Notice of Confirmation of Disqualification - David Leslie - 22 May 2026

Overview

The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted to address the need for effective regulation and oversight of the superannuation industry in Australia, ensuring the protection of superannuation funds and the interests of fund members. The Act establishes a framework for the supervision of superannuation entities, trustees, investment managers, and custodians, with a focus on maintaining high standards of conduct and financial management. This legislative measure was introduced by the Australian Parliament to safeguard the integrity and stability of the superannuation system, which is a critical component of the nation's retirement income framework. The policy objective of the SISA is to protect the superannuation savings of Australians by ensuring that superannuation entities and their officers operate in a manner that is ethical, transparent, and in the best interests of fund members.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 applies to responsible officers of corporate trustees in the superannuation industry, specifically targeting those who engage in conduct that contravenes the Act. This includes individuals who hold positions of responsibility within entities managing superannuation funds, such as trustees, investment managers, or custodians. The Act's jurisdiction extends nationally across Australia, applying to all superannuation entities regardless of state or territory borders. Any person disqualified under the Act is prohibited from acting in the specified roles, and failure to comply is an offence that can result in a maximum penalty of two years imprisonment. The Act also allows for the publication of such disqualifications as Notifiable Instruments, ensuring transparency and accountability within the industry. Additionally, the Act provides a pathway for review by the Administrative Review Tribunal for those dissatisfied with the disqualification decision.

Key Provisions

The notice issued to David Leslie under subsection 344(6) of the Superannuation Industry (Supervision) Act 1993 (SISA) informs him that his disqualification as a responsible officer has been confirmed. This confirmation arises because the corporate trustee of one or more superannuation entities has been found to contravene the SISA on one or more occasions, with David Leslie being a responsible officer at the time. The seriousness of these contraventions has led to the decision to disqualify him. The disqualification takes immediate effect on the day the notice is made. The SISA imposes specific obligations on parties involved in superannuation entities. Under subsection 344(4) of the SISA, responsible officers must adhere to the regulatory standards set forth by the Act to ensure compliance and proper governance of superannuation funds. Failure to meet these standards, particularly when the contraventions are serious, can result in disqualification. Additionally, under subsection 126(7) of the SISA, details of this disqualification notice will be published in the Federal Register of Legislation as a Notifiable Instrument, ensuring transparency and public awareness of the decision. Those disqualified under the SISA face significant consequences. Section 126k of the Act outlines that it is an offence for a disqualified person, who knows of their disqualification, to act as a trustee, investment manager, or custodian of a superannuation entity or to be a responsible officer or part of a body corporate performing these roles. The maximum penalty for committing this offence is two years in jail, highlighting the seriousness of bypassing disqualification orders. In the event that David Leslie is dissatisfied with the decision, he has recourse under subsection 344(8) of the SISA. He can apply to the Administrative Review Tribunal to review the decision within 28 days of receiving notification. This review process provides a formal mechanism for challenging the disqualification and seeking redress if he believes the decision was unjust or improperly made.