AMP's Meller Quits as Misconduct Inquiry Claims First Scalp
- Inquiry heard AMP misled regulator over fees-for-no-service
- Government announces tougher penalties for corporate crime
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AMP Ltd. Chief Executive Officer Craig Meller stepped down, the first scalp claimed by Australia’s inquiry into misconduct in the financial industry, which this week heard the wealth manager deliberately misled regulators over charging customers for services they didn’t receive.
“I am personally devastated by the issues which have been raised publicly this week, particularly by the impact they have had on our customers, employees, planners and shareholders,” Meller said in a statement Friday. “This is not the AMP I know and these are not the actions our customers should expect from the company.”