Notice of Disqualification - Daryl Edward Henwood

Overview

The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted by the Commonwealth Parliament to address issues of misconduct and mismanagement within the superannuation industry, with the primary objective of protecting superannuation fund members. The Act provides the Commissioner of Taxation with the authority to disqualify individuals who have breached the provisions of the SISA from holding positions of responsibility within the superannuation sector. This legislative measure is intended to ensure the integrity and proper management of superannuation entities, thereby safeguarding the interests of superannuation fund members. In this instance, Daryl Edward Henwood has been disqualified from acting as a trustee, investment manager, or custodian of a superannuation entity, or as a responsible officer of a related body corporate, following a determination by a delegate of the Commissioner of Taxation that he contravened the Act. The disqualification is effective immediately upon issuance of the notice.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and entities that are involved in the management, investment, or administration of superannuation entities in Australia. This legislation specifically targets trustees, investment managers, custodians, and responsible officers of body corporates that engage in these roles within the superannuation industry. The geographic reach of the Act extends across the entire Commonwealth of Australia, ensuring a uniform standard of supervision and compliance throughout the country. The Act allows for disqualification of individuals found to have contravened its provisions, as demonstrated in the case of Daryl Edward Henwood, who has been disqualified from acting as a trustee, investment manager, or custodian, or as a responsible officer of such entities. The disqualification is triggered when there are multiple contraventions that are deemed serious enough to warrant such a penalty. The Act also provides mechanisms for the revocation of disqualification orders and avenues for appeal, ensuring that affected individuals have the opportunity to challenge the decisions made under its provisions. The application of the Act may be further extended or modified through subordinate instruments, as permitted by the legislation.

Key Provisions

The key provisions of the Superannuation Industry (Supervision) Act 1993 (SISA) include sections 126A(1) and 126A(6), which outline the circumstances under which an individual can be disqualified from certain roles within the superannuation industry. Section 126A(6) specifies that the delegate of the Commissioner of Taxation can issue a notice of disqualification, as demonstrated in the case of Daryl Edward Henwood, prohibiting him from acting as a trustee, investment manager or custodian of a superannuation entity, or as a responsible officer of a body corporate that holds these roles (126A(6)). The disqualification stems from a determination that Daryl has contravened the SISA on one or more occasions, with the nature, seriousness and number of these contraventions justifying the disqualification (126A(1)). Under the Act, the obligations imposed on parties such as Daryl include adherence to the provisions of the SISA, which are designed to ensure the integrity and proper management of superannuation entities. Failure to comply with these provisions can lead to the consequences outlined in the Act, including disqualification from certain roles within the superannuation industry (126A(1)). For entities such as trustees, investment managers and custodians, this involves managing superannuation funds responsibly and transparently, ensuring that all activities are in line with the regulatory framework established by the SISA. Breach of the SISA can result in severe consequences. The notice of disqualification not only prohibits Daryl from holding certain positions but also mandates that the particulars of this disqualification will be published in the Gazette (126A(7)). Additionally, there is the possibility of revocation of the disqualification order by the Commissioner, either on their own initiative or in response to a written application from the disqualified individual (126A(5)). For those affected by such decisions, section 344 of the SISA allows for the Commissioner to reconsider the disqualification if a written request is made within 21 days of receiving the notice, providing the reasons for the request. Failure to comply with these obligations can lead to legal and financial repercussions, reinforcing the importance of adherence to the Act's provisions.