The executive who lost count of how many times AMP mislead ASIC has retired

SuppliedRoyal commissioner Kenneth Hayne
  • Jack Regan, a key AMP executive who appeared in the financial services royal commission, has retired.
  • It was Regan’s evidence about misleading corporate regulator ASIC that led to the resignation of CEO Craig Meller.
  • He will be replaced by former Credit Suisse executive Alex Wade as Head of Advice.

Jack Regan, the AMP executive who faced a grilling in the financial services royal commission, losing count of the number of times the company mislead corporate regulator ASIC over the fee for no service scandal, has turned his extended leave into retirement.

Regan, who had been appointed Head of Advice in 2017 to improve governance, had reportedly been on stress leave since giving evidence in April.

The revelations from his appearance at a commission hearing led directly to the resignation of Craig Meller as CEO and a public apology. Catherine Brenner also stepped down as chair.

During the hearing, Regan agreed that AMP made false statements to ASIC on at least 20 occasions.

Michael Hodge, senior counsel assisting the commission, told Regan that he would have to trust him on the number of times AMP had made false representation to ASIC because he had been keeping count.

Regan agreed that the company culture at AMP wasn’t “robust” and needed to significantly improve.

“There are reasons to be concerned, they show a culture not as robust as it should be,” he told the commission.

AMP today thanked Regan for his distinguished service, as it announced the appointment of former Credit Suisse executive Alex Wade as Group Executive, Advice, from January 7.

“I offer the warmest thanks to Jack Regan for his commitment to our advisers, customers and employees over his long service at AMP,” said AMP Chief Executive Francesco De Ferrari, who took up his role this week.

“After ten years leading AMP New Zealand, Jack took on the Group Executive, Advice and New Zealand, role in 2017, bringing his deep understanding of the advice industry to improve the governance and controls of the business.

“Jack is greatly respected across the advice industry and retires with the best wishes of everyone at AMP, including the many advisers across our network.”

De Ferrari says Wade will lead the continuing transformation of AMP’s advice business.

Wade says the industry is changing for the better and is committed to reaching new, higher standards of professionalism.

“AMP has been proactively transforming its business and developing new systems and technology to improve the advice process and strengthen governance, compliance and controls – all which results in an enhanced advice experience for customers,” he says.

“I am looking forward to meeting and getting to know our advisers, and working with Francesco to drive further change.”

Wade was most recently the Head of Developed and Emerging Asia for Credit Suisse Private Banking.

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