AMP (ASX:AMP) has announced the Board and the Chief Executive Officer, Craig Meller, will step down from his role with immediate effect.
The company released a press release earlier today apologising unreservedly for the misconduct and failures in regulatory disclosures in the advice business.
Mike Wilkins, a Non-Executive Director on the AMP Board since September 2016 and a former CEO of IAG, has been appointed as acting Chief Executive Officer until the search for the new CEO is completed.
They also plan an immediate, comprehensive review of AMP’s regulatory reporting and governance processes.
$4.7 million of fees has been refunded to over 15 thousand customers so far.
It was revealed earlier this week that AMP had misled the Australian Securities and Investments Commission (ASIC) 20 times over the cause of a scandal in which customers were charged fees for financial advice that was not provided.
Shares in AMP (ASX:AMP) closed 2.9 per cent lower at $4.32 yesterday.