AMP Chairman Catherine Brenner Quits as Scandal Fallout Widens

• April 29 2018
• Jason Scott

Catherine Brenner quit as chairman of AMP Ltd. after the wealth manager admitted it misled the regulator over charging customers for services they didn’t receive.

Catherine Brenner quit as chairman of AMP Ltd. after the wealth manager admitted it misled the regulator over charging customers for services they didn’t receive.

Brenner will be replaced by Mike Wilkins, who is also acting chief executive officer, according to a statement Monday. She’s the second senior AMP figure claimed by an inquiry into the nation’s financial industry, following Craig Meller’s resignation as CEO on April 20.

In other steps, AMP said:

• It will cut directors’ fees by 25% for the rest of 2018
• General Counsel Brian Salter will leave the company

For more on the fallout from the banking inquiry, click here

The inquiry has exposed a litany of failings at Australia’s biggest financial firms, including charging fees without providing a service, extracting fees from dead people and misleading the regulator. AMP, along with Westpac Banking Corp. and Commonwealth Bank of Australia, may have broken the law on multiple occasions over their mistreatment of customers, the inquiry was told on Friday.