Notice of Disqualification – Adrian Treasure - 18 June 2025

Overview

The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted by the Parliament of Australia to address the need for robust regulation and supervision of the superannuation industry to protect the interests of superannuation fund members. This legislation aims to ensure that superannuation entities are managed with integrity and competence, safeguarding the financial well-being of individuals relying on these funds for their retirement. The Act provides mechanisms for the oversight and regulation of trustees, investment managers, and custodians of superannuation entities, including the power to disqualify individuals who engage in serious misconduct. The policy objective is to maintain high standards of conduct and governance within the superannuation industry, thereby fostering trust and confidence among participants. The recent disqualification of Adrian Treasure under subsection 126A(2) of the SISA exemplifies the enforcement of these regulatory measures to uphold the integrity of the superannuation system.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 applies to various entities and individuals involved in the superannuation industry in Australia. It specifically targets responsible officers of corporate trustees of superannuation entities, ensuring compliance with regulatory standards. The Act is of Commonwealth jurisdiction and applies across Australia, aiming to protect the interests of superannuation fund members. The Act can disqualify individuals who are found to be responsible officers at the time of a contravention of the Act by a corporate trustee. This disqualification prohibits the disqualified individual from acting as a trustee, investment manager, or custodian of a superannuation entity or serving as a responsible officer of a body corporate that is a trustee, investment manager, or custodian of a superannuation entity. The disqualification is a serious measure, carrying a maximum penalty of two years imprisonment for non-compliance. The Act allows for the possibility of disqualification revocation either on the initiative of the authorities or upon a written application by the disqualified person. Moreover, individuals who are adversely affected by the disqualification can request a reconsideration of the decision within 21 days of receiving the notice. The disqualification details are mandated to be published in the Federal Register of Legislation, ensuring transparency and accountability within the superannuation industry.

Key Provisions

The Superannuation Industry (Supervision) Act 1993 (SISA) includes provisions for the disqualification of individuals who have been associated with corporate trustees of superannuation entities found to have contravened the Act. Under subsection 126A(2) of the SISA, a person can be disqualified if they were a responsible officer at the time of the contravention and the seriousness of the breach warrants such action. In this case, Adrian Treasure has been disqualified under subsection 126A(6) of the SISA due to a contravention by the corporate trustee, for which he was a responsible officer. The Act imposes specific obligations on the disqualified individual. Notably, under section 126K of the SISA, a disqualified person is prohibited from being or acting as a trustee, investment manager, or custodian of a superannuation entity, or as a responsible officer of such entities. These roles are critical in managing superannuation funds, and the disqualification is intended to prevent individuals with a history of serious breaches from participating in the management of these funds. Failure to comply with the disqualification order is a criminal offence. According to section 126K, if a disqualified person knowingly engages in any of the prohibited activities, they face a maximum penalty of two years imprisonment. This reflects the seriousness with which the legislation treats breaches of these provisions. Additionally, the disqualification notice is to be published as a Notifiable Instrument in the Federal Register of Legislation under subsection 126A(7) of the SISA, ensuring transparency and public awareness of the disqualification. If Adrian Treasure wishes to challenge the disqualification, he can request a reconsideration by the Commissioner under section 344 of the SISA. This request must be made in writing within 21 days of receiving notice of the decision and must outline the reasons why the decision is considered incorrect. Furthermore, the disqualification can be revoked either on the initiative of the authorities or following a written application by the disqualified person under subsection 126A(5) of the SISA, providing a potential avenue for resolution if circumstances change or new information comes to light.