Notice of Disqualification – Angy Savva-Kourris - 10 July 2025

Overview

The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted to address the need for effective supervision and regulation of the superannuation industry in Australia. The SISA aims to protect the interests of superannuation fund members by ensuring that trustees and responsible officers of superannuation entities act in a manner that is in the best interests of the fund members. The Act was enacted by the Commonwealth Parliament and its primary objective is to maintain and enhance the integrity of the superannuation industry. The SISA provides the Commissioner of Taxation with the power to disqualify individuals who are not fit and proper persons to hold certain positions within a superannuation entity. This legislation serves as a critical tool in maintaining the trust and confidence of the public in the superannuation system by ensuring that only suitable individuals manage and oversee superannuation funds.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 (SISA) is Commonwealth legislation that applies to individuals and entities involved in the supervision of superannuation funds in Australia. Specifically, the Act applies to trustees, investment managers, custodians, and responsible officers of body corporates that serve as trustees, investment managers, or custodians of superannuation entities. This includes all superannuation funds established under Australian law, irrespective of the geographic location of the entities or individuals involved. The Act extends its reach to ensure that those managing superannuation funds adhere to stringent standards of conduct and governance. Exclusions or exemptions from the Act are limited, and any such provisions are clearly outlined within the Act or its subordinate instruments. The Act’s application can be further detailed or refined through regulations or other subordinate legislation, which may provide additional clarification on specific conduct, transactions, or entities. The legislative framework is designed to maintain the integrity and stability of the superannuation system, ensuring that those managing these funds are fit and proper persons.

Key Provisions

The notice of disqualification issued under subsection 126A(6) of the Superannuation Industry (Supervision) Act 1993 (SISA) informs Angy Savva-Kourris that she has been disqualified as a trustee or responsible officer of a superannuation entity due to multiple contraventions of the SISA and on the basis that she is not a fit and proper person for the role (subsection 126A(1), 126A(3)). The notice specifies that the disqualification is effective from the date of issuance. This legal action is taken by Emma Rosenzweig, a delegate of the Commissioner of Taxation, who has determined that the contraventions are serious enough to warrant such a measure. The Act imposes several obligations on the disqualified individual. Under section 126K, it is an offence for Angy Savva-Kourris to act as, or be, a trustee, investment manager, or custodian of a superannuation entity, or a responsible officer of a body corporate that is a trustee, investment manager, or custodian of a superannuation entity, while knowing she is disqualified. These roles are crucial for the proper management and oversight of superannuation funds, and the disqualification seeks to protect the interests of the superannuation fund members by ensuring that only fit and proper persons hold these positions. Breaching the provisions of section 126K carries significant consequences. It is a criminal offence, and the maximum penalty for committing this offence is two years imprisonment (subsection 126A(7)). This stringent penalty underscores the importance of compliance with the SISA and the serious nature of the disqualification. Furthermore, the disqualification can be revoked under subsection 126A(5) either on the initiative of the Commissioner or following a written application from the disqualified individual. In addition, section 344 of the SISA allows for a reconsideration of the disqualification decision by the Commissioner if the affected party submits a written request within 21 days of receiving the notice, explaining why they believe the decision is incorrect.