AMP Chairman Steps Down Amid Bank Probe

   By Rachel Pannett 
 

SYDNEY--An ongoing sweeping probe of Australia's banking and financial industry claimed another high-level scalp Monday after AMP Ltd.'s (AMP.AU) chairman stepped down following revelations it misled a regulator over fees charged to customers for advice it failed to deliver.

Catherine Brenner will step down from the board and Mike Wilkins has been appointed interim chairman, effective immediately, the company said in a stock exchange filing. AMP also announced that Brian Salter, group general counsel and company secretary, will leave the company.

"As chairman, I am accountable for governance. I have always sought to act in the best interests of the company and have been in discussions with the board about the most appropriate course of action, including my resignation," Ms. Brenner said in a statement. "The board has now accepted my resignation as chairman as a step towards restoring the trust and confidence in AMP."

A royal-commission inquiry heard evidence this month that AMP allegedly lied to the Australian Securities and Investments Commission for years to cover a practice of charging customers for services they didn't receive. AMP issued an apology over the misconduct and its regulatory disclosure, and pledged improvements in culture and performance.

AMP's chief executive, Craig Meller, stepped down earlier this month following the revelations.

Write to Rachel Pannett at [e-mail]

(END) Dow Jones Newswires

April 29, 2018 18:38 ET (22:38 GMT)

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