The CEO of AMP has stepped down with immediate effect, saying he is “devastated”.
This decision follows heavy criticism after it was revealed the lender misled the Australian Securities and Investments Commission (ASIC).
The bank failed to provide a service for which customers were paying. According to the findings during the latest round of public hearings at the Royal Commission, the bank changed independent expert reports before passing them to ASIC.
CEO Craig Meller will be temporarily replaced Mike Wilkins, a Non-Executive Director on the AMP Limited Board.
AMP Chairman Catherine Brenner said: “AMP apologises unreservedly for the misconduct and failures in regulatory disclosures in our advice business. The Board is determined that we will meet these challenges head on, accelerating changes in both culture and performance at AMP.
“We have been driving much-needed change and improvement in our advice business, which has undergone significant leadership and governance renewal over the past year but we know we have much more to do to.”
Meller said: “I am honoured to have been the CEO of AMP. 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. 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.”