AMP’s Brian Salter denies wrongdoing, claims he learnt of sacking via ASX

AMP’s Brian Salter has defended his role in the fees-for-no-service affair and says he learnt of his sacking via the ASX.

AMP legal chief Brian Salter says he was “disappointed to learn from AMP’s stock exchange announcement” that AMP had removed him from his position. (Hollie Adams/The Australian)

AMP’s former top in house lawyer has defended his role in fees for no service scandal as he claimed he only learnt of his sacking from an announcement to the stock exchange this morning.

“I have not engaged in any wrongdoing,” Brian Salter, the group legal counsel for AMP said in a brief statement this afternoon.

The comment came just hours after Catherine Brenner resigned as chairman of the troubled $11bn financial giant and appeared to lay the blame at the feet of Mr Salter for a scandal that has placed the group at risk of criminal findings.

AMP said this morning that it was satisfied that Ms Brenner, former chief executive Craig Meller and the other directors “did not act inappropriately in relation to the preparation of a report by law firm Clayton Utz on AMP’s practice of charging clients advice fees even when no advice or service was given.

“The board, including the former chairman, were unaware of and disappointed about the number of drafts and the extent of the Group General Counsel’s interaction with Clayton Utz during the preparation of the report,” AMP said.

AMP has been under intense pressure since the banking royal commission’s counsel revealed the report provided to the Australian Securities and Investments Commission had been through 25 drafts and alleged the financial services giant committed crimes by lying to the corporate regulator over the affair.“The Board commissioned and received the report. It was not a matter for the Board’s approval.”

Mr Salter said AMP was entitled to seek legal advice from Clayton Utz and work with the firm in the preparation of its ‘fee for no service’ report.

Clayton Utz had stated publicly that its report and its independence were not compromised, Mr Salter said.

In his statement, Mr Salter said he was “disappointed to learn from AMP’s stock exchange announcement this morning that it had decided to end my employment as Group Legal Counsel.”

But AMP has disputed the claim about his departure. “AMP informed Mr Salter this morning before the ASX announcement that his employment was terminated,” the company said.