The Australian Prudential Regulation Authority (APRA) today announced the disqualification of Mr Roger Paul Miekle from acting as a responsible officer of a superannuation trustee, investment manager or custodian on the basis that he is not a fit and proper person under the Superannuation Industry (Supervision) Act 1993.
Mr Miekle is a former director of the failed trustee company Commercial Nominees of Australia Ltd (CNAL), whose superannuation fund members lost in excess of $30 million.
The decision was based upon the view that, without any finding of dishonesty, Mr Miekle failed to exercise a reasonable degree of care and diligence in ensuring that CNAL carried out its trustee duties.
APRA has previously disqualified Mr Andrew Skinner, Ms Erica Robinson, Mr Anthony Hall, Mr Ross Honeyman, Mr Carl Hanich and Mr Peter Cain, all of whom are ex-directors of CNAL. The regulator is considering further disqualifications of other ex-CNAL directors.
APRA’s decision is subject to appeal. The disqualified person has 21 days from the date of notice in which to lodge a request for internal review of the regulator’s decision. If still dissatisfied with the outcome, the disqualified person may appeal to the Administrative Appeals Tribunal.
Under provisions in the Superannuation Industry (Supervision) Act 1993, which allow for compensation for losses suffered under certain circumstances, the Commonwealth Government has provided grants of financial assistance to superannuation funds formerly under the trusteeship of CNAL. The amount paid to date is around $25 million with further compensation claims in relation to CNAL losses under consideration.
APRA is the prudential regulator of the financial services industry including banks, credit unions, building societies, general insurance and reinsurance companies, life insurance, friendly societies, and most members of the superannuation industry. It currently regulates $1.5 trillion in assets for 20 million Australians.