Banking royal commission: AMP board members tipped to resign

AMP chairwoman Catherine Brenner is expected to resign today in the wake of damning allegations to emerge from the banking royal commission.

AMP faces possible criminal charges after the commission heard it deliberately and unlawfully continued charging fees to "orphan" clients for three months despite them not receiving advice services.

The commission also heard an independent report into the activity went through 25 draft versions, with changes made by the company. 

AMP is expected to report to the Australian Stock Exchange before trading starts this morning about resignations and a shake-up to avert a shareholder revolt.

The company’s board met last night and it is understood the future of embattled chairwoman Brenner was discussed.

The meeting follows the resignation of CEO Craig Meller last week.

Mr Meller, who had been set to retire at the end of the year, insisted he did not know about the behaviour but acknowledged that he was ultimately responsible.

Industry groups and politicians are lining up to call for blood at Australia's oldest life insurance company.

"There are consumers that have had their lives ruined by the poor practices with AMP," First Super CEO Bill Watson said.

"If the board had any decency, they would resign and they would resign today."

AMP lost $2.2 billion in market value during the two-week hearing into the financial planning industry.