AMP has appointed former Commonwealth Bank chief David Murray as its independent chairman, just days after Catherine Brenner resigned.

Mr Murray, who was also chairman of the Future Fund and led the 2014 Financial System Report, will take on the role on or before July 1, leaving executive chairman Mike Wilkins to return to the position of interim chief executive.

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Mr Murray and Mr Wilkins will lead the search to replace CEO Craig Meller, who along with chair Ms Brenner, resigned after AMP told the banking royal commission it charged customers for advice they never received and lied about it to regulators.

"We're delighted to welcome a person of David Murray's outstanding calibre to the chairman's role. His appointment brings strong and experienced leadership to the company, strengthening our governance and our commitment to change," executive chairman Mike Wilkins said.

"David has deep experience of financial services, particularly banking and wealth management, as well as the industry's regulatory environment through his leadership of the Financial System Inquiry. He brings a strong risk mindset and a clear appreciation of community expectations for AMP as well as the wider financial services industry.

"This is part of the reset that is necessary for the company and I look forward to working with David, the board and management to rebuild public confidence in the company and to restore shareholder value."

Mr Murray's appointment comes after law firm Phi Finney McDonald announced it was preparing a class action against AMP following revelations that the financial services giant misled investors and breached continuous disclosure obligations.