AMP boss quits over banking scandal

AMP chief executive Craig Meller has quit in the wake of the disturbing revelations at the Banking Royal Commission.

Mr Meller has apologised for AMP's conduct which was uncovered at the inquiry this week.

AMP's shares have slumped since the wealth management giant admitted charging clients for advice they never received and said its staff had repeatedly lied to the corporate watchdog.

More than $600 million was slashed from AMP's market capitalisation on Tuesday after the royal commission heard AMP lied or misled the Australian Securities and Investments Commission about its business practices on 20 occasions, which resulted in clients being charged fees for services they didn't receive.

The company's shares were down another nine cents, or two per cent, at $4.46 at 1210 AEST on Wednesday, their lowest level since November 2016.

Treasurer Scott Morrison described the revelations about AMP as "deeply disturbing".

"I am very reassured by the fact that these matters were already being pursued by ASIC and will continue to be pursued by ASIC," Mr Morrison told reporters in Sydney on Wednesday.

"This type of behaviour can attract penalties which include jail time. That's how serious these things are."

AMP group executive for advice, Jack Regan, on Tuesday admitted one letter to ASIC claimed clients were at fault for being charged ongoing fees when in some cases it was the result of a conscious effort by AMP.

The inquiry heard AMP deliberately and unlawfully continued charging fees to "orphan" clients for three months despite them not receiving advice services. The company presented an independent report to ASIC last year as a follow up to the activity, but only after it went through 25 draft versions and a series of changes from senior executives and the board.


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