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Chief risk officer for AMP's advice division resigns

Pally Bargri resigned as chief risk officer for AMP Ltd.'s advice division, which is at the center of a misconduct scandal that has rocked the company, The Sydney Morning Herald reported May 17, citing Bargri's LinkedIn post and an AMP spokeswoman.

In his post, Bargri cited his "insufficient capacity" to meet the upcoming demands of the role. A spokeswoman for the troubled Australian financial services provider confirmed Bargri's resignation, saying he will leave the company in mid-July.

In April, Australia's banking royal commission said AMP's financial planning arm identified more than 500 planners who "had committed fraud, were dishonest or incompetent." Further, AMP admitted it made 10 false statements to the Australian Securities and Investments Commission and that its retirement scheme for external advisers was designed to incentivize the sale of AMP's products over those of other banks. Following the revelations, the company's CEO and chairman resigned in April. Further, three AMP directors announced plans in May to step down.