AMP Advice risk chief departs

The chief risk officer at AMP's embattled financial advice business has resigned.

Pally Bargri has departed his post as AMP Advice chief risk officer, stating he does not have the capacity required to help steer the under fire wealth manager through the challenging times which lay ahead.

Bargri announced his departure in a social media post earlier this week.

"Having reflected very deeply about how I feel; what's most important to me and why; I announced earlier today my resignation from AMP," Bargri said.

"I am immensely proud of all that my teams and I have achieved, and the privilege and honour I've had of working with some intelligent, committed and loyal people.

"And when I think of where I'm personally at, and the energy and commitment the organisation needs from me now, I conclude that I have insufficient capacity to carry through the important task of navigating the days and months ahead."

An AMP spokesperson confirmed his departure in a statement today.

"Pally Bargri has resigned and will leave AMP in mid-July. Pally has been with AMP for over four years, focused on delivering a new approach to compliance for the advice business. An internal and external search process has commenced, led by chief risk officer Jenny Fagg," AMP said.

Bargri is the latest in a series of former AMP leaders to leave the business as it faces intense scrutiny following revelations during the financial advice round of the Royal Commission.

Earlier this week AMP was hit with its third proposed class action lawsuit over shareholder losses due to the Royal Commission findings.

In other news, digital advice experience AMP Goals 360 has been awarded Best in Class for Design Strategy at the 60th anniversary of the Good Design Awards.

Read more: AMP AdvicePally BargriRoyal CommissionJenny Fagg
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