Notice of Disqualification – David Corby - 22 October 2025

Overview

The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted to regulate the superannuation industry in Australia, aiming to ensure the protection of superannuation funds and their beneficiaries by establishing a framework for the supervision and regulation of trustees, investment managers, and custodians of superannuation entities. The Act was introduced to address the need for oversight and regulation in the superannuation industry to safeguard the interests of members and beneficiaries in the event of trustee or officer misconduct or insolvency. The SISA was enacted by the Parliament of Australia, reflecting the Commonwealth's responsibility to regulate the financial services sector, including superannuation. The overarching policy objective of the SISA is to maintain confidence in the superannuation system by ensuring that those who manage superannuation funds are fit and proper persons, thereby protecting the retirement savings of Australians. In the context of this particular notice, the delegate of the Commissioner of Taxation, Ben Kelly, has disqualified David Corby from being a trustee or a responsible officer of a body corporate that is a trustee of a superannuation entity under subsection 126A(1) and 126A(3) of the SISA. This decision was made due to Mr Corby's contraventions of the SISA and his lack of fitness to hold such a position. The disqualification takes immediate effect and will be published as a notifiable instrument in the Federal Register of Legislation. It is an offence for a disqualified person to continue to act in such capacities, with a maximum penalty of two years imprisonment. The disqualification may be subject to revocation under certain conditions, and Mr Corby has the right to request a reconsideration of the decision within 21 days of receiving the notice.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 (SISA) governs the disqualification of individuals from serving as trustees or responsible officers of superannuation entities. This legislation applies to individuals who have contravened the Act and are deemed unfit and improper for such roles. The notice of disqualification, as exemplified in the case of David Corby, serves to inform the disqualified individual of their ineligibility to act in these capacities. The Act's jurisdictional reach is national, applying across Australia as a Commonwealth statute. The disqualification takes immediate effect upon issuance, and the details of the notice are subsequently published in the Federal Register of Legislation. Any disqualified person found to act in contravention of their status faces severe penalties, including up to two years in jail. Additionally, the Commissioner has the authority to revoke a disqualification under certain conditions, and individuals dissatisfied with the decision have the right to request a reconsideration within 21 days of receiving the notice.

Key Provisions

The Superannuation Industry (Supervision) Act 1993 (SISA) outlines key provisions in relation to disqualification of individuals from holding certain roles within superannuation entities. Section 126A(1) allows the delegate of the Commissioner of Taxation to disqualify a person from being a trustee or a responsible officer if they are not deemed fit and proper. Section 126A(6) mandates that the delegate must provide a formal notice of disqualification, as exemplified in the document addressed to David Corby. This notice informs the individual of the reasons for their disqualification and the effective date of the disqualification. The obligations imposed by the Act on individuals such as David Corby include adhering to the standards of being a fit and proper person as required under SISA. Failure to meet these standards can lead to disqualification. Additionally, the Act mandates that any disqualified individual must not act as a trustee, investment manager, or custodian of a superannuation entity, as stipulated in section 126K. This is a critical requirement designed to protect the interests of superannuation fund members and ensure the integrity of the superannuation industry. Breaching the disqualification provisions can lead to serious consequences. Section 126K explicitly states that it is an offence for a disqualified person to act in any capacity as a trustee, investment manager, or custodian of a superannuation entity. The penalty for this offence includes a maximum of two years imprisonment, highlighting the seriousness with which the Act treats such breaches. Additionally, the disqualification can be revoked under subsection 126A(5) if the disqualified person applies in writing or if the delegate decides to revoke it on their own initiative. The Act also provides avenues for appeal and reconsideration. Under section 344, any person affected by a disqualification decision can request the Commissioner to reconsider the decision. This request must be made in writing within 21 days of receiving the notice of disqualification and must detail the reasons for believing the decision to be incorrect. This provision ensures that individuals have an opportunity to challenge the decision if they believe it to be unjust.