The Bull

Sunday 24

February, 2019 4:45 PM



Exits made before royal commission report

Exits made before royal commission report

The financial services royal commission findings will soon be made public, but some in the industry have already left their roles.

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By AAP 01.02.2019 11:53 AM

Some high-profile finance figures have already stepped away from their roles even before the release of the Hayne commission's final report.

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AMP

* Chief executive Craig Meller, chair Catherine Brenner, chief legal officer Brian Salter and several directors departed after the wealth manager was revealed to have charged customers fees for financial advice that was never delivered and then lied about it to regulators. AMP advice executive Jack Regan, whose evidence revealed the misdeeds, retired after 20 years in December.

* Shares down 56 per cent since royal commission announced.

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COMMONWEALTH BANK

* CBA admitted to mis-selling insurance at the royal commission and charging dead clients for advice, but it was its 53,700 breaches of money-laundering laws that led to the retirement of chief executive Ian Narev in March last year. The scandal, which attracted the largest fine in Australian corporate history, helped prompt the inquiry in the first place.

* Shares down 14 per cent since royal commission announced.

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FREEDOM INSURANCE

* Chief executive Keith Cohen and chief financial officer Jenny Andrews both left the company, which halved staff numbers amid a restructure that included a halt to aggressive sales techniques that attracted ASIC's ire and a public shaming at the royal commission.

* Shares down 97 per cent since royal commission announced.

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IOOF

* Managing director Christopher Kelaher and chairman George Venardos have stepped aside to fight APRA's attempt to have them disqualified for failing to act in the best interests of the wealth manager's superannuation members. Closing submissions from the royal commission hearings on superannuation argued Mr Kelaher "appeared to lack insight into ... the fundamental obligations of a trustee".

* Shares down 55 per cent since royal commission announced.

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NAB

* Consumer boss Andrew Hagger has quit, taking accountability for the lender's fees-for-no-service scandal. Mr Hagger, whose once had hopes of becoming CEO, was mauled at the royal commission for "a disrespect for the role of the regulator and a disregard for the gravity of the events in question". Chief executive Andrew Thorburn has been on leave for several weeks and, while he has returned for NAB's royal commission response, his absence has prompted questions about his future.

* Shares down 20 per cent since royal commission announced.

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