Former AMP advice lead sues The Australian

Former AMP head of advice Jack Regan has launched defamation proceedings against The Australian claiming an article published by the news outlet inferred he misled the Australian Investments and Securities Commission (ASIC).

Regan claimed the article, which was published back in January this year, falsely implied he had misled the corporate watchdog during the Hayne Royal Commission into banking and financial services.

According to the Statement of Claim - filed in the Federal Court and seen by Financial Standard - Regan claims the article implied he had personally admitted to misleading ASIC over charging for advice not delivered.

Further, Regan claims The Australian misreported the evidence he gave at the Royal Commission, and he was never approached by the news outlet prior to the publication.

While Regan did take the stand and appear as a witness for AMP during the Royal Commission, he purports that the allegations over misleading ASIC were aimed at AMP as a company, not him personally.

Regan said the publication of the article has caused, or is likely to cause, serious harm to his reputation due to the seriousness of the imputations and the fact that they speak to his professional reputation.

The court documents claim Regan has suffered "substantial distress, embarrassment and hurt" as a result of the publication.

Regan has hired legal heavyweights Sue Chrysanthou and Craig Osborne to represent him in the matter.

Regan worked for AMP for 20 years before stepping down after his appearance at the Royal Commission, where he apologised to clients on behalf of the wealth giant.

He was then replaced by former Credit Suisse Private Banking head of developed and emerging Asia, Alex Wade.

Wade then departed the group suddenly after less than two years, following a story which appeared in the Australian Financial Review alleging misconduct.