Notice of Disqualification - Clare Cole - 5 January 2026

Overview

The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted to address issues and gaps in the regulation of the superannuation industry in Australia. The primary problem the Act aimed to resolve was the need for stringent oversight and management of superannuation entities to ensure they operate in the best interests of their members. The SISA was introduced by the Australian Parliament to provide a comprehensive legal framework that governs the conduct, management, and regulation of superannuation entities. The policy objective of the Act is to protect the interests of superannuation fund members by ensuring the proper management and administration of funds. This includes holding responsible officers accountable for any breaches of the Act and imposing penalties for non-compliance. The Act also provides mechanisms for the disqualification of individuals from managing superannuation entities if they are found to have engaged in misconduct.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 (SISA) applies to responsible officers of corporate trustees who manage superannuation entities. The legislation specifically targets individuals like Clare Cole, who were responsible officers at the time of contraventions by the corporate trustee. This Act operates on a Commonwealth level, governing the management and supervision of superannuation entities across Australia. It sets out the process for disqualifying individuals found to be responsible for serious breaches of the Act. The disqualification is effective immediately upon issuance and includes a prohibition on the disqualified person acting as a trustee, investment manager, or custodian of a superannuation entity. Additionally, the Act mandates that details of such disqualifications be published as a Notifiable Instrument in the Federal Register of Legislation, ensuring transparency and public notification. There are provisions for the revocation of disqualification and avenues for reconsideration of the decision if the affected party is dissatisfied.

Key Provisions

The key provisions of the notice of disqualification issued to Clare Cole under subsection 126A(6) of the Superannuation Industry (Supervision) Act 1993 (SISA) include the grounds for disqualification and the immediate effect of the decision. Section 126A(2) of the SISA allows for the disqualification of a responsible officer of a corporate trustee if the corporate trustee has contravened the SISA and the seriousness of the contraventions warrants such action. The notice informs Clare Cole that she has been disqualified from acting in any capacity that would involve her being a trustee, investment manager, custodian, or responsible officer of a superannuation entity. This disqualification takes effect immediately upon the notice being issued, as stated in subsection 126A(6) of the SISA. The Act imposes several obligations on Clare Cole and other affected parties. Under section 126K of the SISA, it is a strict requirement that any person who has been disqualified must not act in any capacity that involves them being a trustee, investment manager, custodian, or responsible officer of a superannuation entity. Clare Cole must adhere to this requirement to avoid further legal repercussions. Additionally, subsection 126A(5) of the SISA provides for the possibility of the disqualification being revoked either on the initiative of the authorities or through a written application by the disqualified person. Failure to comply with the disqualification can lead to serious legal consequences. As stated in section 126K of the SISA, it is an offence for a disqualified person to act in any capacity that involves being a trustee, investment manager, custodian, or responsible officer of a superannuation entity. The maximum penalty for committing this offence is two years imprisonment, highlighting the seriousness of breaching the disqualification. If Clare Cole were to ignore the disqualification and continue in such a role, she would be subject to criminal prosecution and the associated penalties. Moreover, under section 344 of the SISA, Clare Cole has the right to request a reconsideration of the disqualification decision within 21 days of receiving the notice. This request must be made in writing and should outline the reasons why she believes the decision is incorrect. This provision ensures that there is a formal process in place for addressing grievances related to the disqualification decision.