Notice of Confirmation of Disqualification – Andrew James - 15 July 2026

Overview

The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted to address the need for comprehensive supervision and regulation of the superannuation industry, ensuring the protection of superannuation funds and the interests of superannuation fund members. The legislation provides a framework for the regulation of trustees, investment managers, and other responsible officers within the superannuation sector, aiming to maintain the integrity and efficiency of the industry. The Act is administered by the Australian Parliament, with a clear policy objective to safeguard the financial well-being of superannuation fund members by imposing stringent standards of conduct and accountability on those managing these funds. This notice of confirmation of disqualification serves as an example of the enforcement mechanisms provided by the SISA, highlighting the importance of compliance and the consequences for those who fail to adhere to the established regulatory standards.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 applies to individuals and entities involved in the administration and management of superannuation entities within Australia. Specifically, it targets responsible officers of corporate trustees and those acting as trustees, investment managers, or custodians of superannuation entities, ensuring adherence to the standards and regulations set forth by the Act. The Act has a national jurisdictional reach, governing practices and conduct across the Commonwealth of Australia, including states and territories. Notably, it imposes significant penalties, including potential imprisonment, for disqualified individuals who continue to act in prohibited capacities. The application of the Act can be extended or refined through subordinate instruments, which may provide additional rules and guidelines to further define its scope and implementation. The Act also includes provisions for public notification of disqualifications, ensuring transparency and accountability within the superannuation industry.

Key Provisions

The main operative sections of the Superannuation Industry (Supervision) Act 1993 (SISA) in this context are sections 344(4) and 344(6). Section 344(4) allows for the disqualification of a person who, while serving as a responsible officer of a corporate trustee of a superannuation entity, is found to have contravened the SISA. Section 344(6) provides the mechanism for the confirmation of such a disqualification, which must be done by a delegate of the Commissioner of Taxation. In this case, Amy James-Velagic, as a delegate, has confirmed Andrew James’s disqualification based on her satisfaction that he contravened the SISA while serving as a responsible officer. The Act imposes several obligations on parties and entities it governs. Firstly, responsible officers of corporate trustees are required to adhere strictly to the provisions of the SISA to avoid any actions that could lead to disqualification. This includes ensuring that all operations comply with the law, as any contravention could result in their disqualification. Additionally, once a disqualification is confirmed, the responsible officer must cease any activities that would require their registration or approval under the SISA. The Act also mandates that the delegate of the Commissioner must formally notify the disqualified person in writing, as demonstrated in the notice given to Andrew James. The Act further establishes serious consequences for breaches of its provisions. Under section 126k of the SISA, it is an offence for a disqualified person who is aware of their disqualification status to act as a trustee, investment manager, or custodian of a superannuation entity, or to be a responsible officer of such a body. The maximum penalty for committing this offence is two years imprisonment. This serves as a deterrent to prevent disqualified individuals from continuing in roles that require compliance with the SISA. Additionally, the Act allows for the publication of such disqualification notices in the Federal Register of Legislation, ensuring transparency and public awareness of disqualifications.