April 19, 2018 / 10:19 PM / a year ago

Australia's AMP apologises for advice arm's misconduct, CEO steps down

April 20 (Reuters) - AMP Ltd on Friday apologised for its misconduct and failures in regulatory disclosures in the advice business, and said its Chief Executive Craig Meller would step down immediately.

AMP’s apology came after a judicial inquiry said AMP lied to the country’s corporate watchdog for almost a decade to cover its widespread practice of charging customers earlier this week.

Mike Wilkins, a non-executive director of the company has been appointed as acting CEO, the company said in a statement. (Reporting by Susan Mathew in Bengaluru)

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