AMP continues to experience fallout from the royal commission as the managing director of its Charter Financial Planning subsidiary steps down.
In a letter to authorised representatives, obtained by InvestorDaily sister title ifa, Neil Swindells announced it is “time for change” and that he is “stepping down from the day-to-day management of Charter”.
Having been appointed to the role following a restructure of the AMP dealer group leadership in March 2017, Mr Swindells claims in his letter that his tenure as managing director of Charter was always intended to be “short-term”.
However, he also makes clear that “recent events” played a role in the decision – likely a veiled reference to the royal commission which has seen AMP accused of criminal breaches.
“You may ask why now? It’s no secret that I have been extremely disappointed, angry and frustrated by recent events. I accept that my timing is not great, but it is the right time for me.”
Mr Swindells’ resignation follows that of AMP chief risk officer for advice, Pally Bagri for similar reasons. Mr Bagri said he did not have the requisite energy needed for the reputation rebuild following the evidence uncovered by the commission.
Chris Digby, managing director of AMP’s SMSF Advice and Jigsaw Support Services subisdiaries – and a former MD of Hillross – will take the reins at Charter, according to the letter.
The letter from Mr Swindells indicates he will retain a position within the AMP network, continuing to serve on his “current practice board directorships” and continuing to “support the advice leadership team”.
It also follows the resignations of chief executive Craig Meller, chair Catherine Brenner, and group general counsel Brian Salter.
Magellan chairman and CIO Hamish Douglass has said he’s not afraid of missing out on a “short-term market rally” and that mutant virus...