Notice of Disqualification – Domenico Strangio - 1 June 2026

Overview

The Superannuation Industry (Supervision) Act 1993 was enacted to provide a comprehensive regulatory framework for the supervision of the superannuation industry in Australia, addressing issues of consumer protection and the integrity of the superannuation system. The Act is overseen by the Australian Parliament and aims to ensure that superannuation entities are managed responsibly and in the best interests of members. This legislation was introduced to address the need for stringent oversight and governance within the superannuation industry, particularly in light of the significant financial responsibilities and trust placed in superannuation entities by members. The policy objective is to maintain high standards of conduct and accountability among trustees and responsible officers to safeguard the retirement savings of Australians.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and corporate entities that are trustees or responsible officers of superannuation entities, as well as to the conduct and transactions of these entities. This Act operates on a national level within Australia, encompassing all states and territories. It specifically targets those who have contravened the provisions of the Act, with a particular emphasis on responsible officers of corporate trustees who have been implicated in breaches. The Act's jurisdiction includes the disqualification of individuals such as Domenico Strangio, as evidenced by the notice of disqualification issued under subsection 126A(6) of the SISA. The application of the Act can be extended or refined through subordinate instruments, which allow for the detailing of specific contraventions and the processes for disqualification and potential revocation. Notably, the Act excludes those who are not involved in the administration of superannuation entities unless they are implicated in contraventions that warrant disqualification. The notice also clarifies that it is an offence for a disqualified person to continue acting in a capacity related to superannuation entities, with penalties including up to two years imprisonment.

Key Provisions

The primary sections of the Superannuation Industry (Supervision) Act 1993 (SISA) involved in this notice pertain to the disqualification of individuals who are deemed unfit to hold positions of responsibility within superannuation entities. Specifically, subsection 126A(2) and subsection 126A(3) of the SISA empower the delegate of the Commissioner of Taxation to disqualify individuals based on their unfitness, and subsection 126A(6) mandates the issuing of a formal notice of disqualification. This notice, as seen in the document, informs Domenico Strangio that he has been disqualified due to his involvement with a corporate trustee that contravened the SISA and his failure to be a fit and proper person to hold such a position. The obligations and requirements imposed by the Act on parties and entities it governs are stringent. Trustees and responsible officers must ensure compliance with all provisions of the SISA to avoid any actions that could lead to their disqualification. This includes maintaining high standards of conduct, acting in the best interests of the superannuation members, and ensuring that the superannuation entity operates within the legal framework provided by the SISA. In Domenico Strangio's case, his disqualification stems from his role as a responsible officer who did not meet these standards, as evidenced by the contraventions by the corporate trustee he was associated with. The SISA also outlines specific offences and penalties for breaches of its provisions. Section 126K of the Act makes it an offence for a disqualified person to act as a trustee, investment manager, or custodian of a superannuation entity, or to be a responsible officer of such an entity. The maximum penalty for committing this offence is two years imprisonment. This strict penalty reflects the importance of maintaining the integrity and proper administration of superannuation entities to protect the interests of superannuation members. Additionally, subsection 126A(5) provides for the potential revocation of the disqualification either on the initiative of the Commissioner or upon written application by the disqualified individual. For those dissatisfied with the disqualification decision, section 344 of the SISA allows for a request for reconsideration by the Commissioner within 21 days of receiving the notice of disqualification.