Notice of Confirmation of Disqualification – Brett Moore – 03 December 2024

Overview

The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted to address the need for effective regulation and supervision of the superannuation industry, ensuring the protection of superannuation funds and the rights of superannuation fund members. This legislation was introduced by the Commonwealth Parliament with the policy objective of maintaining the integrity and stability of the superannuation system, which is critical for the financial security of Australians in their retirement. The Act aims to regulate the activities of trustees, investment managers, and custodians of superannuation entities to prevent misconduct and ensure that funds are managed responsibly and in the best interests of members. This notifiable instrument, F2024N01157, serves to confirm the disqualification of an individual under the SISA, thereby reinforcing the regulatory framework established by the Act. The disqualification is confirmed by a delegate of the Commissioner of Taxation and is effective from the date of the notice. The notice is issued to Brett Moore of Berwick, Victoria, and details of the disqualification will be published in the Federal Register of Legislation. The Act also stipulates that it is an offence for a disqualified person to continue acting in a regulated capacity, with severe penalties including up to two years in jail. Disqualified individuals have the right to seek a review of the decision by the Administrative Appeals Tribunal within 28 days of receiving the notice.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 applies to trustees, investment managers, custodians, and responsible officers of superannuation entities, as well as to the bodies corporate that manage or administer these entities. This Act has a national reach, extending across the Commonwealth of Australia, and applies to all individuals and entities involved in the supervision and management of superannuation funds, regardless of where they are situated within Australia. The Act's provisions include disqualifications for individuals found to be unsuitable for managing superannuation funds, with penalties including up to two years in jail for those who knowingly act in a disqualified capacity. This legislative framework is intended to ensure the integrity and proper management of superannuation funds across the country. Additionally, the Act allows for the delegation of certain powers, such as the confirmation of disqualifications, to authorised officers, who must adhere to the Act's stipulations and procedural requirements. Exclusions or exemptions from the Act's provisions are narrowly defined, ensuring broad application to those involved in the superannuation industry.

Key Provisions

The key provisions of the Superannuation Industry (Supervision) Act 1993 (SISA) as evidenced in the document include the confirmation of a disqualification notice issued under subsection 344(4) of the SISA (paragraph 1). This notice informs Brett Moore of his disqualification and that this disqualification takes immediate effect upon the issuance of the notice (paragraph 1). Furthermore, the document specifies that the details of this disqualification will be published as a Notifiable Instrument in the Federal Register of Legislation in accordance with subsection 126(7) of the SISA (Note 1). Under the SISA, Brett Moore, as a disqualified person, is prohibited from acting or being involved in any capacity that requires trustee, investment manager, custodian, or responsible officer roles within a superannuation entity (Note 2). This restriction applies to both individuals and body corporates that would otherwise be involved in these capacities. The obligations imposed by the Act on Brett Moore include refraining from any activities that would breach these disqualification terms, particularly in relation to superannuation entities. Failure to adhere to these obligations can result in serious legal consequences. The SISA outlines specific offences and penalties for those who knowingly breach the disqualification provisions. According to section 126k of the SISA, it is an offence for a disqualified person to act in the specified capacities, with the maximum penalty being two years in jail (Note 2). This stringent penalty underscores the seriousness with which the Act treats breaches of disqualification orders. Additionally, the Act provides a mechanism for review of the disqualification decision. Under subsection 44(8) of the SISA, Brett Moore has the right to apply to the Administrative Appeals Tribunal to review the decision within 28 days of receiving the notice of disqualification (Note 3). This review process provides an avenue for legal recourse if Brett Moore believes the decision to be unjust or erroneous.