Notice of Disqualification – Catherine Ferrer - 29 June 2026

Overview

The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted to address the need for comprehensive supervision and regulation of the superannuation industry in Australia. The Act was introduced by the Commonwealth Parliament to ensure that superannuation funds are managed prudently and in the best interests of members. One of the key objectives of the SISA is to protect the superannuation savings of Australians by imposing obligations on trustees, investment managers, and other entities involved in the management of superannuation funds. The Act also provides for the disqualification of individuals who are deemed unfit to manage superannuation funds, as evidenced by the notice of disqualification issued to Catherine Ferrer on 29 June 2026. The policy objective is to maintain high standards of conduct and compliance within the superannuation industry, thereby safeguarding the financial security of superannuation members.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and entities involved in the superannuation industry, particularly focusing on the roles of trustees, investment managers, and custodians of superannuation entities. This Act has a national reach across Australia, applying uniformly regardless of the state or territory. The Act specifically targets persons who are disqualified from performing certain roles within the superannuation sector, ensuring that those who have been disqualified under subsection 126A(1) of the SISA are prohibited from acting in roles such as trustees, investment managers, or custodians of superannuation entities. The disqualification notice is issued by a delegate of the Commissioner of Taxation and, upon issuance, becomes effective immediately. Any disqualified person who knowingly continues to act in these roles commits an offence under section 126K of the SISA, which carries a maximum penalty of two years imprisonment. The disqualification can be subject to revocation by the Commissioner either on their own initiative or upon a written application from the disqualified person. Furthermore, individuals who are dissatisfied with the decision have the right to request a reconsideration from the Commissioner within 21 days of receiving the notice.

Key Provisions

The Superannuation Industry (Supervision) Act 1993 (SISA) provides the legislative framework for the regulation of the superannuation industry in Australia. Section 126A(1) of the SISA allows for the disqualification of individuals from participating in the management of superannuation entities, such as being a trustee, investment manager, or custodian. Section 126A(6) mandates that any such disqualification must be communicated to the affected person through a notice, as seen in the notice issued to Catherine Ferrer. The disqualification takes immediate effect upon its issuance, as indicated by the phrase “the disqualification takes effect on the day on which it is made” (subsection 126A(6)). The Act imposes clear obligations on individuals who are disqualified. Specifically, section 126K of the SISA prohibits a disqualified person from assuming or continuing in roles such as trustee, investment manager, or custodian of a superannuation entity, or serving as a responsible officer or body corporate in such capacities. Failure to comply with this prohibition is an offence under the Act. The penalties for breaching this provision are severe, with a maximum penalty of two years imprisonment. This reflects the importance of the Act’s objectives to maintain the integrity and proper management of superannuation entities. In the event of a disqualification, the Act provides mechanisms for potential relief. Subsection 126A(5) of the SISA allows for the disqualification to be revoked, either at the initiative of the authorities or upon a written application from the disqualified person. Additionally, section 344 of the SISA offers an avenue for reconsideration of the disqualification decision. Any person aggrieved by the decision can request the Commissioner to reconsider it within 21 days of receiving notice, provided that the request is made in writing and includes reasons for the dissatisfaction with the decision. This ensures that individuals have a formal process to challenge the decision if they believe it is unjust or incorrect.