AMP chief risk officer for advice departs

AMP chief risk officer for advice departs

AMP's chief risk officer for advice is the latest executive to depart the embattled financial institution which is reeling from revelations from the royal commission.

In a post on LinkedIn made on 15 May, Pally Bargri announced his resignation from the business after four years with the company.

“Having reflected very deeply about how I feel, what’s most important to me and why, I announced earlier today my resignation from AMP,” he said.

Revelations from round two of the banking and financial services royal commission have already seen AMP lose its chief executive, its chairperson and group general counsel as well as three board directors.

The company is also battling class action law suits, scathing reports from research houses, averse fund managers, and tumbling stock prices as a result of the royal commission.

Mr Bargri said: “I am immensely proud of all that my teams and I have achieved, and the privilege and honour I’ve had working with some intelligent, committed and loyal people.”

He added that he did not believe himself to be equipped to guide AMP’s advice arm through the challenges it will face in the coming months.

“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 insufficent capacity to carry through the important task of navigating the days and months ahead,” he said.

“Perhaps the ambiguity of what I’ll do next, and the uncertainty about the opportunity that lies ahead, is a nice challenge to have. But for now, I look forward to sharing all I have with my two girls, as I begin to contemplate what may be next.”

A spokesperson from AMP told InvestorDaily sister title ifa that Mr Bargri will leave the business in mid-July, and that an internal and external search for a replacement – led by chief risk officer Jenny Fagg has already commenced.

During his tenure with the business, Mr Bargri focused on “delivering a new approach to compliance for the advice business”, and was involved in efforts to strengthen AMP’s governance, remediation and audit approaches, the spokesperson said.

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