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.
Chair Catherine Brenner has also resigned, to be replaced by former CBA chief executive and Financial System Inquiry chair David Murray.
None of this was uncovered at the royal commission it was handed to them on a plate from a submission to them from AMP. Stop saying they uncovered it when they didn’t they just talked through what they already knew. To much fake news about what the RC “Uncovered” when they uncovered nothing
This highlights how poor Jack Regan was at the Royal Commission. AMP gave them the info and he still wasn’t across it very well.
still a ongoing investigation and wasn’t meant to talked about as per the RC terms of reference…. thats why he looked like a fool he just wasn’t prepared and shouldn’t be in the job.
I couldn’t believe how little Jack knew about what was going on at AMP given his role and $3 million salary. On what basis can this salary be justified given the damage done to AMP? I feel sympathy for the share holders and customers, not for over paid executives who take the money but don’t do the job
As someone who worked under Jack many years ago he is one of the managers that in my working life I have held in high regard for his professionalism and integrity. It is unfair to criticize someone who has recently taken over the role. For Jack to have been put through the stress of the RC without the prior knowledge of the arrangements that AMP had struck with ASIC years before, shows a lack of natural justice in the public attack that occurred in the RC and through various media comments. I too could be critical of some areas of AMP but show me any organisation / profession that is without fault.
I’m sure Jack Regan is a nice honorable person, but I think you are being a little naive that a Director of a business unit for over 12 months before appearing before the Royal Commission couldn’t get a grasp/understanding of what had been going on over previous years and be properly briefed (let alone having 12 months to start fixing issues!). He had about 6 months to prepare for the Royal Commission and add in the fact he was previously (a few years ago) Managing Director of Hillross and hence part of the advice/distribution executive team at AMP means he should have had a much better grasp of his division. He is either a very poor performer under pressure and/or not getting/understanding the issue that need addressing in his division. Either way, he really can’t stay on if AMP wants to start building any credibility with staff, financial planners, shareholders or advice clients.
It’s difficult to comment on this without looking like playing the man. And given he’s been on personal leave since the RC we need to be fair on the individual.
Having said that though it was abundantly clear at the RC that he was not across his portfolio and given a total rem package of circa $3M that’s not good enough. Perhaps it is more a reflection of poor management structure and understanding of the financial advice business and how closely it needs to be managed by AMP senior management. How can an individual return to a previous post that had so many problems?
AMP has always been the master of nepotism. It needs a major flush out of the rusted on nuts.