A spokesperson for AMP has confirmed to ifa that Pally Bargri has resigned from his role after four years with the company.
In a post on Linkedin, Pally Bargri said his decision to resign followed a period of contemplation over his role and future with the business.
“Having reflected very deeply about how I feel, what’s most important to me and why, I announced earlier today my resignation from AMP,” he said.
“I am immensely proud of all that my teams and I have achieved, and the privilege and honour I’ve had working with some intelligent, committed and loyal people.”
Mr Bargri added that he did not believe himself to be equipped to guide AMP’s advice arm through the challenges it will face in the coming months.
“When I think of where I’m personally at, and the energy and commitment the organisation needs from me now, I conclude that I have insufficient capacity to carry through the important task of navigating the days and months ahead,” he said.
“Perhaps the ambiguity of what I’ll do next, and the uncertainty about the opportunity that lies ahead, is a nice challenge to have. But for now, I look forward to sharing all I have with my two girls, as I begin to contemplate what may be next.”
A spokesperson from AMP told ifa that Mr Bargri will leave the business in mid-July, and that an internal and external search for a replacement – led by chief risk officer Jenny Fagg – has already commenced.
During his tenure with the business, Mr Bargri focused on “delivering a new approach to compliance for the advice business”, and was involved in efforts to strengthen AMP’s governance, remediation and audit approaches, the spokesperson said.
Mr Bargri’s resignation follows the departure of the company’s chief executive Craig Meller and a number of board members following the royal commission’s revelations that AMP may have violated financial services law on multiple occasions.
All the best, Pally, in your next move. Those of us who have had the pleasure of working with you know the great skill and expertise you bring to your work, and of your true integrity.
Your job is in compliance, you get audited and found to be in desperate need of change, so instead of leading and instigating the change you just leave and say “this is going to be a big task for someone… But not me, thanks for everything I’m going to sit with my family while someone else cleans up”
So a number of people have now left AMP in recent weeks. Makes you wonder if they were not seeing clients, or ensuring AMP were acting legally, what were they actually doing? Let me guess: meetings, lunch, coffee, teleconferences etc…… Good for those who can get it, while it lasts. Any chance these people will have to repay unearned monies to the poor clients who were fleeced blind?
Personally I found that he was very nice and good at his job but then if your CEO tells you to do something then you have to do it.
No, you don’t. In fact, the Risk Officer’s role is to draw a line in the sand, among other things.
All the best for the future Pally as those that know you understand you always had good intent and care for your colleagues both staff and advisers.
Pally was a incredibly gifted man and a delight to meet. Intelligent, a great sense of humour and very caring. i wish him well in the future and I’m sure he will be missed by many
Tough job being in compliance at AMP. You’ve got the bonus driven execs pressuring you to compromise your integrity by going easy on dodgy advisers who are “big writers”. You’ve got ASIC pressuring you to implement their bureaucratic processes that are completely detached from practical reality and do little to prevent the major problems. And you’ve got the majority of honest advisers who just want you to get out of their hair so they can spend more time helping their clients.
That’s a good summary. Add to that you are doing that difficult job across say about a thousand Milk Bar operations nationally. ISN are the ALDI.
these issues would not occur at Dover that’s why even the “bad apples” from the banks get a second go and they are performing fine at Dover, i read their submission it’s pretty good
Perhaps, Dover’s vetting every soa/roa/roaa/ before going out to clients should be made standard practice across advice practices nationwide
Did you watch the testimony or read a transcript of the Dover appearance at the RC. Anyone can write a nice document but it is no way reflective of the testimony.
[quote=Anon]Couldn’t handle the heat of your failures Pally? Sook.[/quote]
Do you even know the guy? I don’t but on reading what the reasons are for his leaving I admire the guy. What credibility do you bring to the table in making those comments? I would guess, not much.
Carl, I did know the guy and I think we are all free to comment. I’d say Anon above knew him, hence the comment.
Good luck Pally – top person and operator
Should AMP continue to exist?
Yes
I have to acknowledge his honourable stance to resign. It shows there is integrity in some AMP people.
Pally, good luck for the future.
Couldn’t handle the heat of your failures Pally? Sook.
Couldn’t agree more!