8/18/2023 0 Comments Amp steps"The work will be overseen by a retired judge or equivalent independent expert," AMP said. 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 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. 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. Mr Meller's fall was rapid, given AMP only started giving evidence on Monday. In other developments at the royal commission on Friday, a top Westpac executive said the process of unwinding commissions for financial advisers was 'complicated', while Treasurer Scott Morrison and Opposition Leader Bill Shorten waged a slanging match over the Federal Government's previous opposition to setting up the inquiry. The ongoing scandals revealed at the royal commission coincide with the Federal Government announcing tough new penalties, including a maximum of 10 years imprisonment for bankers and corporate criminals on Friday, as well as maximum fines of $210 million for financial services companies. 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." "I do not condone them or the misleading statements made to ASIC. "This is not the AMP I know and these are not the actions our customers should expect from the company. "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 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. The resignation was accompanied by an unreserved apology from AMP to its customers.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |