Notice of Confirmation of Disqualification – Cory Dickenson – 7 April 2025

Overview

The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted to address the need for oversight and regulation in the superannuation industry to ensure the protection of superannuation funds and the interests of superannuation fund members. This Act was brought into law by the Parliament of Australia with the policy objective of ensuring that superannuation funds are managed responsibly and that trustees, investment managers and custodians of superannuation entities act in the best interests of fund members. The notice of confirmation of disqualification issued to Cory Dickenson under this Act highlights its role in enforcing the disqualification of individuals who are deemed unfit to manage superannuation funds, thereby maintaining the integrity and stability of the superannuation system. The enforcement of such disqualifications, as well as the publication of these decisions, underscores the commitment of the Australian government to protect superannuation fund members and maintain confidence in the superannuation industry.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and entities involved in the management and administration of superannuation funds in Australia. Specifically, the Act pertains to trustees, investment managers, custodians, responsible officers, and corporate trustees of superannuation entities, ensuring that these roles are performed by qualified and suitable individuals. The legislation operates on a national scale, affecting all superannuation entities across the Commonwealth of Australia, regardless of the state or territory in which the entity is based. The Act imposes significant penalties, including imprisonment of up to two years, for disqualified individuals who continue to act in their designated roles within superannuation entities. The scope of the Act can be further extended or detailed through subordinate instruments, which may provide additional clarifications or specific guidelines for its implementation. Exclusions or exemptions from the Act are limited, and the threshold for disqualification is determined by the specific provisions outlined in the Act and any relevant regulations.

Key Provisions

The Superannuation Industry (Supervision) Act 1993 (SISA) includes several key provisions concerning the disqualification of individuals from certain roles within the superannuation industry. Section 344(4) allows for the disqualification of individuals who have breached certain provisions of the Act, and section 344(6) mandates that a delegate of the Commissioner of Taxation must confirm such disqualifications. This process is exemplified in the notice provided to Cory Dickenson, who is disqualified from acting in any capacity related to the management of superannuation entities, such as being a trustee, investment manager, or custodian. The Act imposes specific obligations on the parties it governs. Under section 126K, it is a legal requirement for disqualified individuals to refrain from engaging in any activities that would place them in a position where they could manage or influence superannuation entities. This includes not only direct roles but also acting as a responsible officer or being part of a body corporate that holds such a position. The severity of these obligations is underscored by the fact that knowingly violating these terms constitutes an offence under the Act. The consequences for breaching these provisions are severe. As per section 126K, any disqualified individual who continues to act in a prohibited capacity commits an offence. The maximum penalty for such an offence is two years in jail, highlighting the seriousness with which the Act treats compliance with its disqualification provisions. This penalty serves as a deterrent against non-compliance and reinforces the importance of adhering to the Act's stipulations. Additionally, under subsection 344(8), individuals who are dissatisfied with the disqualification decision have the right to seek a review by the Administrative Review Tribunal. This provision ensures that there is a mechanism in place for individuals to challenge the decision if they believe it is unjust or incorrect. The review must be applied for within 28 days from the date the Commissioner notifies the individual of the decision, providing a timely opportunity for recourse.