In an announcement made by the Australian Prudential Regulation Authority or APRA today, five Trio Capital Limited directors have been relieved of their positions due to their admission of failure. APRA said that the five executives have made enforceable undertakings to the regulator.

The five directors were Cameron Anderson, Michael Anderson, Terrence Hallinan, John Harte, and Lorenzo Macolino. Trio Capital Limited was previously a licensed trustee of superannuation units and was responsible for several important investment schemes.

Cameron Anderson held the position of executive director of Trio Capital from 2003 to 2005. He was also among the company's investment committee from 2004 to 2005. Anderson has undertaken not to act as a trustee or an executive for trustee, investment manager, or custodian of superannuation entities regulated by the APRA for a period of 12 years.

Hallinan and Macolino were non-executive directors of Trio. They have undertaken the same regulation, but it only lasts for eight years. Michael Anderson and John Harte's undertaking not to act as trustee or responsible officer for any APRA regulated superannuation entity lasts for four years.