There's been another high level resignation from within Australia's beleaguered banking and financial sector.
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Financial services company AMP has announced this morning that its board chair Catherine Brenner had stepped down.
It followed the resignation of AMP's chief executive Craig Meller last week after the company, along with the country's major banks, came under harsh scrutiny and criticism from Australia's Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.
Damning evidence was given about misconduct by AMP staff which included practices such as charging customers fees for advice that was never delivered.
The commission said AMP could also face criminal penalties for misleading regulator ASIC.
In a statement, the financial services company said directors would take a 25 percent pay cut for the remainder of 2018 as a result of the issues raised at the commission.
It said it was still considering "employment and remuneration consequences" for those staff directly involved in charging fees for no services.
Mike Wilkins has been appointed as executive chair of the financial services company, effective immediately.
Brian Salter, the group general counsel and company secretary, will also be leaving AMP, the company said in a statement.
Mr Salter would not receive his "deferred remuneration" - bonuses and incentives - "as a result of the board exercising its discretion".
- ABC
