Invest
Chairman of financial services giant steps down
In the wake of the royal commission’s revelations, the chairman of a major financial services giant has resigned, effective immediately.
Chairman of financial services giant steps down
In the wake of the royal commission’s revelations, the chairman of a major financial services giant has resigned, effective immediately.

AMP chairman Catherine Brenner announced her exit this morning. It follows the departure of AMP CEO Craig Meller on 20 April.
Ms Brenner said she is “deeply disappointed by the issues at hand”, but acknowledged that as chairman she is responsible for governance at AMP.
“I have always sought to act in the best interests of the company and have been in discussions with the board about the most appropriate course of action, including my resignation.
“The board has now accepted my resignation as chairman as a step towards restoring the trust and confidence in AMP.”

Mike Wilkins, chairman of AMP’s Risk Committee, will step in as executive chairman as AMP undertakes the process of appointing a new non-executive director and chairman.
Group general counsel and company secretary Brian Salter will also leave AMP and will not receive his deferred remuneration.
In announcing the movements, the AMP board also recognised that it had “collective governance accountability” for the issues raised during the royal commission and their associated impact on AMP’s reputation.
As such, the board said it would reduce fees for all AMP Limited board directors by 25 per cent until the end of 2018.
The departures from AMP come amid claims AMP charged some customers fees for services they did not receive, and concerns that a review of AMP's buyer of last resort (BOLR) policy, conducted by commercial law firm Clayton Utz, was "materially incorrect" and intended to deceive the corporate regulator, ASIC, as counsel assisting, Rowena Orr QC raised.
Ms Orr also advised commissioner Ken Hayne that AMP could have contravened the Corporations Act and the ASIC Act. Both contraventions carry criminal penalties.
The interim executive CEO, Mr Wilkins said this morning: "The board acknowledges Catherine’s leadership and thanks her for her professionalism, integrity and dedication to the company over the past eight years. We will now begin a process of board renewal, including fast-tracking selection of a chairman, and a new director. This process will help ensure stability and further strengthen governance.
“AMP respects the royal commission process. I can assure you that the evidence and submissions presented by counsel assisting are being treated extremely seriously by the board. Appropriate steps are being taken to address the issues raised, and remediating our customers is being given utmost priority.
"On behalf of the board, I reiterate our sincerest apology to our customers, and know we have significant work to do to rebuild their trust.”

Property
First‑home buyers now anchor Australia’s mortgage growth — but the risk maths is changing
Great Southern Bank’s revelation that nearly one in three of its new mortgages went to first‑home buyers is not an outlier. It is the leading edge of a broader market realignment powered by government ...Read more

Property
Home guarantee scheme shake-up challenges Australia’s housing market players
From 1 October 2025, the expanded Home Guarantee Scheme (HGS) materially widens what first-home buyers can purchase and where. By sharply lifting price caps and relaxing eligibility settings, the ...Read more

Property
GSB’s first‑home buyer play: turning policy tailwinds into market share
Great Southern Bank’s latest results show that nearly one in three of its new mortgages now go to first‑home buyers—evidence of a fast‑moving market reshaped by government guarantees, easing rates and ...Read more

Property
Why investors are fleeing and renters are scrambling in Australia's housing maze
Australia’s rental market is tightening even as individual landlords sell down. New data points to a multi‑year investor retreat tied to higher holding costs and regulatory uncertainty, while prices ...Read more

Property
Australia's 5% deposit guarantee: Unlocking gains while balancing risks in the market share race
Can a bigger government guarantee fix housing access without fuelling prices? Australia is about to find out. The Albanese government’s expanded 5% deposit pathway aims to help 70,000 buyers, remove ...Read more

Property
Australia's bold move the 5% deposit scheme shaking up the housing market
Can a government guarantee replace lenders mortgage insurance without inflating prices or risk? Canberra’s accelerated 5% deposit scheme is a bold demand-side nudge in a supply‑constrained marketRead more

Property
When rates drop but stress sticks: exploring Australia's mortgage arrears dilemma
Headline numbers suggest arrears ease as rates come down. The reality in Australia is messier: broad measures dipped into mid‑2025, yet severe delinquencies and non‑bank portfolios remain under ...Read more

Property
Property advice goes rogue as risks and opportunities knock on every door
A warning from the Property Investors Council of Australia has put a spotlight on the surge of unlicensed financial advice around property strategies. This is no niche compliance issue—it’s a ...Read more

Property
First‑home buyers now anchor Australia’s mortgage growth — but the risk maths is changing
Great Southern Bank’s revelation that nearly one in three of its new mortgages went to first‑home buyers is not an outlier. It is the leading edge of a broader market realignment powered by government ...Read more

Property
Home guarantee scheme shake-up challenges Australia’s housing market players
From 1 October 2025, the expanded Home Guarantee Scheme (HGS) materially widens what first-home buyers can purchase and where. By sharply lifting price caps and relaxing eligibility settings, the ...Read more

Property
GSB’s first‑home buyer play: turning policy tailwinds into market share
Great Southern Bank’s latest results show that nearly one in three of its new mortgages now go to first‑home buyers—evidence of a fast‑moving market reshaped by government guarantees, easing rates and ...Read more

Property
Why investors are fleeing and renters are scrambling in Australia's housing maze
Australia’s rental market is tightening even as individual landlords sell down. New data points to a multi‑year investor retreat tied to higher holding costs and regulatory uncertainty, while prices ...Read more

Property
Australia's 5% deposit guarantee: Unlocking gains while balancing risks in the market share race
Can a bigger government guarantee fix housing access without fuelling prices? Australia is about to find out. The Albanese government’s expanded 5% deposit pathway aims to help 70,000 buyers, remove ...Read more

Property
Australia's bold move the 5% deposit scheme shaking up the housing market
Can a government guarantee replace lenders mortgage insurance without inflating prices or risk? Canberra’s accelerated 5% deposit scheme is a bold demand-side nudge in a supply‑constrained marketRead more

Property
When rates drop but stress sticks: exploring Australia's mortgage arrears dilemma
Headline numbers suggest arrears ease as rates come down. The reality in Australia is messier: broad measures dipped into mid‑2025, yet severe delinquencies and non‑bank portfolios remain under ...Read more

Property
Property advice goes rogue as risks and opportunities knock on every door
A warning from the Property Investors Council of Australia has put a spotlight on the surge of unlicensed financial advice around property strategies. This is no niche compliance issue—it’s a ...Read more