Notice of Disqualification – Ashur George - 25 August 2025

Overview

The Superannuation Industry (Supervision) Act 1993 was enacted by the Parliament of Australia to address the need for robust oversight and regulation of the superannuation industry to protect the interests of superannuation fund members. This Act provides the framework for the supervision of superannuation entities, including the disqualification of individuals from holding responsible positions if they are found to have contravened the Act. The policy objective of the Act is to ensure that superannuation funds are managed with integrity and in the best interests of members, thereby maintaining public confidence in the superannuation system. The Act allows for the disqualification of individuals who have been responsible officers of corporate trustees that have breached the Act, as a means to deter misconduct and uphold the standards expected of those in supervisory roles within the industry.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 applies to individuals and entities involved in the management and administration of superannuation funds in Australia. Specifically, it targets responsible officers of corporate trustees, including those who have acted negligently or in breach of the Act's provisions. The Act has a national jurisdictional reach as it is a Commonwealth legislation, applying uniformly across all states and territories in Australia. The disqualification provisions under the Act extend to any person who has been found to have contravened the Act in a manner that justifies such disqualification. Notably, the Act allows for the disqualification to be published as a notifiable instrument, ensuring transparency and public awareness of such actions. The Act also specifies that it is an offence for a disqualified person to act in certain capacities related to superannuation entities, with significant penalties, including up to two years imprisonment, for such breaches. The Act permits the revocation of disqualification notices under specific conditions, either at the discretion of the authorities or upon application by the disqualified person. Additionally, it provides a mechanism for reconsideration of the decision by the Commissioner within a stipulated timeframe.

Key Provisions

The main operative sections of this notifiable instrument, as provided in the Superannuation Industry (Supervision) Act 1993 (SISA), involve the disqualification of an individual from being a trustee, investment manager, custodian, or responsible officer of a superannuation entity. Specifically, subsection 126A(2) allows for the disqualification of a person if they were a responsible officer at the time when the corporate trustee contravened the SISA, and the seriousness of the contraventions provides grounds for disqualification. This disqualification, as noted in subsection 126A(6), is communicated to the individual via a notice, and it becomes effective on the day it is made. Furthermore, the disqualification details will be published under subsection 126A(7) of the SISA. The obligations and requirements imposed by the Act on the parties it governs are stringent. Firstly, the individual in question, in this case Ashur George, is prohibited from acting in any capacity as a trustee, investment manager, custodian, or responsible officer of a superannuation entity if they are aware that they have been disqualified. This is clearly outlined in section 126K of the SISA. The Act mandates that the disqualification notice be communicated to the individual, and it requires that the details of the disqualification be published as a notifiable instrument in the Federal Register of Legislation. Additionally, the Commissioner has the authority to revoke the disqualification on their own initiative or upon a written application by the disqualified person, as per subsection 126A(5). The Act imposes serious consequences for breaches of its provisions. Section 126K of the SISA stipulates that it is an offence for a disqualified person who is aware of their disqualification status to act in any of the prohibited capacities. The maximum penalty for committing this offence is two years imprisonment. This stringent penalty underscores the seriousness with which the Act regards compliance with its requirements. Additionally, if an individual is aggrieved by the disqualification decision, they have the right to request a reconsideration by the Commissioner within 21 days of receiving the notice, as stipulated in section 344 of the SISA. This provision ensures that there is a formal process in place for addressing grievances related to disqualification decisions.