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APRA criticized for & # 39; absolutely inappropriate & # 39; AMP rent

They included that the regulator made more intensive management and cultural assessment of CBA style by regulated entities, and gained the power to veto the appointment of directors and managers.

Kenneth Hayne, who led the royal commission in the financial services sector, this week waded in and publicly supported all the recommendations of the APRA Capacity Review, particularly the CBA style reviews.

It was Commissioner Hayne's first public comment since his final report was released in February.

  Duty became the watchword for Commissioner Kenneth Hayne.

Duty became the word of commissioner Kenneth Hayne. Credit: AFR

Allan Fels, a former top competition rules and experienced public employee, criticized the appointment. "It's totally inappropriate," he said. Fels said he was surprised that APRA would appoint someone from a unit that is not known for its law enforcement culture. "In addition, taking such a role in such a large organization will make it difficult to be excused for issues that directly and indirectly affect AMP," he said.

Another former senior regulator, who asked not to be named, said he was shocked APRA would appoint someone from an organization that undoubtedly performed the worst on the royal commission.

"This will not help APRA's image problem," he said. "A more appropriate answer would be to review the capacity and look at it in light of it to see if it is a smart and responsible thing to do. In other words, watch such an important position on hold," he said.

APRA was also sent a series of questions, including how it proposed to deal with any conflicts with AMP. The answer was short. The regulator said it would try to deal with any conflicts by ensuring that McCann would not deal with any issues involving AMP in a year after she started in APRA. It said that the decision to appoint her was "an APRA decision" and that "APRA is hiring for abilities and experience." It said that a start date had not yet been confirmed, but that the latter would be the end of the year.

Ms McCann refused to comment.

She joined AMP in 2016 as head of legal, financial products and solutions, where she was responsible for the legal side of super, life insurance and platforms. It was her second stint on the AMP. She had previously worked legally at AMP Capital services between 2006 and 2008.

In January 2018, she was promoted to the AMP Director General for Financial Advisory, and worked for the head of the Jack Regan Division, who headed in April 2018 when he told the royal commission that he had lost count how many times the AMP had misled the company's regulator in charges of no scandal for services.

  AMP's former chairman left the fallout from the royal commission.

AMP's former chairman left the fallout from the royal commission.

Mrs McCann's resignation was quietly announced internally at AMP on June 24, including six months of notice.

The appointment has caused serious concern among employees of AMP and APRA given the size of the role of the regulator and they experienced conflicts of interest by hiring a key executive from an organization that was attacked under the Royal Commission for systemic misconduct and overt disregard. [19659002] The case of the revelations of the royal commission triggered myriad class action against AMP, leading to the loss of half the company's board, including its former leader Catherine Brenner, CEO Craig Meller and chief executive Brian Salter. It also caused a bloodbath in AMP's share price.

AMP's reputation was severely damaged during the Royal Commission after it was found to have deliberately received customers in a massive fee for no service & # 39; scandal, several times lied to the regulator and had slowed down Remedy customers when they set up roadblocks to postpone the payout.

It is understood that Mrs McCann has had recent deals with ASIC on AMP customer redevelopment processes.

There is nothing to suggest that McCann has done anything wrong with AMP. But the appointment will restore the debate on the revolving door between private sector leaders and regulators.

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