The managing director of AMP’s Charter Financial Planning licensee has exited the role, explaining he is “disappointed and angry” at evidence of misconduct that the royal commission uncovered.
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.
Companies, investors and other stakeholders have been urged to provide feedback on draft sustainability reporting standards.
The corporate regulator said the adviser failed to prioritise his clients’ interests over his own.
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