Notice of Disqualification - Bree Mort - 27 March 2026

Overview

The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted by the Australian Parliament to address issues and gaps within the supervision of superannuation funds, ensuring their proper management and the protection of fund members' interests. The Act was introduced to regulate the superannuation industry comprehensively, establishing a robust framework for the oversight of trustees, investment managers, and custodians of superannuation entities. One of its critical policy objectives is to safeguard the financial well-being of superannuation fund members by ensuring that those responsible for managing these funds adhere to stringent regulatory standards. The Act provides mechanisms for disqualifying individuals who have demonstrated misconduct or repeated breaches of the law, thereby maintaining the integrity and stability of the superannuation system.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 applies to responsible officers of corporate trustees of superannuation entities, including individuals and entities involved in the management, investment, or custody of superannuation funds within the Commonwealth of Australia. This Act imposes strict regulatory obligations and standards on those managing superannuation entities, aimed at ensuring the protection of fund members' interests. The geographic reach of the Act is national, applying across all states and territories within Australia. The Act does not specify exclusions or exemptions for certain entities or individuals, meaning that all responsible officers of corporate trustees are subject to its provisions. The Act’s application can be extended or restricted through subordinate instruments, which may provide additional regulations or specific guidelines for enforcement. The disqualification of an individual, such as Bree Mort, is a significant measure under this Act, aimed at preventing those who have contravened its provisions from continuing to manage superannuation entities. This not only serves as a deterrent but also helps maintain the integrity of the superannuation system.

Key Provisions

The notice issued to Bree Mort under subsection 126A(6) of the Superannuation Industry (Supervision) Act 1993 (SISA) informs her that she has been disqualified from being a responsible officer of a corporate trustee of a superannuation entity. This disqualification is based on the finding that the corporate trustee has contravened the SISA on multiple occasions while Bree was a responsible officer. The disqualification is effective from the date of the notice. The notice outlines that the decision is made by Ben Kelly, a delegate of the Commissioner of Taxation, and provides a formal record of the disqualification. Under the SISA, Bree Mort is now subject to specific obligations and requirements as a result of her disqualification. She is prohibited from acting as a trustee, investment manager, or custodian of a superannuation entity, or from being a responsible officer or being part of a body corporate that holds any of these roles within a superannuation entity. This restriction is designed to prevent any potential further contraventions of the SISA and to protect the interests of superannuation fund members. The SISA imposes severe penalties for breaches of the disqualification provisions. According to section 126K, it is an offence for a disqualified person who is aware of their disqualification to act in any of the prohibited roles. The maximum penalty for committing this offence is two years imprisonment. This stringent penalty reflects the importance of adhering to the disqualification to maintain the integrity of the superannuation industry. Additionally, the notice provides Bree Mort with avenues for potential recourse and resolution. Under subsection 126A(5) of the SISA, the disqualification can be revoked either on the initiative of the Commissioner or upon Bree’s written application. Furthermore, if Bree is dissatisfied with the decision, she can request a reconsideration from the Commissioner within 21 days of receiving the notice. This request must be in writing and include the reasons why she believes the decision is incorrect, providing her with an opportunity to contest the disqualification.