The Bull

Monday 18

February, 2019 5:11 AM



AMP royal commission witness Regan retires

AMP royal commission witness Regan retires

AMP advice executive Jack Regan, who told the royal commission the firm had misled regulators, has retired after 20 years with the wealth giant.

Share |

By AAP 05.12.2018 09:00 AM

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.

Archive
  • Trump to get update on China trade talks

    US duties on $US200 billion worth of Chinese imports are set to rise to 25 per cent from 10 per cent if no deal is reached by March 1 to address US demands

  • SA govt unveils Repat Hospital plan

    The South Australian government has unveiled its master plan to redevelop Adelaide's Repatriation Hospital.

  • US-China talks to boost Aussie market

    Australia's share market is tipped to open higher on Monday after optimism surrounding US and China trade talks.

  • The Week Ahead

    In Australia, the December quarter Wage Price Index release dominates the local agenda in the coming week.

  • ASX closes flat as more companies report

    The Australian sharemarket has managed to finish in positive territory as more companies reported earnings results.

  • Stocks to watch

    Stocks of interest at the close of trade on the ASX on Thursday, February 14.

  • Germany to let NATO use its cyber skills

    Germany is to join the ranks of NATO countries making its cyber warfare skills available to the alliance to help fight hacking and electronic warfare, officials said on Thursday.

  • Domain posts $156.4m loss as listings fall

    Domain's first-half loss has widened to $156.4 million after Sydney and Melbourne's stumbling property markets forced it to take a large non-cash impairment.

  • Farmer denies scaring vegans with gunshot

    A WA farmer who asked vegans to stop filming calves on his property and leave, then fired a shot into farmland, says he wasn't trying to scare them.

  • CommSec Daily Report Friday

    The local sharemarket is mostly flat so far in a choppy session of trade. The ASX 200 is marginally higher by 6 points or 0.1% to 6066 points towards lunch after trading in a narrow 18 point band...

Markets
Index: Points Change Percent

PLEASE SUPPORT OUR SPONSORS, AUSTRALIA'S LEADING BROKERS:



© Copyright TheBull.com.au. All rights reserved.