Notice of Disqualification - Corey Cole - 5 January 2026

Overview

The Superannuation Industry (Supervision) Act 1993 was enacted to provide a framework for the supervision of the superannuation industry, with the overarching aim of ensuring that trustees, investment managers, and custodians of superannuation entities operate within the bounds of the law to protect the interests of superannuation fund members. The Act was introduced to address the need for a robust regulatory structure to oversee the complex and financially significant superannuation sector in Australia, ensuring compliance and safeguarding the retirement savings of millions of Australians. The Act was passed by the Parliament of Australia, reflecting the Commonwealth's role in regulating this critical area of financial services. This legislation allows for the disqualification of individuals from participating in the management of superannuation entities if they are found to have contravened the Act, particularly in their capacity as responsible officers of corporate trustees. The policy objective behind such provisions is to maintain the integrity and stability of the superannuation industry by preventing those who have demonstrated a disregard for the regulatory framework from continuing to manage superannuation funds. By providing for disqualification and the publication of such decisions, the Act seeks to deter potential breaches and ensure that only those who adhere to the highest standards of governance and compliance are entrusted with the management of superannuation entities.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 applies to individuals and corporate trustees involved in the administration of superannuation funds within Australia. The Act is a Commonwealth legislation and hence it applies across the entire nation, ensuring uniformity in the regulation of superannuation entities. The notice of disqualification, as evidenced by the document F2026N00006, specifically targets individuals who were responsible officers of corporate trustees at the time of contraventions of the SISA. The disqualification arises from serious breaches of the Act, which can include improper conduct in the management of superannuation funds, and it serves as a deterrent against future misconduct by barring the disqualified person from acting in any capacity within a superannuation entity. The geographic reach of this legislation is national, meaning it applies to all entities and individuals operating within Australia. The Act does not specify exclusions or exemptions, but it does note that disqualification can be revoked under certain conditions. Additionally, the Act extends its application through subordinate instruments, which may include regulations and other legal instruments designed to further define and enforce the provisions of the primary Act.

Key Provisions

The notice issued under subsection 126A(6) of the Superannuation Industry (Supervision) Act 1993 (SISA) informs Corey Cole of his disqualification as a responsible officer of a corporate trustee for one or more superannuation entities. This disqualification is based on the belief that Corey Cole was involved in the contravention of the SISA, which was serious enough to warrant his disqualification. The disqualification becomes effective from the date of the notice, 5 January 2026, as indicated by the delegate of the Commissioner of Taxation, Ben Kelly. The obligations imposed on Corey Cole under the SISA include refraining from acting or being involved in any capacity as a trustee, investment manager, or custodian of a superannuation entity, or as a responsible officer of a body corporate that is a trustee, investment manager, or custodian. This restriction is explicitly detailed in section 126K of the SISA. Failure to comply with these obligations can result in serious legal consequences, including potential criminal charges and penalties. The act outlines specific offences and penalties for breaches. If Corey Cole, aware of his disqualification, continues to act in any capacity mentioned above, he commits an offence under section 126K. The maximum penalty for this offence is two years imprisonment, underscoring the seriousness of the contraventions. Additionally, the disqualification may be subject to revocation under subsection 126A(5), either by the authorities on their own initiative or following a written application by Corey Cole. For Corey Cole, if he is dissatisfied with the decision, he has the right to request the Commissioner to reconsider the decision within 21 days of receiving the notice. This request, as stipulated in section 344 of the SISA, must be made in writing and include the reasons why he believes the decision is incorrect. This provision ensures that there is a formal process for appealing the disqualification decision, providing Corey Cole an opportunity to seek a review if he believes there has been an error or injustice.