Meller steps aside amid Royal Commission fall-out

20 April 2018
| By Mike |
image
image
expand image

The Royal Commission into Misconduct in the Banking and Financial Services Industry has claimed its first victim – AMP chief executive, Craig Meller.

The AMP Limited board has issued a formal apology for the failings revealed at the Royal Commission and announced that Meller, who was to depart the company later this year, had agreed to step down from his role with immediate effect.

Meller will be replaced in the interim by Mike Wilkins, a non-executive director of AMP Limited and a former chief executive of IAG Limited.

The AMP board said it had also established a comprehensive review of the company’s regulatory reporting and governance processes to be overseen by a retired judge or similar independent expert.

 

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

GG

So shareholders lose a dividend plus have seen the erosion of value. Qantas decides to clawback remuneration from Alan ...

2 months 1 week ago
Denise Baker

This is why I left my last position. There was no interest in giving the client quality time, it was all about bumping ...

2 months 2 weeks ago
gonski

So the Hayne Royal Commission has left us with this. What a sad day for the financial planning industry. Clearly most ...

2 months 2 weeks ago

A Sydney-based financial adviser has been banned from providing financial services in the interest of consumer protection after failing to act on conduct concerns. ...

3 weeks 6 days ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

1 day 7 hours ago

ASIC has cancelled the AFSL of a $250 million Sydney fund manager, one of two AFSL cancellations announced by the corporate regulator....

3 weeks 4 days ago