Notice of Disqualification – Andrew Moakes - 22 July 2026

Overview

The Superannuation Industry (Supervision) Act 1993 was enacted to address significant issues in the supervision and regulation of the superannuation industry in Australia. This Act was introduced by the Australian Parliament with the policy objective of ensuring the integrity, efficiency, and stability of the superannuation industry by imposing stringent oversight and penalties for non-compliance. One critical aspect of the Act is its power to disqualify individuals from participating in the management of superannuation entities if they are found to have contravened the provisions of the Act in a manner that warrants such a penalty. The Act empowers the Commissioner of Taxation to disqualify individuals who have engaged in serious misconduct, as evidenced by the recent notice of disqualification issued to Andrew Moakes. This legislative measure aims to protect the interests of superannuation fund members by preventing disqualified individuals from assuming roles that could jeopardise the financial security of these funds.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 applies to individuals and entities involved in the management of superannuation funds within Australia. This legislation is enacted at the Commonwealth level and imposes obligations on trustees, investment managers, and custodians of superannuation entities, ensuring they adhere to standards that protect the interests of superannuation fund members. The Act's jurisdiction encompasses the entire nation, with its provisions enforced by the Commissioner of Taxation through various mechanisms, including the disqualification of individuals found to be in breach of its provisions. As illustrated in the notice of disqualification for Andrew Moakes, the Act can lead to significant penalties, including up to two years imprisonment for disqualified persons who continue to act in restricted capacities. Additionally, the Act allows for the revocation of disqualifications either at the discretion of the Commissioner or upon application by the disqualified individual, and provides a recourse for reconsideration of decisions within a specified timeframe.

Key Provisions

The key provisions of the Superannuation Industry (Supervision) Act 1993 (SISA) as applied in the notice to Andrew Moakes concern the disqualification of individuals from managing superannuation entities. Under subsection 126A(1) of the SISA, an individual can be disqualified if there are grounds to believe they have contravened the Act in a manner serious enough to warrant such action. The notice given to Andrew Moakes under subsection 126A(6) of the SISA details that he has been disqualified based on the belief that he contravened the SISA, with the disqualification taking immediate effect on the date of the notice. The Act imposes specific obligations on disqualified individuals such as Andrew Moakes. Under section 126K of the SISA, it is an offence for a disqualified person to act as a trustee, investment manager, or custodian of a superannuation entity, or to be a responsible officer or a body corporate in such a role. This prohibition is critical to ensure that individuals who have been found to have contravened the SISA do not continue to manage or influence superannuation funds, thus protecting the interests of superannuation fund members. Breaching the provisions outlined in section 126K of the SISA carries significant consequences. It is a criminal offence, with a maximum penalty of two years imprisonment as stipulated in the same section. This severe penalty underscores the importance of compliance with the Act and the serious ramifications of non-compliance. Additionally, subsection 126A(5) of the SISA allows for the possibility of revoking the disqualification either on the initiative of the Commissioner or upon the written application of the disqualified person. Furthermore, under section 344 of the SISA, Andrew Moakes has the right to request a reconsideration of the disqualification decision if he believes it to be incorrect, provided this request is made in writing within 21 days of receiving the notice.