Disqualification register

The individuals listed in this register have been disqualified from holding responsible person or accountable person roles in APRA regulated entities.

The register uses the following abbreviations for legislation

• BA - Banking Act 1959
• FAR - Financial Accountability Regime Act 2023
• GI - Insurance Act 1973
• LI - Life Insurance Act 1995
• PHI - Private Health Insurance (Prudential Supervision) Act 2015
• SIS Act - Superannuation Industry (Supervision) Act 1993

* Disqualification powers that have been exercised may have been subsequently amended or removed by the Financial Sector Legislation Amendment (Review of Prudential Decisions) Act 2008. 

Disqualifications revoked

* Disqualification powers that have been exercised may have been subsequently amended or removed by the Financial Sector Legislation Amendment (Review of Prudential Decisions) Act 2008. 

Powers

APRA may apply to the Federal Court of Australia seeking orders that a person be disqualified from responsible person roles in a regulated industry. The Court has a variety of powers available to it, including specifying the period of any disqualification, the roles the disqualification relates to, and whether the disqualification is limited to a specific entity, class of entity or any entity under the relevant Act. The Court also has powers to revoke or vary a disqualification.

APRA may also disqualify a person from being or acting as an ‘accountable person' without applying to the Court in accordance with the FAR (which replaced the earlier Banking Executive Accountability Regime). APRA’s FAR disqualification powers have applied to the banking industry since 15 March 2024 and will apply to the insurance and superannuation industries from 15 March 2025.
 
An individual can also automatically become a ‘disqualified person’; for example, if he or she is convicted of an offence involving dishonest conduct or becomes bankrupt. APRA’s disqualification register does not record automatic disqualifications.

Process

APRA may become concerned about an individual’s fitness and propriety or conduct through its normal supervision work, formal investigations, other information provided to APRA, such as under whistleblower provisions, or from other regulators.
 
Once a concern is identified, APRA first undertakes a preliminary assessment of the circumstances and evidence available about the individual’s alleged conduct. If satisfied that a sound case has been made for disqualification, APRA may commence proceedings in the Federal Court or seek to disqualify a person under the FAR.   

APRA delegates follow a specialised procedure when making disqualification decisions. The procedure sets out who may make the decisions, the procedural fairness which APRA will provide to individuals facing disqualification, individual review rights and APRA’s standard approach to publication for disqualification decisions. 
    
In the event the Court orders the individual be disqualified, APRA is required to notify the relevant employer and to publish a notice in the Commonwealth Government Gazette. A record of the disqualification is also entered on the disqualification register. A media release may also be issued. If appropriate, APRA advises other regulators and any relevant professional associations.

Former powers

Prior to 26 May 2008, APRA had powers under the BA, GI, LI and SIS Act to disqualify individuals from holding responsible person roles in APRA regulated entities. APRA’s administrative decision to disqualify an individual was subject to internal and external review upon request. The Financial Sector Legislation Amendment (Review of Prudential Decisions) Act 2008 (FSLA Act) removed APRA’s disqualification powers. The FSLA Act introduced the court-based disqualification process for individuals referred to above.

Under the Banking Executive Accountability Regime (BEAR), which took effect from 1 July 2018 for large authorised deposit-taking institutions (ADIs) and from 1 July 2019 for small and medium ADIs, APRA could disqualify persons from holding accountable person roles under the now repealed Part IIAA of the BA – without applying to the Federal Court. APRA is still entitled to disqualify under the BEAR for pre-FAR conduct, however, the BEAR has largely been superseded by the FAR. 

Appeals

A disqualification decision, whether by APRA or the Federal Court, may be subject to various appeals or may be revoked or varied in certain instances. APRA recommends that a disqualified person or a person/entity involved in a disqualification matter seek legal advice or contact APRA should they have any questions.