The head of Australia's largest asset manager has resigned after allowing the company to lie to regulators for more than ten years.
AMP chief Craig Meller announced after an investigation that the company has routinely charged its customers for services
Australia holds a royal commission ̵
Mr. Meller is the first executive to be deposed during the investigation.
Earlier this week hearing It was reported that AMP had repeatedly deceived the country's regulator, the Australian Securities and Investment Commission (Asic), because of its charging.
AMP has "apologized unconditionally for the practice".
The royal commission was commissioned by Prime Minister Malcolm Turnbull last year following a series of scandals involving financial misconduct.
- Why is Australia exploring its banks? Mr. Meller said he was "personally devastated" by what he had revealed. Englisch: emagazine.credit-suisse.com/app/art … = 263 & lang = en.
"I do not endorse [the misconduct] or the misleading statements made by Asic," he said.
"Anyway, after my tenure as CEO, I believe that resigning as CEO is an appropriate measure to begin the necessary work to restore public and regulatory confidence in AMP."
The Commonwealth Bank of Australia has also charged fees for undelivered services. On Thursday, the bank said the misconduct had spread to clients that they knew had died.
Evidence of misconduct presented at public hearings this week has provoked condemnation by the nation's politicians and sparked growing public outrage. Barnaby_Joyce
In the past I have argued against a Royal Commission in Banking. I was wrong. What I've heard so far is more than annoying.
– Barnaby Joyce (@Barnaby_Joyce) April 18, 2018