18 May 06 Geoffrey Campbell Barnum CA of New South Wales

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Geoffrey Campbell Barnum CA of New South Wales

18 May 2006

On his own admission the Professional Conduct Tribunal found a case established that Mr Barnum was liable to disciplinary action in accordance with By-law 40(e), in that on 7 October 2004 a delegate of the Australian Prudential Regulation Authority, being satisfied that he was not a fit and proper person to be or to act as:

a director or senior manager of a general insurer (other than a foreign general insurer), or
a senior manager, or agent in Australia for the purpose of section 118 of the Insurance Act 1973 (the Act), or a foreign general insurer, or
a director or senior manager of an authorised NOHC,

disqualified him from being or acting as the holder of a senior insurance role pursuant to subsection 25A(1) of the Act.

The decision of the Tribunal was that Mr Barnum be ineligible for a certificate of public practice for a period, be fined $5000 and be severely reprimanded. The Tribunal also ordered that Mr Barnum pay $450 plus GST towards the costs of the disciplinary action. The reason for the Tribunal’s decision was that it found that Mr Barnum had displayed a level of integrity below that which is expected of a member of the Institute, however it recognised that he had received significant punishment at the hands of APRA.