Notice of Confirmation of Disqualification – Tori Power – 9 December 2025

Overview

The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted to address the need for robust supervision and regulation of the superannuation industry in Australia, ensuring that superannuation funds are managed efficiently, transparently, and in the best interest of members. The legislation was enacted by the Australian Parliament with the overarching policy objective of protecting the retirement savings of Australians by establishing a framework that promotes sound governance, accountability, and ethical conduct within the superannuation sector. The SISA provides mechanisms for the oversight and regulation of superannuation entities, including the ability to disqualify individuals who do not meet the required standards of conduct or competence. This legislative framework is crucial in maintaining the integrity and stability of the superannuation system, which is a vital component of Australia's social security structure.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 applies to individuals and entities involved in the administration and management of superannuation funds within Australia. This legislation encompasses a broad range of entities, including trustees, investment managers, custodians, and responsible officers of superannuation entities, as well as bodies corporate that perform these roles. The Act's jurisdictional reach extends nationally, applying across the Commonwealth of Australia, including all states and territories. The Act includes specific provisions for disqualifying individuals from performing certain roles if they have breached their obligations, with penalties for knowingly acting in a disqualified capacity, which can include a maximum penalty of two years imprisonment. Exclusions and exemptions within the Act are limited, focusing primarily on ensuring compliance and the proper management of superannuation funds. The Act also allows for the extension and restriction of its application through subordinate instruments, providing flexibility in its implementation and enforcement.

Key Provisions

The main operative sections of the Superannuation Industry (Supervision) Act 1993 (SISA) involved here are sections 344 and 126A, along with subsections 344(4) and 126A(7). Section 344(4) allows for the confirmation of a disqualification notice, which means that the decision to disqualify a person has been finalised and upheld. Section 126A(7) requires that the details of this disqualification be published as a Notifiable Instrument in the Federal Register of Legislation, ensuring transparency and public awareness of the disqualification. This notice confirms that the disqualification notice issued to Tori Power on 25 September 2025 has been upheld by the delegate of the Commissioner of Taxation, Andrew Orme, and is effective from the date of the confirmation, 9 December 2025. The Act imposes several obligations and requirements on parties governed by it, particularly those who have been disqualified. Under section 126K, a disqualified person who is aware of their disqualification status is strictly prohibited from acting or being involved as a trustee, investment manager, or custodian of a superannuation entity. Additionally, a disqualified person cannot act as a responsible officer or be part of a body corporate that holds such positions within a superannuation entity. These provisions are intended to protect the integrity of the superannuation industry by preventing individuals who have been found to be unsuitable from influencing or managing superannuation funds. Failure to comply with the disqualification imposed by the SISA can lead to severe consequences. According to section 126K, any disqualified person who knowingly contravenes the prohibitions by acting in any of the prohibited roles can be subject to criminal penalties. The maximum penalty for such an offence is two years imprisonment. This strict enforcement underscores the importance of the Act's role in maintaining the regulatory standards of the superannuation industry and ensuring that only qualified individuals manage superannuation entities. The detailed disqualification notice and subsequent confirmation serve as a legal deterrent and a public record of the person's ineligibility to engage in these activities.