AMP CEO retires immediately

In a statement AMP announced a number of measures in light of the revelation that it had lied to ASIC more than 20 times among other acts of misconduct.

AMP non-executive board director Mike Wilkins has been appointed acting CEO and will chair a review of the institution's advice business and governance issues.

Follow live as the royal commission financial advice hearings continue today: https://www.ifa.com.au/strategy/25404-royal-commission-financial-advice-hearings-live-blog