Superannuation body urges actions again AMP bosses in light of possible criminal charges

AMP executives were put on notice by a superannuation fund industry body today as the financial services company faces the possibility of criminal charges.

The wealth management giant's entire board was told to "seriously consider" their positions after the Australian Council of Superannuation Investors (ACSI) urged its members to take action against three AMP directors.

The banking royal commission on Friday heard AMP could face criminal charges over a fees-for-no-service issue that came to light this week.

Senior counsel assisting the commission Rowena Orr QC outlined a series of possible misconduct findings against the wealth manager, including breaches of the Corporations Act that carry criminal penalties.

In response, the ACSI - representing 38 funds including AustralianSuper, REST and HOSTPLUS -  today instructed its members to vote against director election and remuneration resolutions at AMP's annual general meeting.

"We think it is appropriate that accountability for the events and conduct revealed over the past ten days rest with the board," ASCI chief executive Louise Davidson said in a statement.

"The statement from the Royal Commission today, recommending that AMP face criminal charges, only reinforces our view."

In light of the revelation, AMP has had $2.22 billion wiped from its market value in the past fortnight in response to the allegations.

Its share price closed on Friday at $4.02 - its lowest point since August 2012. The ACSI says its members own an average of 10 percent in all ASX200 companies.

First Super welcomed the decision and urged other super funds to fall into line.

"First Super... calls on the rest of the board to seriously consider their individual and collective positions," chief executive Bill Watson said.

AMP's AGM will be held on May 10.