APRA bans two trustees
TheAustralian Prudential Regulation Authority(APRA) has banned two Melbourne-based trustees from the industry after a number of serious Superannuation Industry Supervision Act 1993 (the SIS Act) breaches.
Cleo Antoniou and George Stavros, who were both directors of SSARB, the corporate trustee of the Melbourne-based SSARB Superannuation Fund, have been given lifetime bans which became effective on May 18.
The pair have been disqualified from acting as trustees, investment managers or custodians of an APRA-regulated superannuation entity or as responsible officers of a trustee, investment manager or custodian of an APRA-regulated superannuation entity.
APRA determined that they were both directors of SSARB when it contravened various provisions of the SIS Act 1993, and that the number and seriousness of those contraventions provided the regulator with sufficient grounds for their disqualification.
In announcing the disqualifications, APRA deputy chairman, Mr Ross Jones, said the peak regulator’s primary concern had been to ensure that the interests of the fund’s members had been protected.
Meanwhile earlier in the week APRA banned a Perth-based auditor from acting as an approved auditor of superannuation entities regulated under the SIS Act.
APRA says Kelvin Roehr, auditor for the Strategic Capital Superannuation Fund for the 2000-2001 financial year had failed to adequately and properly conduct the fund’s audit under SIS.
The regulator also found that Roehr was not qualified to act as an approved auditor and was in breach of the act.
AUTHOR
Craig Phillips
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