The commission found AMP had repeatedly misled ASIC over its practice of charging customers fees for services they did not receive.

Senior AMP figures, including board chair Catherine Brenner, requested changes to an "independent" report into the matter prepared by law firm Clayton Utz.

AMP said chief executive Craig Meller would step down and non-executive director Mike Wilkins, former chief executive of IAG, would take over while his replacement was found.

An immediate, comprehensive review of AMP’s regulatory reporting and governance processes will be undertaken.  This work will be overseen by a retired judge or equivalent independent expert who will be appointed imminently.

A board committee has been established to review the issues related to the advice business raised in the commission’s inquiries. 

General counsel Brian Salter has agreed to take leave while the review is undertaken. 

AMP will be making a submission to the royal commission to respond to the issues raised.  The submission will address the issue of the independence of the  Clayton Utz report.

The board will withdraw resolution four from its Notice of Meeting to the 2018 Annual General Meeting, which relates to an equity grant for the chief executive.

Work is already under way to refund customers - $4.7 million in fees has been returned to date.

An external review to ensure all fee for no service business practices have ceased is now complete. 

AMP is also conducting an independent investigation into employee conduct.  Based on the review’s findings, the board will determine the employment and remuneration implications for any relevant individuals around the fee for no service matter.

It is carrying out a review and complete overhaul of governance, systems and processes in the advice business, an enterprise-wide cultural audit conducted by an external consultant and an enterprise-wide review of risk governance, controls and culture also conducted by an external consultant.

Brenner said: “AMP apologises unreservedly for the misconduct and failures in regulatory disclosures in our advice business.  The Board is determined that we will meet these challenges head on, accelerating changes in both culture and performance at AMP.

“We have been driving much-needed change and improvement in our advice business, which has undergone significant leadership and governance renewal over the past year but we know we have much more to do to.”

Meller said: “I am honoured to have been the CEO of AMP.  I am personally devastated by the issues which have been raised publicly this week, particularly by the impact they have had on our customers, employees, planners and shareholders.  This is not the AMP I know and these are not the actions our customers should expect from the company.

“I do not condone them or the misleading statements made to ASIC.  However, as they occurred during my tenure as CEO, I believe that stepping down as CEO is an appropriate measure to begin the work that needs to be done to restore public and regulatory trust in AMP.”

AMP in New Zealand has distanced itself from the debacle across the ditch.

"I know how disappointed we all are in response to the behaviour that is the subject of the Royal Commission in Australia," said general manager advice and sales Therese Singleton, in a note to advisers.

"In New Zealand, we operate within a different regulatory and governance framework, with different operating and distribution models. We continue to maintain an open and transparent relationship with New Zealand regulators – the FMA and RBNZ.

"We are deeply committed to upholding good conduct and our primary responsibility is to maintain the integrity of our business and operations in the best interests of our customers and the community more broadly. That is what together we continue to be focused on."