ASIC Superannuation (Notice of disqualification—Wai Hun Choi) Instrument 2025/676

Overview

The ASIC Superannuation (Notice of disqualification—Wai Hun Choi) Instrument 2025/676 was enacted to address issues arising from the disqualification of an individual from their role as an approved SMSF auditor. This instrument was created under the authority of Craig Angove, a delegate of the Australian Securities and Investments Commission (ASIC), and it pertains to the Superannuation Industry (Supervision) Act 1993. The overarching goal of this legislation is to safeguard the integrity and proper functioning of the superannuation industry by ensuring that only qualified and trustworthy individuals serve as approved SMSF auditors. This measure is intended to maintain the confidence of stakeholders in the supervision and regulation of superannuation funds, ensuring adherence to the highest standards of conduct and compliance within the industry.

Scope and Application

The ASIC Superannuation (Notice of disqualification—Wai Hun Choi) Instrument 2025/676 applies specifically to Wai Hun Choi, who is identified as an approved Self-Managed Superannuation Fund (SMSF) auditor with the registration number 100016439. The instrument, issued under subsection 130F(5) of the Superannuation Industry (Supervision) Act 1993, serves to enforce a disqualification order against Mr. Choi from continuing as an approved SMSF auditor, effective from 25 September 2025. This notifiable instrument extends to the Commonwealth jurisdiction and is issued by Craig Angove, acting as a delegate of the Australian Securities and Investments Commission (ASIC). The instrument does not specify any exclusions or exemptions but provides a clear mandate for the disqualification. The Act itself, along with its subordinate instruments, ensures comprehensive oversight of SMSF auditors to maintain the integrity and proper functioning of the superannuation industry in Australia.

Key Provisions

The main operative sections of the ASIC Superannuation (Notice of disqualification—Wai Hun Choi) Instrument 2025/676 (the Instrument) relate to the disqualification of Wai Hun Choi from being an approved Self-Managed Superannuation Fund (SMSF) auditor. Under subsection 130F(2) of the Superannuation Industry (Supervision) Act 1993, the Australian Securities and Investments Commission (ASIC) has made an order disqualifying Wai Hun Choi, whose approved SMSF auditor registration number is 100016439, from the role of an approved SMSF auditor. This disqualification takes effect from 25 September 2025, as specified in the attached disqualification order. The Act imposes several obligations and requirements on parties such as Wai Hun Choi, who are subject to disqualification orders. Firstly, the disqualified individual must cease all activities related to their role as an approved SMSF auditor immediately upon the order's effective date. This includes refraining from auditing SMSFs, providing advice on superannuation matters, or using the title of an approved SMSF auditor in any capacity. Furthermore, Wai Hun Choi must notify all clients, employers, and relevant regulatory bodies of their disqualification within a specified timeframe, as detailed in the order. Breach of the disqualification order can lead to serious legal consequences. Under the Superannuation Industry (Supervision) Act 1993, continuing to act as an approved SMSF auditor after being disqualified constitutes an offence. The Act prescribes penalties for such breaches, which may include substantial fines and, in severe cases, imprisonment. The maximum penalty for continuing to act as a disqualified SMSF auditor is a fine of up to $210,000 for individuals and $1,050,000 for corporations, along with potential imprisonment for up to five years. These stringent penalties underscore the seriousness of disregarding the disqualification order and the importance of compliance with the Act's provisions.