The Australian Prudential Regulation Authority (APRA) has commenced proceedings in the Federal Court of Australia seeking the disqualification of former Trio Capital Limited (Trio) director, David Millhouse. APRA is seeking orders under section 126H of the Superannuation Industry (Supervision) Act 1993 (SIS Act) that Mr Millhouse be disqualified from acting as a trustee of any superannuation entity or a responsible officer of any body corporate that is a trustee, investment manager or custodian of a superannuation entity.  It is alleged by APRA that Mr Millhouse approved investments without adequate due diligence and not at arm’s length, and in contravention of sections 52, 55 and 109 of the SIS Act. The proceedings against Mr Millhouse and the enforceable undertakings already provided by 11 former Trio directors make clear the action that will be taken where trustee directors fail to meet the high standards expected of them and do not act in the best interests of members.