Exclusive Jack Regan, the AMP executive who admitted misconduct in evidence to the royal commission, has taken a leave of absence but is expected to return to the embattled financial giant.
An AMP spokesperson has confirmed to ifa that Mr Regan has been on personal leave from work since his explosive testimony before the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry in May.
However, ifa understands that Mr Regan will return to AMP in coming weeks and retain his role as group executive of the company’s advice and New Zealand divisions, including its vast dealer group network.
Under intense cross-examination over two days by counsel assisting Michael Hodge QC, Mr Regan gave evidence of conduct at AMP which the royal commission has suggested breaches of the Corporations Act and ASIC Act and could result in criminal prosecution.
AMP’s advice boss will return to a new-look leadership line-up at the licensee level, following the quiet departure of Charter Financial Planning managing director Neil Swindells, exclusively revealed by ifa last week.
Mr Swindells said he was “angry and frustrated” at the “events of recent weeks” in what was likely a veiled reference to the evidence of misconduct uncovered by the royal commission during Mr Regan’s testimony.
Chris Digby, managing director of the SMSF Advice and Jigsaw Support Services businesses, has been appointed interim MD of Charter, while Mr Swindells has said he will retain some form of board advisory role with AMP advice practices.
Mr Regan will also return to a new boss, with former chief executive Craig Meller expediting his exit from the company and Mike Wilkins appointed interim CEO and executive chairman.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 22 Jan 2019Advice issues stem from writing of SOAs, says RafteryBy Adrian Flores
- 21 Jan 2019Federal Court winds up CFS Private WealthBy Eliot Hastie
- 22 Jan 20192.44m Aussies suffer from financial stressBy Sarah Simpkins
- 22 Jan 2019BT releases 6 ‘core’ managed portfoliosBy Eliot Hastie
- 21 Jan 2019Licence conditions placed on Sydney AFSLBy Adrian Flores
- 21 Jan 2019O’Dwyer steps down from politicsBy Adrian Flores
- view all