AMP hires expat banker to lead advice business

Pedro Gonçalves
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AMP hires expat banker to lead advice business

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.

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

Regan, who had been appointed head of advice in 2017 to improve governance, had 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.

The  170-year-old firm has appointed Alex Wade has his replacement. Wade will report to AMP chief executive Francesco De Ferrari who joint the company a few months ago and will lead the continuing transformation of AMP's advice business. 

De Ferrari will also have to rebuild AMP's reputation, as the financial services giant is mired in a major scandal over misleading customers and lying to the Australian regulator. "I'm confident we can earn back trust which will underpin the recovery of business performance", he said two months ago.

Until October, Wade was head of developed and emerging Asia at Credit Suisse's private bank.

AMP thanked Regan for his distinguished service, as it announced the revamp.

"I offer the warmest thanks to Jack Regan for his commitment to our advisers, customers and employees over his long service at AMP," said  De Ferrari.

"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."