APRA shuts down CNAL directors

superannuation-fund-members/APRA/trustee/superannuation-industry/administrative-appeals-tribunal/investment-manager/

14 February 2003
| By Jason |

THEAustralian Prudential Regulation Authority(APRA) has disqualified two former directors of Commercial Nominees of Australia (CNAL) from acting as responsible officers, taking the total number of people disqualified in relation to the failed super trustee group to five.

Ross James Honeyman and Carl Peter Hanich were disqualified from acting as responsible officers of a superannuation trustee, investment manager or custodian due to their lack of fitness or propriety under the Superannuation Industry (Supervision) Act.

The two directors join Andrew Bryden Skinner, Erica Jane Robinson and Anthony David Hall, all former directors, who were disqualified late last year for their actions surrounding the failure of CNAL.

Superannuation fund members lost more than $30 million as a result of CNAL’s collapse in 2001.

APRA says it is still considering whether other ex-CNAL directors should be disqualified.

APRA says while it did not find Honeyman and Hanich acted dishonestly, the two still failed to exercise a degree of care and diligence in ensuring that CNAL carried out its trustee duties.

However, APRA says the disqualified persons can appeal the decision and have 21 days in which to do so or take it to the Administrative Appeals Tribunal. One of the former directors, Robinson, is currently seeking a review of her disqualification.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months 2 weeks ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months 3 weeks ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months 3 weeks ago

ASIC has suspended the Australian Financial Services Licence of a Melbourne-based financial advice firm....

1 week 2 days ago

The corporate regulator has issued infringement notices to three AFSLs whose financial advisers provided personal advice to a retail client while unregistered....

2 weeks ago

ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test....

2 weeks 5 days ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND