In a letter to authorised representatives, obtained by ifa, Neil Swindells announced it is “time for change” and that he is “stepping down from the day-to-day management of Charter”.
Having been appointed to the role following a restructure of the AMP dealer group leadership in March 2017, Mr Swindells claims in his letter that his tenure as managing director of Charter was always intended to be “short-term”.
However, he also makes clear that the royal commission has had an impact on the decision, although he stops short of naming the dreaded inquiry.
“You may ask why now? It’s no secret that I have been extremely disappointed, angry and frustrated by recent events. I accept that my timing is not great, but it is the right time for me.”
Mr Swindells’ resignation follows that of AMP chief risk officer Pally Bagri for similar reasons, first reported by ifa.
ifa understands that Chris Digby, managing director of AMP’s SMSF Advice and Jigsaw Support Services subisdiaries – and a former MD of Hillross – will take the reins at Charter.
The letter from Mr Swindells indicates he will retain a position within the AMP network, continuing to serve on his “current practice board directorships” and continue to “support the advice leadership team”.
It also follows the resignations of chair Catherine Brenner, CEO Craig Meller and group general counsel Brian Salter.
AMP may be facing criminal prosecution as a result of the evidence uncovered by the royal commission.
Neil is one of the most principled, honest and genuine people in the industry and those attributes are in short supply at AMP at the moment. A real loss.
Nice bit of theatre to help placate the Charter advisers. Its widely known that the recruitment process to replace Neil has been underway for months.
Neil is a great operator. Way back in the AXA days he was an innovator and not afraid to go against the grain (or the executive). The fact that these issues came about while he was there speaks volumes to the AMP culture rather than Neil. It’s a shame this has happened. Best of luck
Agree… Back in the AXA days, he held himself with Integrity and conducted himself with senior management and advisers with the utmost respect. Good on you Neil.. walk away from the Titanic…that is AMP!!! Please continue to play the violins now….. Encore!!!
This is a real loss to AMP, no doubt being replaced with a faceless corporate man again!
FS Licensees only have one vital role under the LAW and that is to MAKE SURE that not one sentence of non compliant afvice gets out the door. If a manager finds that the “culture” makes that impossible…..time to go.
More good news. Swindells is probably a good bloke. Reality is there are plenty of jobs in the industry for a man of his caliber. Why start on the back foot??