AMP advice executive Jack Regan, who admitted the firm’s misconduct in evidence to the royal commission, has retired after 20 years with the wealth giant.
Mr Regan admitted that AMP had told the regulator clients were at fault for being charged ongoing fees despite it often being the result of a conscious effort by AMP.
He also told the royal commission AMP had put shareholders’ interests ahead of those of its clients.
AMP’s shares shed have 50 per cent of their value since his April testimony, which immediately preceded the exit of chief executive Craig Meller and chair Catherine Brenner.
Despite his public admission, AMP chief executive Francesco De Ferrari said on Wednesday Mr Regan had brought ‘his deep understanding of the advice industry to improve the governance and controls of the business.’
‘Jack is greatly respected across the advice industry and retires with the best wishes of everyone at AMP, including the many advisers across our network,’ said Mr De Ferrari, who took charge this week.
David Akers has been filling in on an interim basis while Mr Regan was on extended leave, and will hand over to Mr Regan’s permanent replacement, Alex Wade, on January 7.
Mr Wade was most recently the head of developed and emerging Asia for Credit Suisse Private Banking, the business that Mr De Ferrari led for seven years.
AMP shares have been worth as much as $5.47 earlier this year and were at $4.55 the day before Mr Regan’s royal commission appearance.
They consequently sunk to an all-time low of $2.28 and were valued at $2.45 before the start of trade on Wednesday.