TheAustralian Prudential Regulation Authority(APRA) has disqualified another former Commercial Nominees of Australia Ltd (CNAL) director from acting as a responsible officer of a superannuation trustee, investment manager or custodian and has rulings pending on two others.
Ex-CNAL director Peter Cain was disqualified under the Superannuation Industry Supervision (SIS) Act1993 based on the fact that he failed to exercise a reasonable degree of care and diligence in ensuring that CNAL carried out its trustee duties, though APRA found no incidence of dishonesty.
APRA senior legal manager Tom Galloway says the reason the case for this particular ex-director has only just been ruled on is largely due to Cain’s very detailed and comprehensive submission, which in turn required a detailed response from the regulator.
CNAL’s superannuation fund lost members in excess of $30 million.
Other ex-directors disqualified by APRA include Andrew Skinner, Erica Robinson, Anthony Hall, Ross Honeyman and Carl Hanich. The regulator is also considering the disqualification of other ex-CNAL directors.
Cain has 21 days from the date of notice in which to appeal. If Cain does appeal but is still dissatisfied with the outcome, he may appeal to the Administrative Appeals Tribunal.
