Notice of Disqualification – Barry Soden - 9 December 2025

Overview

The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted by the Commonwealth Parliament to address the need for robust oversight and regulation of the superannuation industry, ensuring the protection of superannuation fund members and the integrity of the system. This legislation established the Australian Prudential Regulation Authority (APRA) as the regulator for superannuation funds, and it provided mechanisms for the disqualification of individuals who have acted in a manner that undermines the trust and confidence in the superannuation system. The Act aims to maintain high standards of governance and accountability within the superannuation industry to safeguard the financial interests of superannuation fund members. In the context of this notice, Barry Soden has been disqualified under subsection 126A(2) of the SISA due to the contravention of the Act by the corporate trustee of one or more superannuation entities, with Soden being a responsible officer at the time of the contraventions. The disqualification is effective immediately, and Soden is prohibited from acting as a trustee, investment manager, or custodian of a superannuation entity, or being a responsible officer of such a body. The decision to disqualify Soden was made by a delegate of the Commissioner of Taxation, and the details of the disqualification will be published as a Notifiable Instrument in the Federal Register of Legislation.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and entities involved in the management and administration of superannuation entities within Australia. Specifically, the Act applies to responsible officers of corporate trustees of superannuation entities, who are entrusted with the duty to ensure compliance with the regulations set forth by the SISA. The geographic reach of the Act is national, as it is a Commonwealth legislation, thereby extending its jurisdiction across all states and territories in Australia. The Act provides a framework for the oversight and regulation of the superannuation industry to protect the interests of superannuation fund members. The Act includes provisions for the disqualification of individuals who have contravened its requirements, as evidenced by the notice of disqualification issued to Barry Soden. The Act also outlines penalties for individuals who, knowing they are disqualified, continue to act in restricted capacities, with a maximum penalty of two years imprisonment. The disqualification process and its details are subject to publication as a Notifiable Instrument in the Federal Register of Legislation, ensuring transparency and accountability. The Act allows for the revocation of disqualifications either by the authority on its own initiative or upon a written application by the disqualified individual. Additionally, individuals who are dissatisfied with the decision can request a reconsideration by the Commissioner within 21 days of receiving the notice of the decision.

Key Provisions

The key provisions of the Superannuation Industry (Supervision) Act 1993 (SISA) in this notice pertain to the disqualification of individuals from holding certain roles within superannuation entities (sections 126A and 126K). Barry Soden has been disqualified under subsection 126A(2) of the SISA due to the contraventions by the corporate trustee of one or more superannuation entities, where Barry was a responsible officer at the time of the contraventions. This disqualification was made by Ben Kelly, a delegate of the Commissioner of Taxation, as per subsection 126A(6) of the SISA. The disqualification takes immediate effect from the date of the notice, which is 9 December 2025. Barry Soden’s disqualification imposes strict obligations on him. 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 of a body corporate that holds these roles. The seriousness of the contraventions that led to Barry's disqualification implies that he is now prohibited from engaging in any activities related to the management or administration of superannuation funds. Breaching the disqualification order can have significant consequences. As per section 126K of the SISA, if Barry knowingly acts in any capacity that he is disqualified from, he commits an offence. The maximum penalty for this offence is two years imprisonment. Additionally, under subsection 126A(5) of the SISA, the disqualification may be revoked either on the initiative of the Commissioner or upon Barry's written application. If Barry is unsatisfied with the decision and wishes to challenge it, he can request the Commissioner to reconsider the decision within 21 days of receiving the notice, as stipulated in section 344 of the SISA.