AMP announced new leadership of its advice business, replacing Jack Regan.
After 20 years, Regan is retiring from the group. He has been on extended leave since his damning appearance at the Royal Commission in April this year.
He has been replaced by former Credit Suisse Private Banking head of developed and emerging Asia, Alex Wade. Wade will take on the role of group executive, advice and New Zealand.
Wade will report directly to Francesco De Ferrari who commenced as AMP's new chief executive this week. De Ferrari also joined from Credit Suisse's Private Banking division.
Though AMP and the wider industry faced great scrutiny this year, Wade said he is delighted to be joining the organisation.
"The industry is changing for the better and it is committed to reaching new, higher standards of professionalism. AMP has been proactively transforming its business and developing new systems and technology to improve the advice process and strengthen governance, compliance and controls - all which results in an enhanced advice experience for customers," he said.
De Ferrari described Wade as a talented leader and strategic thinker, who will bring valued experience and relationships to AMP's advice business.
"The financial advice industry in Australia is in the process of renewal, and AMP and Alex will play a prominent role in driving this change. We firmly believe that financial advice is essential for helping people manage their finances, and plan for retirement," he said.
While Regan was on leave, director of channel performance and growth David Akers acted in the lead advice role and De Ferrari thanked him for doing so.
At the same time, De Ferrari gave thanks to Regan for his service to the group.
"After 10 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," De Ferrari said.
Regan is greatly respected across the advice industry and is retiring with the best wishes of everyone at AMP, he added.
Regan appeared as part of the Royal Commission's second round looking into the financial advice sector. In testifying, Regan admitted misconduct within AMP's advice business, including deliberately misleading ASIC, the conscious ongoing charging of fees for no service and that shareholder's interests were prioritised above clients'. He even apologised to clients on behalf of the wealth giant while in the box.
His testimony kicked off what can only be described as a woeful year for AMP, with chief executive Craig Meller and AMP board chair Catherine Brenner both resigning. AMP's stock price has almost halved since April and is currently priced at $2.40 a share; it was $4.76 at the time of Regan's appearance.