Meller steps aside amid Royal Commission fall-out
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.
Recommended for you
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
Having peaked at more than 40 per cent growth since the first M&A bid, Insignia Financial shares have returned to earth six months later as the company awaits a final decision from CC Capital.
