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Gardener disqualification overturned

Wednesday 30 December 2009

 

The Administrative Appeals Tribunal (AAT) has set aside the disqualification of Mr Justin Herbert Gardener by the Australian Prudential Regulation Authority (APRA).

The effect of the AAT's decision is that Mr Gardener is treated as if he had never been disqualified from being or acting as the holder of a senior insurance role.

Between 2 December 1998 and 15 March 2001, Mr Gardener was a non-executive director of HIH Insurance Limited (HIH). Mr Gardener was a member of the audit committee from 1998 until 2001, and served as Chairman of the audit committee from 26 February 2001 to 15 March 2001. Mr Gardener was also a member of the human resources committee from 1998 to 2001.

On 3 May 2006, Mr Gardener was disqualified by APRA from being or acting as a director or senior manager of a general insurer.

Mr Gardener sought review of APRA's decision with the AAT on 18 June 2008 and on 24 December 2009 the AAT published its reasons for setting aside the disqualification.

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, private health insurers, friendly societies, and most members of the superannuation industry. APRA currently supervises institutions holding $6 trillion in assets for Australian depositors, policyholders and superannuation fund members.