An appeals tribunal has ended a two year wait for a former director of insurance firm, HIH.
The Administrative Appeals Tribunal (AAT) has overturned the Australian Prudential Regulation Authority's (APRA) ban on former HIH director Charles Abbott.
The AAT announced its decision late yesterday, effectively reinstating Abbott in the financial services industry.
The decision enables Abbott to be treated as if he had never been disqualified from being or acting as the holder of a senior insurance role, a statement from APRA said.
APRA disqualified Abbott from being or acting as a director or senior manager of a general insurer on February 18, 2005, on the basis of his conduct as a director of HIH.
Mr Abbott sought review of APRA's decision with the AAT on September 1, 2005, and the tribunal recently published its reasons for setting aside the disqualification.
He was an alternate director at HIH from August 1995 to May 1997, a non-executive director from May 1997 to 2001 and Deputy Chairman from January 2001.
APRA will not appeal the AAT's decision, an APRA spokesperson said.
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