Newly-appointed AMP chief executive Francesco De Ferrari has conceded that serious mistakes have been made at the embattled wealth manager but says the flashpoint of the "fees for no service" scandal points to systemic issues across the entire financial services sector.
Mr De Ferrari began Australia's most challenging role earlier this week as AMP braces for the final report from the financial services Royal Commission after the revelations about misconduct trashed the company's reputation and shredded its market value.
In his first broadcast interview since joining AMP, Mr De Ferrari speaks with the ABC's Peter Ryan.
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