Notice of Confirmation of Disqualification – Jane Bowden – 5 November 2025

Overview

The Superannuation Industry (Supervision) Act 1993 was enacted to address the need for effective regulation and oversight of the superannuation industry in Australia, ensuring that superannuation funds are managed prudently and in the best interests of members. The Act was passed by the Australian Parliament and aims to provide a robust framework for the supervision of superannuation funds, trustees, and related entities. It establishes the Australian Prudential Regulation Authority (APRA) as the primary regulator and grants it powers to oversee and enforce compliance within the superannuation sector. The legislation seeks to protect the financial interests of superannuation members by ensuring that funds are managed responsibly and that trustees and other responsible officers act in accordance with their fiduciary duties. The notice of confirmation of disqualification issued to Jane Bowden under subsection 344(6) of the Superannuation Industry (Supervision) Act 1993 demonstrates the Act's intent to enforce its regulatory provisions rigorously. As a delegate of the Commissioner of Taxation, Andrew Orme's decision to confirm the disqualification highlights the seriousness with which the Act treats breaches of its provisions. By disqualifying Jane Bowden from acting as a trustee, investment manager, or custodian of a superannuation entity, the Act seeks to maintain the integrity and reliability of the superannuation system. This enforcement action underscores the policy objective of the Act to safeguard the financial security of superannuation members and to deter misconduct within the industry.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 applies to individuals and entities involved in the management and operation of superannuation funds in Australia. This legislation aims to protect superannuation fund members by ensuring that those involved in the industry act with integrity and competence. The Act covers trustees, investment managers, custodians, and responsible officers of superannuation entities, ensuring that they adhere to stringent standards and regulatory requirements. The geographic reach of the Act is national, applying across all states and territories in Australia. The Act extends its application through subordinate instruments, which can provide further clarification and detail on specific aspects of superannuation management. Certain exclusions and exemptions may apply, but generally, the Act imposes strict disqualifications on individuals found to have breached its provisions, as evidenced by the disqualification notice issued to Jane Bowden. This notice confirms her disqualification under the Act, prohibiting her from acting in any capacity related to superannuation entities, with severe penalties for non-compliance.

Key Provisions

The Superannuation Industry (Supervision) Act 1993 (SISA) includes specific provisions regarding the disqualification of individuals from managing superannuation funds. Subsection 344(4) of the SISA provides the authority to disqualify an individual from performing certain roles within a superannuation entity, while subsection 344(6) mandates that a notice of disqualification be issued. In the case of Jane Bowden, a disqualification notice was issued on 11 September 2025, and subsequently confirmed on 5 November 2025 by Andrew Orme, a delegate of the Commissioner of Taxation. This confirms the individual's inability to act as a trustee, investment manager, or custodian of a superannuation entity or to hold a responsible officer position within such an entity. The Act imposes several obligations on disqualified individuals like Jane Bowden. Firstly, under subsection 126A(7), any disqualification notice is to be published as a Notifiable Instrument in the Federal Register of Legislation. This ensures transparency and public awareness of such disqualifications. Additionally, section 126K of the SISA places a clear duty on the disqualified person to refrain from engaging in any activities that would make them a trustee, investment manager, custodian, or responsible officer of a superannuation entity. Failure to comply with these obligations can lead to severe legal consequences. Breaching the provisions of the SISA carries significant consequences. Specifically, under section 126K, it is an offence for a disqualified person who is aware of their disqualification status to still act in any capacity within a superannuation entity. This includes roles such as trustee, investment manager, custodian, or responsible officer. The maximum penalty for committing this offence is two years imprisonment, highlighting the seriousness with which the Act treats violations of these provisions. These stringent measures are in place to protect the integrity and stability of the superannuation industry.