaded file. By clicking to run this news reporter sex scandals file you agree to the Microsoft Service Agreement and Privacy Statement. AMP’s chief executive officer Craig Meller has quit his job with immediate effect, becoming the first senior executive to lose his job as a result of the banking royal commission. The resignation was accompanied by an unreserved apology from AMP to its customers.
This week the royal commission heard AMP lied to the corporate watchdog ASIC for almost a decade to cover its practice of charging customers fees for advice that was never delivered. I am personally devastated by the issues which have been raised publicly this week, particularly by the impact they have had on our customers, employees, planners and shareholders,” Mr Meller said. This is not the AMP I know and these are not the actions our customers should expect from the company. I do not condone them or the misleading statements made to ASIC. However, as they occurred during my tenure as CEO, I believe that stepping down as CEO is an appropriate measure to begin the work that needs to be done to restore public and regulatory trust in AMP. 210 million for financial services companies.
Mr Meller’s fall was rapid, given AMP only started giving evidence on Monday. The damning evidence the commission heard included a statement from AMP’s head of financial advice, Anthony ‘Jack’ Regan, that the company had lost count of the number of times it misled ASIC. The commission also released a mountain of documents showing AMP had sought to influence a supposedly independent review by law firm Clayton Utz to downplay the knowledge and involvement of senior executives in the scandal. In a statement to the ASX, AMP said it would immediately establish a “comprehensive review” of the company’s regulatory reporting and governance process. The work will be overseen by a retired judge or equivalent independent expert,” AMP said. The Government’s misjudgement on the need for a banking royal commission has come back to bite it, writes Michelle Grattan. In response to Mr Meller’s resignation, Finance Minister Mathias Cormann said it was obvious that some of the news to emerge from the royal commission was very concerning.