Notice of Disqualification – Andrew Mifsud - 18 November 2025

Overview

The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted by the Parliament of Australia to address the need for rigorous oversight and regulation of the superannuation industry, ensuring that trustees and other responsible officers act in the best interests of superannuation fund members. The Act provides a framework for the supervision of superannuation entities, including provisions for the disqualification of individuals who engage in serious misconduct or breaches of the Act. The policy objective of the Act is to protect the financial interests of superannuation fund members by ensuring that those responsible for managing superannuation funds are fit and proper persons. This notice of disqualification, issued under the authority of the SISA, serves to protect the integrity of the superannuation industry by removing individuals who have demonstrated a serious disregard for their obligations from positions of trust within superannuation entities.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and entities involved in the supervision of superannuation funds, with a primary focus on ensuring compliance with regulatory standards. Specifically, the Act applies to trustees, investment managers, and custodians of superannuation entities, as well as responsible officers of corporate trustees. The Act’s jurisdiction extends across the Commonwealth of Australia, applying uniformly regardless of state or territory boundaries. This legislation is designed to protect the interests of superannuation fund members by enforcing stringent compliance measures. However, certain exclusions and exemptions may apply, though these are not specified in the notice. The Act’s application can be extended or restricted through subordinate instruments, allowing for flexibility in enforcement and adaptation to new circumstances. The disqualification of individuals such as Andrew Mifsud is a critical measure under the Act, intended to deter and penalise serious breaches of superannuation regulations.

Key Provisions

The main operative sections of the Superannuation Industry (Supervision) Act 1993 (SISA) in this context are sections 126A and 126K. Section 126A(6) requires that a notice of disqualification must be given to the affected individual, as is the case with Andrew Mifsud, who has been disqualified from acting in certain capacities related to superannuation entities. Section 126A(2) allows for the disqualification of a responsible officer if there are serious contraventions of the Act by the corporate trustee of which they were a responsible officer at the time. This notice informs Andrew Mifsud that he has been disqualified due to the contraventions committed by the corporate trustee and the seriousness of these contraventions. The SISA imposes various obligations and requirements on the parties it governs. For instance, responsible officers of corporate trustees must ensure compliance with the Act, and they are personally liable for any contraventions if they were aware of the contraventions at the time they occurred. Additionally, section 126K specifies the roles that a disqualified person cannot undertake, which include being a trustee, investment manager, or custodian of a superannuation entity, or acting as a responsible officer or a body corporate in these capacities. The notice also clarifies that the disqualification takes immediate effect, placing an immediate restriction on Andrew Mifsud's ability to perform the specified roles. There are significant penalties and consequences for breaching the provisions of the SISA. Section 126K outlines that it is an offence for a disqualified person to be or act as a trustee, investment manager, or custodian of a superannuation entity, or to act as a responsible officer or a body corporate in these capacities, if they know they are disqualified. The maximum penalty for committing this offence is two years in jail. Additionally, section 126A(7) mandates that details of this disqualification notice will be published as a Notifiable Instrument in the Federal Register of Legislation, thereby making the disqualification publicly known. If Andrew Mifsud is not satisfied with the decision to disqualify him, section 344 of the SISA provides a recourse. He can request the Commissioner to reconsider the decision by submitting a written request within 21 days of receiving the notice. This request must include the reasons he believes the decision is incorrect. Furthermore, under subsection 126A(5), the disqualification can be revoked either on the initiative of the relevant authority or upon a written application by Andrew Mifsud. This provides an avenue for potential reinstatement if the grounds for disqualification are later found to be unjust or if circumstances change.