The Royal Commission into banking has taken a major scalp today as AMP CEO Craig Meller resigned with immediate effect.

It comes as the Commission heard the insurance giant lied to ASIC on 20 occasions.

Today, the Commision heard how a Westpac financial adviser only signed up clients to meet his revenue targets.

It cost the bank more than $2 million in compensation payments to 91 customers.

The Opposition is now blaming the government for holding off calling a commission for so long.

Nationals Senator John ‘Wacka’ Williams, who’s been calling for a Royal Commision from day one, tells Chris Kenny he’s been vindicated.

The Senator has been uncovering wrongdoing among the major banks and financial advisors for years and says “it’s a trainwreck”.

“There’s more to come, Chris, I have no doubt about that.

“This lying to ASIC, to the corporate watchdog, that is unreliable.”

Listen to the full interview below