Head of AMP’s financial advice lost count of the number of times the company misled the corporate regulator.

The focus of the Banking Royal Commision has been on the practice of charging customers a fee but failing to provide a service.

Testifying before the commision, Anthony Regan admitted ASIC was repeatedly misled about the extent of the problem.

The company’s shares have also tumbled by 4% after the financial services giant admitted it ripped-off customers to boost its bottom line.

He says affected clients have been compensated, and the company’s culture is changing.

Listen to Ross Greenwood’s update below