The Australian Prudential Regulation Authority (APRA) has suffered a setback with the Administrative Appeals Tribunal (AAT) setting aside the regulator’s decision to disqualify seven directors of the former trustee of the AXA Australia Staff Superannuation Plan.
APRA this week acknowledged the AAT’s decision pointing out that it had been prevented by confidential orders since June last year from making any public statements in relation to the seven disqualifications, its investigation or the matter before the AAT.
The disqualifications set aside by the AAT related to an investigation into the AXA Australia Staff Superannuation Fund following a number of complaints, which resulted in the trustee agreeing to return nearly $10 million in benefits to fund members.
APRA said that it had decided that, on balance, it would not be appealing the AAT’s decision.
