AMP's share price sunk to its lowest level in six years on Monday as the Hayne Royal Commission delved further into weaknesses in the company's financial planning and risk management practices.Pressure on the company's share price intensified as string of legal firms, including Slater & Gordon and Shine Lawyers, signalled they were actively considering class actions based on evidence aired at hearings of the royal commission.Counsel assisting Rowena Orr spent most of the afternoon questioning AMP's head of advice compliance, Sarah Britt, about how underperforming financial planners were managed within the Charter Financial Planning and the Genesys Wealth subsidiaries.Britt conceded that risk controls over the recruitment of a consistently underperforming financial adviser, Adam Palmer, had been "inadequate" and "deficient".Orr dedicated a large part of the hearing to matters relating to Palmer, a planner who was hired by Genesys as an authorised representative in 2013.Palmer joined the former AMP subsidiary from a company known as Australian Financial Services, which had been investigated by ASIC and had special conditions placed on its licence in 2011 as a result of misconduct by its advisers.Genesys failed to run checks on Palmer's role at AFS, including information relating to a complaint from a client that was heard and remediated by the Financial Ombudsman Service in 2011.Palmer was recruited to give advice to self-managed superannuation clients of Genesys despite not having qualifications.Orr: "It was inadequate, wasn't it, Ms Britt, to accept Mr Palmer's training in self-managed superannuation fund advice when it didn't come from a registered training organisation?"Britt: "Yes."Orr later highlighted cases where Palmer had advised self-managed superannuation clients even though he did not have accreditation.An internal audit of Palmer's advice to a couple seeking to buy an investment property and to set up an SMSF found a raft of problems, including a failure to disclose his conflict of interest stemming from a property advocacy company he owned.AMP failed to report Palmer's breaches to ASIC until after he left the company towards the end of 2014.Britt acknowledged that AMP had never provided training to Palmer during his time with Genesys even though internal auditors identified specific weaknesses in the advice he was giving to clients.Orr: "In your statement you explain the reasons why you think Mr Palmer provided inappropriate advice, and you say that the principal reason was his lack of understanding of his legal and policy obligations?"Britt: "Yes."Orr: "Specifically as they related to the best interests duty and related obligations?"Britt: "Yes."Orr: "But Mr Palmer didn't receive adequate training after he started with Genesys, did he?"Britt: "No, he didn't."Orr: "He never received best interests training, did he?"Britt: "No, he didn't."The Royal Commission heard that none of Palmer's client files from his time at Genesys have been reviewed despite the shortcomings identified by AMP in the advice he gave.Britt confirmed that none of Palmer's clients have been informed of AMP's concerns about how he performed his duties.AMP scrip closed down 13 cents, or 3 per cent, to A$4.17 on more than double the average daily volume for