Kingsley Lamont, a former Executive Director and Chairman of OAMPS, has been disqualified by APRA from being a trustee in any superannuation entity or a responsible officer of an investment manager or custodian of superannuation funds.

The action follows an APRA investigation into Mr Lamont’s resignation from the OAMPS board to comply with consent orders made by the Victorian Supreme Court that prohibit him from certain company directorships until July 2004.

APRA said that in its assessment Mr Lamont “ignored conflicts of interest and breached his fiduciary obligations” as a director of Steadfast Insurance Brokers Management Group.

It found he negotiated with then FAI CEO Rodney Adler for the insurer to provide a loan to Mr Lamont’s private company to purchase OAMPS shares owned by FAI, and said Mr Lamont agreed the interest payments on the loan should be tied to the volume of insurance business generated for FAI by insurance brokers who were Steadfast shareholders.

“The arrangement was seen to have placed Mr Lamont’s private interests ahead of his fiduciary duties as a director of Steadfast,” APRA said.

It emphasised that there were no allegations of wrongdoing by Steadfast, OAMPS, FAI or Mr Adler in the court proceedings that led to the consent order.