Notice of Disqualification – Corey Loveridge - 25 June 2026

Overview

The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted to address the need for regulation and oversight of the superannuation industry in Australia, ensuring that superannuation entities are managed responsibly and in the best interests of their members. The SISA was introduced by the Australian Parliament to fill the gap in regulatory oversight that existed in the superannuation industry, aiming to protect superannuation members by ensuring that trustees and responsible officers act in accordance with the law. This act empowers the Commissioner of Taxation to disqualify individuals from being involved in the management of superannuation entities if they find that such individuals have contravened the provisions of the act. The policy objective is to maintain high standards of conduct and compliance within the industry, thereby safeguarding the financial well-being of superannuation members.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and entities involved in the management and oversight of superannuation entities, including trustees, investment managers, and custodians. The Act is administered at the Commonwealth level, extending its reach across Australia. It is pertinent to note that the Act applies to responsible officers of corporate trustees who are found to have contravened its provisions, as evidenced in the case of Corey Loveridge. The seriousness of the contraventions is a critical factor in determining the applicability of disqualifications under the Act. Additionally, the Act includes provisions for the publication of disqualification notices in the Federal Register of Legislation, ensuring transparency and public awareness. There are also specific exclusions and penalties outlined, such as the prohibition on disqualified persons acting as trustees or investment managers and the potential for imprisonment for those who knowingly contravene these provisions. The Act’s scope is further extended through subordinate instruments, which may include regulations and guidelines that provide detailed operational frameworks for compliance.

Key Provisions

The main operative sections of the Superannuation Industry (Supervision) Act 1993 (SISA) in this context are subsection 126A(2), which provides the grounds for disqualifying an individual from holding certain roles within a superannuation entity, and subsection 126A(6), which mandates the giving of notice of such disqualification. The notice, issued by a delegate of the Commissioner of Taxation, informs Corey Loveridge that he has been disqualified from acting as a trustee, investment manager, or custodian of a superannuation entity, or as a responsible officer of a body corporate that holds such roles (subsection 126A(2) and (6)). The obligations imposed by the Act on Corey Loveridge and other affected parties are primarily focused on compliance with the conditions of their roles within superannuation entities. As a responsible officer of a corporate trustee, Loveridge was expected to ensure that the entity adhered to the provisions of the SISA. This includes maintaining high standards of governance and compliance to prevent any contraventions of the Act. Additionally, if Loveridge were to knowingly act in any capacity as a trustee, investment manager, or custodian after being disqualified, he would be contravening section 126K of the SISA. Breaching the provisions of the SISA can result in significant consequences. Under section 126K, it is an offence for a disqualified person to act in any of the restricted roles. The maximum penalty for this offence is two years imprisonment, highlighting the seriousness with which the Act treats non-compliance. Furthermore, the disqualification notice itself will be published as a Notifiable Instrument in the Federal Register of Legislation, as stipulated by subsection 126A(7). This public notification serves as a deterrent and informs stakeholders of Loveridge's disqualification. Under the SISA, there is also a process for reconsideration of the disqualification. Section 344 allows Loveridge to request a reconsideration of the decision if he is dissatisfied with it. This request must be made in writing within 21 days of receiving the notice and should outline the reasons why the decision is believed to be incorrect. Additionally, subsection 126A(5) provides for the possibility of the disqualification being revoked either on the initiative of the Commissioner or upon Loveridge's written application. This provision offers a pathway for Loveridge to potentially have his disqualification lifted if circumstances change or if he can demonstrate that the grounds for disqualification no longer apply.