Former AMP CEO Craig Meller informed ASIC won’t take royal commission action against him

Former AMP CEO Craig Meller joins others cleared by ASIC of wrongdoing linked to revelations at the Hayne royal commission.

Former AMP CEO Craig Meller and former chairman Catherine Brenner have both received the ASIC all clear. Picture: John Feder for The Australian

Former AMP boss Craig Meller is the latest high-profile executive to be cleared of wrongdoing by the corporate regulator, in a “no action” notice related to Hayne royal commission revelations.

The Australian understands Mr Meller, who was the former AMP chief executive and an early casualty of the royal commission, was informed in recent months of a decision by the Australian Securities & Investments Commission not to proceed with any action.

The royal commission embroiled AMP in controversy as the wealth group was caught up in a broader scandal of charging customers fees where no services were provided and accused of providing too much input into an “independent” report prepared by Clayton Utz.

Some of AMP’s advisers were also highlighted as providing poor advice to customers as the royal commission delved into substandard practices in the financial planning sector.

Mr Meller brought forward his departure to April 2018 — after previously flagging he would step down by the end of that year — as AMP was hard hit by documents and testimony presented to the royal commission, which started that year.

Mr Meller declined to comment on the ASIC no action letter when contacted by The Australian, as did an ASIC spokesman.

Former AMP chairman Catherine Brenner was last month cleared of wrongdoing over the company’s fees-for-no-services scandal. She stepped down from the wealth group’s board within two weeks of Mr Meller.

Sources close to Mr Meller say he is happily retired and has no intention of re-emerging in corporate Australia.

While several former AMP executives and board members may be breathing a sigh of relief, the company is now reeling from a new set of scandals and ASIC is still pursuing it over matters fleshed out at the royal commission.

ASIC deputy chairman Daniel Crennan has warned AMP could face criminal action before the year’s end.

He said a number of AMP investigations were ongoing, with several matters referred to the Commonwealth Director of Public Prosecutions.

AMP has in the past two months faced an investor revolt over the conduct of two executives, which claimed the positions of chairman David Murray and board member John Fraser.

Boe Pahari, who was elevated to lead AMP Capital mid-year, has since been demoted due to a 2017 sexual harassment complaint, while Debra Hazelton has taken the reins as chairman.

Goldman Sachs and Credit Suisse are conducting a fresh strategic review of AMP’s businesses, including the potential sale of assets or the company in its entirety, depending on buyer interest.

The upheaval saw S&P Global Ratings on Monday lower credit ratings on AMP and its various entities.

“The AMP group faces increased risks of disruption to its strategic direction and its ability to effectively execute its strategy … these challenges weaken the overall creditworthiness of the group,” S&P analysts said, despite noting the outlook for the company was stable.

The long-term AMP group ratings were cut to BBB- from BBB, while its bank saw its long-term ratings fall to BBB. While AMP group saw its short-term ratings also lowered, the banking division’s short-term ratings were affirmed at A-2.

During the royal commission, AMP asserted Ms Brenner, Mr Meller and other directors had not acted inappropriately in relation to the preparation of Clayton Utz’s report.

National Australia Bank’s former executive Andrew Hagger was told in December that no action would be taken against him over his royal commission evidence.

Mr Hagger left NAB in 2018, and later became head of billionaire Andrew Forrest’s philanthropic Minderoo Foundation, as well as its investment arm.

The royal commission also claimed the jobs of former NAB chairman Ken Henry and former CEO Andrew Thorburn last year, after its final report included stinging criticism of the pair.