More than $600 million was slashed from AMP’s market capitalisation on Tuesday after the banking royal commission heard AMP lied or misled the Australian Securities and Investments Commission about its business practices on 20 occasions, which resulted in clients being charged fees for services they didn’t receive.

The company’s shares were down another nine cents, or two per cent, at $4.46 at 1210 AEST on Wednesday, their lowest level since November 2016.

AMP group executive for advice, Jack Regan, on Tuesday admitted one letter to ASIC claimed clients were at fault for being charged ongoing fees when in some cases it was the result of a conscious effort by AMP.

The inquiry heard AMP deliberately and unlawfully continued charging fees to “orphan” clients for three months despite them not receiving advice services.

The company presented an independent report to ASIC last year as a follow up to the activity, but only after it went through 25 draft versions and a series of changes from senior executives and the board.

On Wednesday AMP apologised “unreservedly” to customers, the regulator and the broader community.

“AMP is deeply disappointed that its advice business has charged customers fees where service has not been provided and for misleading the regulator in this regard,” the company said in a statement.

“AMP has prioritised the remediation of customers affected by the issues discussed in the royal commission yesterday.”

The wealth management giant and the nation’s big four banks have paid almost $219 million in compensation to more than 310,000 financial advice customers charged fees for no service.

More than 15,700 AMP customers have been paid a total of about $4.7 million.

Treasurer Scott Morrison on Wednesday said the revelations about AMP were “deeply disturbing”.

“I am very reassured by the fact that these matters were already being pursued by ASIC and will continue to be pursued by ASIC,” Morrison told reporters.

– AAP