NOTICE OF DISQUALIFICATION - Adrian Fernley - 12 March 2026
Superannuation Industry (Supervision) Act 1993
To:
Adrian Fernley
GLADESVILLE NSW 2111
I, Ben Kelly, a delegate of the Commissioner of Taxation, give you notice as required by subsection 126A(6) of the Superannuation Industry (Supervision) Act 1993 (SISA), that I have disqualified you under subsection 126A(2).
I’ve disqualified you as I am satisfied that the corporate trustee of one or more superannuation entities has contravened the SISA on one or more occasions, and at the time of the contraventions you were a responsible officer of the corporate trustee and the seriousness of the contraventions provides grounds for disqualifying you.
The disqualification takes effect on the day on which it is made.
Dated: 12 March 2026
Ben Kelly
Deputy Commissioner of Taxation
Per Susan Russell
Note 1:
Under subsection 126A(7) of the SISA, details of this disqualification notice will be published as a notifiable instrument in the Federal Register of Legislation.
Note 2:
Under section 126K of the SISA, it is an offence for a disqualified person, who knows that he or she is a disqualified person, to be, or act as a:
› trustee, investment manager or custodian of a superannuation entity
› responsible officer or a body corporate that is a trustee, investment manager or custodian, of a superannuation entity.
The maximum penalty for committing this offence is two years jail.
Note 3:
Under subsection 126A(5) of the SISA, we may revoke this disqualification on our own initiative or on your written application.
Note 4:
Under section 344 of the SISA, if you are affected by this decision and are not satisfied with it, you can ask the Commissioner to reconsider the decision. This request must be made in writing within 21 days of receiving notice of this decision and must give the reasons you think the decision is wrong.
Overview
The Superannuation Industry (Supervision) Act 1993, enacted by the Commonwealth Parliament, addresses the need for effective regulation and supervision of the superannuation industry in Australia. This legislation was introduced to protect the interests of superannuation fund members by ensuring that trustees and responsible officers adhere to the highest standards of governance and accountability. The Act aims to maintain the integrity of the superannuation system by preventing and addressing misconduct among industry participants. The notice of disqualification issued to Adrian Fernley under the Act exemplifies its enforcement mechanism, aiming to deter and penalise significant breaches of superannuation laws. Disqualifications serve as a critical deterrent, reinforcing the importance of compliance within the industry.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 applies to individuals and corporate trustees who are responsible officers in the management of superannuation entities. The Act, which operates at the Commonwealth level, imposes obligations on trustees to ensure compliance with regulatory standards designed to protect superannuation fund members. It also provides mechanisms for disqualifying individuals from participating in the management of superannuation funds if there are serious breaches of the Act. The geographic reach of the Act extends across Australia, applying uniformly in all states and territories. While the Act broadly applies to relevant entities and individuals within the superannuation industry, it may exclude certain small or non-commercial entities that do not meet specified thresholds. The Act can also extend its application through subordinate instruments, which may detail specific conditions or additional requirements for compliance. Disqualification under the Act is a serious consequence, barring the individual from acting as a trustee, investment manager, or custodian of a superannuation entity, with potential criminal penalties for non-compliance.
Key Provisions
The main operative sections of the Superannuation Industry (Supervision) Act 1993 (SISA) involved in this case are subsections 126A(2) and 126A(6). Subsection 126A(2) allows for the disqualification of individuals from participating in the management of superannuation entities if they have contravened the SISA, particularly when they were a responsible officer during the contraventions. Subsection 126A(6) mandates that a notice of disqualification must be provided to the individual, informing them of the decision and the reasons behind it. The notice, as seen in the document, was issued to Adrian Fernley on 12 March 2026, by Ben Kelly, a delegate of the Commissioner of Taxation.
The obligations and requirements imposed by the Act on the parties it governs include the need for responsible officers to comply strictly with the provisions of the SISA to avoid potential disqualification. The Act also mandates that the Commissioner of Taxation must notify the disqualified individual in writing of the reasons for their disqualification, as well as the date from which the disqualification takes effect. Furthermore, the Act requires that details of the disqualification be published in the Federal Register of Legislation, ensuring transparency and accountability.
Under the SISA, there are significant penalties and consequences for breaches of the disqualification order. According to section 126K of the Act, it is an offence for a disqualified person to act or be a trustee, investment manager, or custodian of a superannuation entity, or a responsible officer of such a body. The maximum penalty for this offence is two years imprisonment, highlighting the seriousness with which the Act regards compliance with its provisions. Additionally, subsection 126A(5) allows for the disqualification to be revoked either by the authority on its own initiative or upon a written application by the disqualified person. This provides a potential pathway for reinstatement, subject to certain conditions and review processes.