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Super fund accountant disqualified

9 Aug 2006
06.39

The Australian Prudential Regulation Authority (APRA) today announced the disqualification of Ms Julie Bruton from being a trustee, investment manager or custodian of a superannuation entity or a responsible officer of a trustee, investment manager or custodian of a superannuation entity.
 
Ms Bruton was an accountant primarily responsible for the preparation of the accounting records and the tax returns for the Western Truck Superannuation Fund from November 1998 to 1 July 2005.
 
Ms Bruton falsely created misplaced unit certificates of the Fund and held them out to APRA as being the original unit certificates signed by the directors of the unit trust.
 
APRA Deputy Chairman, Mr Ross Jones said:
 
"By deceiving or misleading APRA, Ms Bruton failed to meet the required standard of fitness and propriety expected of persons who act as a trustee, investment manager or custodian, or a responsible officer of a body corporate that is a trustee, investment manager or custodian."
 
The disqualification follows an APRA announcement on 8 June 2006 that it had accepted an Enforceable Undertaking from Mr Ian West, the auditor of the Western Truck Superannuation Fund from 1997 to 2003, removing him from practising as an auditor for any APRA-regulated superannuation fund at any time in the future.
 
Mr West's Enforceable Undertaking can be viewed via APRA's website.
 
The Australian Prudential Regulation Authority (APRA) is the prudential regulator of the financial services industry. It oversees banks, credit unions, building societies, general insurance and reinsurance companies, life insurance, friendly societies, and most members of the superannuation industry. APRA is funded largely by the industries that it supervises. It was established on 1 July 1998. APRA currently supervises institutions holding approximately $2.2 trillion in assets for 20 million Australian depositors, policyholders and superannuation fund members.