The Australian Prudential Regulation Authority (APRA) has accepted an enforceable undertaking (EU) from former Trio Capital director Keith Finkelde, barring him from acting as a trustee investment manager or custodian of an APRA-regulated super fund for six years.
Finkelde was a non-executive director of Trio from April 2007 until Trio’s collapse in December 2009 and was a member of the investment committee from July 2008 to December 2009, APRA stated.
APRA had been concerned Finkelde failed to carry out his duties properly as a director of a superannuation trustee, and APRA deputy chairman Ross Jones said the acceptance of the enforceable undertaking was an appropriate resolution of the matters between Finkelde and APRA.
Finkelde is the fourth Trio director to give an enforceable undertaking to APRA following APRA’s investigation into the collapse of Trio, after former chief executive Rex Phillpott (15 years) former chairman David Andrews (10 years) and Natasha Beck (two to four years) previously offered EUs to the regulator.
Finkelde has also previously entered into an EU with the Australian Securities and Investments Commission barring him from the financial services industry for four years.
