Notice of Disqualification - Cindy Luong - 3 December 2025

Overview

The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted to address the need for robust regulation and oversight of the superannuation industry in Australia. This Act was designed to protect superannuation fund members by ensuring that the industry operates efficiently, economically, and effectively. The SISA was introduced by the Australian Parliament, aiming to maintain and enhance the confidence of the Australian community in the superannuation industry. The primary policy objective of the Act is to safeguard the interests of superannuation fund members by imposing a regulatory framework that ensures high standards of conduct and compliance within the industry. The Act authorises the disqualification of individuals from participating in the management of superannuation entities if they are found to have contravened the Act, thereby preventing potentially harmful practices that could jeopardise the financial security of superannuation fund members.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and entities involved in the management and administration of superannuation funds within Australia. Specifically, the act imposes stringent requirements on trustees, investment managers, custodians, and responsible officers of superannuation entities to ensure the proper management and investment of superannuation funds. The act's jurisdiction extends across the Commonwealth of Australia, encompassing both state and territory levels. Notably, the act also extends its application through subordinate instruments, which may further detail specific operational and compliance requirements for entities and individuals involved in the superannuation industry. Exclusions from the act’s scope may exist for certain types of superannuation funds or entities, though these are typically defined within the act or associated regulations. The act does not specify particular thresholds for triggering its application, instead focusing on the nature and seriousness of contraventions as grounds for disqualification. Disqualification under the act is a significant consequence, barring individuals from acting in certain capacities within the superannuation industry and carrying potential criminal penalties.

Key Provisions

The key provision of this Notifiable Instrument, section 126A of the Superannuation Industry (Supervision) Act 1993 (SISA), outlines the circumstances under which a person can be disqualified from participating in the superannuation industry. Specifically, subsection 126A(1) allows for disqualification if a person has contravened the SISA and the contraventions are serious enough to warrant such action. The notice given under subsection 126A(6) specifies that Cindy Luong has been disqualified by Ben Kelly, a delegate of the Commissioner of Taxation, because he is satisfied that she has contravened the SISA on one or more occasions, with the seriousness of the contraventions providing grounds for the disqualification. This disqualification takes immediate effect upon issuance of the notice. Under this Act, Cindy Luong is now prohibited from being or acting as a trustee, investment manager, or custodian of a superannuation entity, or serving as a responsible officer or being part of a body corporate that holds such roles within a superannuation entity, as stated in section 126K. These obligations are significant, as they restrict her involvement in managing or overseeing superannuation funds, thereby ensuring that she does not continue any activities that led to the contravention of the SISA. The Act imposes severe consequences for non-compliance with the disqualification. As per section 126K, any disqualified person who knowingly acts in the prohibited roles can face criminal charges. The maximum penalty for committing this offence is two years imprisonment. Additionally, the disqualification can be revoked under subsection 126A(5), either on the initiative of the Commissioner of Taxation or upon a written application by the disqualified person. If Cindy Luong is dissatisfied with the decision, she has the right to request the Commissioner to reconsider it within 21 days of receiving the notice, as per section 344. This reconsideration process requires a written submission detailing the reasons for her dissatisfaction with the decision.