AMP chair should go: Labor

Opposition finance spokesman Jim Chalmers believes AMP chair Catherine Brenner should do the right thing and resign after the "horrible" revelations coming out of the banking royal commission.

"If board accountability is to mean anything, then I think the chair of the company should take responsibility and that means resigning," Dr Chalmers told Sky News on Sunday.

The AMP board is reported to be holding a crisis meeting on Sunday.