Former IAG CEO Mike Wilkins has been appointed Executive Chairman of AMP, effective immediately.

He had already stepped in last week as Acting CEO, after Craig Meller quit after AMP admitted lying to the Australian Securities and Investments Commission (ASIC) for almost a decade about charging customers for advice that was never delivered.

Now Mr Wilkins has also taken up the responsibilities of non-executive chairman Catherine Brenner, who has resigned following revelations at the Hayne royal commission that the financial services group misled the corporate regulator.

AMP is under investigation for providing false information to ASIC, and individuals may face criminal charges.

AMP Group General Counsel and Company Secretary Brian Salter has also been forced out and his outstanding remuneration forfeited.

The board says in a statement that the directors and Ms Brenner were “unaware of and disappointed about” the extent of Mr Salter’s “interaction with Clayton Utz” during the preparation of a report on the fees-for-no-service issue.

The statement says the directors are satisfied they, Ms Brenner and Mr Meller did not act inappropriately in relation to the preparation of the Clayton Utz report.

The report was not a matter for the board’s approval, AMP says.

Mr Wilkins says AMP takes evidence presented at the royal commission seriously and “appropriate steps” are being taken to address it. The company will make a formal submission to the royal commission by May 4 responding to the matters raised.

AMP has reduced all fees for directors by 25% for the remainder of the calendar year in response to the issues raised in the royal commission on financial services misconduct.

It says it will determine consequences for employees responsible for the fees-for-no-service scandal following an external review.