30 April 2018Hot off the Press
AMP chairwoman Catherine Brenner has stepped down amid allegations of misconduct by the company’s staff, sparked by evidence presented at the banking royal commission.
In addition to Ms Brenner’s resignation, a statement issued by AMP says directors will take a 25% pay cut until 2019 as a result of the commission’s findings.
It is still considering disciplinary measures for staff directly involved in charging fees for no services.
General counsel and company secretary Brian Salter will also be departing from AMP, but will not receive his “deferred renumeration as a result of the board exercising its discretion”.
The banking royal commission heard on Friday that AMP could face criminal penalties for misleading corporate regulator ASIC.
Counsel assisting the inquiry Rowena Orr, QC, said: “Through AMP’s dealings with ASIC regarding the extent and nature of its fee-for-no-service conduct, AMP adopted an attitude toward the regulator that was not forthright or honest, and demonstrated a deliberate attempt to mislead.”
AMP was the first financial insitution to be questioned over the fee-for-no-service scandal which also involved the Commonwealth Bank, NAB, Westpac and ANZ.