The Australian Prudential Regulation Authority (APRA) has revoked the disqualification of Mr Ugo Tizi from being a trustee, investment manager or custodian of any superannuation entity or a responsible officer of a body corporate that is a trustee, investment manager or custodian of any superannuation entity.

The disqualification was announced in APRA Media Release 04.23 issued 7 July 2004.

Mr Tizi had sought a review of the initial decision under sub-section 344(4) of the Superannuation Industry (Supervision) Act 1993. As a result of the review the original decision to disqualify Mr Tizi was revoked. Mr Tizi is a director of the trustee of the Wall & Ceiling Staff Superannuation Fund.

Background:
A person who has been disqualified may choose to have their disqualification reviewed by a second APRA decision-maker. For the review the disqualified person has an opportunity to provide the review decision-maker with additional information and submissions. Any additional information and submissions are considered, along with all previously provided material, before a review decision is made.

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 $2.0 trillion in assets for 20 million Australian depositors, policyholders and superannuation fund members.