The CEO of AMP bank is stepping down immediately, prompted by this week's devastating revelations that AMP had misled the regulator ASIC about charging customers for services that were never delivered.

Craig Meller had earlier planned to step down at the end of the year, but that has been accelerated after this week's royal banking commission hearings in which AMP admitted lying to ASIC for almost a decade.  The bank's share price took a hit as a result.

Meller issued a statement:  "I am personally devastated by the issues which have been raised publicly this week, particularly by the impact they have had on our customers, employees, planners and shareholders," he said.  "This is not the AMP I know and these are not the actions our customers should expect from the company.

"I do not condone them or the misleading statements made to ASIC," he continued.  "However, as they occurred during my tenure as CEO, I believe that stepping down as CEO is an appropriate measure to begin the work that needs to be done to restore public and regulatory trust in AMP."

Meller's head probably won't be the only one to roll.  There is reportedly pressure growing on Chairman Catherine Brenner so step down, and AMP corporate counsel Brian Salter has agreed to take leave.

AMP has identified more than 15,000 customers who were charged fees for advice that was never given.  The bank issued $4.7 Million in refunds, so far.