NOTICE OF DISQUALIFICATION
Superannuation Industry (Supervision) Act 1993
To:
MR DAVID SPEEDY
FOREST HILL VIC 3131
I, James O’Halloran, a delegate of the Commissioner of Taxation, give you notice as required by subsection 126A(6) of the Superannuation Industry (Supervision) Act 1993 (SISA), that I have disqualified you under subsections 126A(2) and 126A(3) of the SISA.
I have disqualified you as I am satisfied that the corporate trustee of one or more superannuation entities has contravened the SISA on one or more occasions, and at the time of the contraventions you were a responsible officer of the corporate trustee and the seriousness of the contraventions provides grounds for disqualifying you.
I have also disqualified you as I am satisfied that you are not a fit and proper person to be a trustee, or a responsible officer of a body corporate that is a trustee of a superannuation entity for the purposes of the SISA.
The disqualification takes effect on the day on which it is made.
Dated: 3 February 2016
James O’Halloran
Deputy Commissioner of Taxation
Per Michael Lazzaroni
Note 1:
In accordance with subsection 126A(7) of the SISA, particulars of this disqualification notice will be published in the Commonwealth Government Notices Gazette.
Note 2:
In accordance with subsection 126A(5) of the SISA, we may revoke this disqualification on our own initiative or on written application made by you.
Note 3:
In accordance with section 344 of the SISA, if you are a person who is affected by this decision and you are dissatisfied with it, you may ask the Commissioner to reconsider this decision. Such a request must be made in writing within 21 days after the day on which you received notice of the decision and must also give the reasons for making the request.
Overview
The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted by the Commonwealth Parliament to address significant governance and compliance issues within the superannuation industry, aiming to protect the interests of superannuation fund members. The Act established a regulatory framework for the supervision of superannuation entities, including trustees, to ensure they operate in the best interests of their members and comply with regulatory standards. The Act introduced measures to disqualify individuals who are deemed unfit to hold positions of responsibility within the superannuation sector, thereby safeguarding the integrity of the industry. The policy objective behind the SISA is to enhance the accountability and transparency of superannuation trustees, thereby ensuring that superannuation funds are managed prudently and ethically.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 (SISA) applies to a range of entities and individuals involved in the superannuation industry, including trustees of superannuation entities, their responsible officers, and corporate trustees. The Act’s jurisdictional reach is national, applying across the Commonwealth of Australia, and it encompasses a broad spectrum of conduct and transactions related to the management and administration of superannuation funds. This includes ensuring compliance with the statutory obligations and standards designed to protect the interests of superannuation fund members. The Act extends its application through subordinate instruments, which can further define and refine the scope of its provisions. However, certain exclusions and exemptions may apply, such as specific types of superannuation arrangements that are outside the scope of the Act. Additionally, the Act delineates thresholds for when certain actions or penalties may be applicable, ensuring that the regulatory framework is both comprehensive and proportionate to the nature and scale of the activities involved.
Key Provisions
The Superannuation Industry (Supervision) Act 1993 (SISA) contains provisions for the disqualification of individuals who are deemed unfit to manage superannuation entities. In particular, Section 126A(6) mandates the giving of a notice of disqualification, which was issued to Mr David Speedy in this case. According to subsections 126A(2) and 126A(3), the disqualification was imposed because Mr Speedy was a responsible officer of a corporate trustee that contravened the SISA, and his conduct was serious enough to warrant disqualification. Additionally, the notice indicates that Mr Speedy is not considered a fit and proper person to continue in his role due to certain inadequacies or unfitness.
Under the SISA, parties governed by the Act, such as Mr Speedy in this instance, are required to adhere to stringent standards of conduct and compliance. For responsible officers of corporate trustees, this includes ensuring that the superannuation entities they manage comply with all relevant regulations and laws. This obligation extends to maintaining high standards of integrity, competence, and diligence in their duties. Furthermore, trustees and responsible officers must ensure that the superannuation entities are operated in a manner that protects the interests of members and beneficiaries.
Breaching the SISA can result in significant consequences for the individuals involved. Disqualification, as outlined in this notice, is a direct outcome of failing to meet the standards set forth in the Act. The Act does not specify particular penalties for breaches, but the disqualification itself serves as a strong deterrent and penalty. Additionally, revocation of the disqualification is possible either on the initiative of the Commissioner or upon written application by the disqualified person, as per subsection 126A(5). If Mr Speedy is dissatisfied with the decision, he has the right to request a reconsideration from the Commissioner within 21 days of receiving the notice, as stipulated in section 344 of the SISA.