Notice of Disqualification - Adib Haque - 25 September 2025

Overview

The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted to address issues related to the regulation and supervision of the superannuation industry in Australia. The SISA aims to ensure the integrity and efficiency of the superannuation system by imposing obligations on trustees, investment managers, and custodians of superannuation entities. This Act was introduced to fill the gap in the regulation of the superannuation industry, ensuring that it operates in the best interest of its members and beneficiaries. The Act was enacted by the Australian Parliament with the policy objective of protecting the superannuation savings of Australians by establishing a robust regulatory framework. The notice of disqualification under this Act serves to prevent individuals who have acted in a manner that contravenes the Act from continuing to manage or be involved in the management of superannuation entities, thereby safeguarding the interests of superannuation members and beneficiaries.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 (SISA) applies to responsible officers of corporate trustees of superannuation entities, encompassing individuals and entities within the superannuation industry. The jurisdiction of the Act extends across the Commonwealth of Australia, establishing a national standard for the regulation of superannuation funds. The Act's provisions pertain to the conduct and transactions of those involved in the management of superannuation entities, ensuring compliance with its stipulations to protect superannuation interests. The Act may disqualify individuals from acting as trustees, investment managers, or custodians of superannuation entities if they are found to have contravened its provisions. This disqualification is applicable nationally, with specific exclusions and exemptions detailed in subordinate instruments, which may further refine the application of the Act’s provisions. The Act also provides mechanisms for the revocation of disqualification and the reconsideration of decisions, offering pathways for redress and rectification for those affected by the disqualification.

Key Provisions

The Superannuation Industry (Supervision) Act 1993 (SISA) includes specific provisions related to the disqualification of individuals from certain roles within superannuation entities. In this case, subsection 126A(2) of the SISA has been invoked to disqualify Adib Haque, as detailed in the notice dated 25 September 2025. This disqualification is issued by Ben Kelly, a delegate of the Commissioner of Taxation, and is grounded on the belief that Adib Haque, while serving as a responsible officer of the corporate trustee, was involved in contraventions of the SISA. The seriousness of these contraventions is considered sufficient to warrant the disqualification, which takes immediate effect upon issuance. The Act imposes several obligations on the parties it governs. For responsible officers of corporate trustees, it is paramount to ensure compliance with all provisions of the SISA. This includes adherence to the legislative standards governing the management and administration of superannuation entities. Failure to comply can lead to personal disqualification, as seen in this case. The Act also mandates that any contraventions of its provisions must be addressed promptly and transparently to avoid any potential disqualification. Breaching the disqualification order is an offence under the SISA. Specifically, section 126K of the Act criminalises the act of a disqualified person knowingly acting as a trustee, investment manager, custodian, or responsible officer of a superannuation entity. The maximum penalty for this offence is imprisonment for up to two years. This severe penalty underscores the importance of adhering to the disqualification and avoiding any role that falls within the scope of the prohibited activities. Additionally, there are provisions for the disqualification to be reviewed or revoked under subsection 126A(5) of the SISA, either on the initiative of the relevant authorities or upon written application by the disqualified individual. For those affected by the disqualification decision, the SISA provides a mechanism for reconsideration. Section 344 of the Act allows an individual to request the Commissioner to reconsider the decision within 21 days of receiving the notice. This request must be made in writing and should detail the reasons why the decision is believed to be incorrect. This ensures that affected individuals have an opportunity to contest the decision and seek a resolution if they believe it to be unjust or based on incorrect information.