Notice of disqualification - Duncan Charles Cooper - 3 July 2026

Overview

The Superannuation Industry (Supervision) Act 1993 was enacted to address issues within the regulation and oversight of superannuation entities in Australia, ensuring the protection of superannuation funds and beneficiaries. The Act provides a framework for the supervision of superannuation entities and establishes the Australian Prudential Regulation Authority (APRA) as the primary supervisor. The policy objective of the Act is to maintain the financial soundness of the superannuation industry, thereby safeguarding the retirement savings of Australians. The Act empowers the Commissioner of Taxation to disqualify individuals from being involved in the administration of superannuation entities if they have contravened the Act, particularly when such contraventions are serious enough to warrant disqualification. This legislative instrument notifies Duncan Charles Cooper of his disqualification under the Act due to his role as a responsible officer of a corporate trustee that contravened the Act, with the disqualification taking effect immediately. The notice, issued by a delegate of the Commissioner of Taxation, also informs Mr. Cooper of the potential legal consequences of acting contrary to his disqualification and provides avenues for reconsideration and potential revocation of the disqualification. The details of the disqualification will be published to ensure transparency and accountability within the superannuation industry.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 (SISA) applies to any person or entity involved in the management, administration, or investment of superannuation funds in Australia. This includes trustees, investment managers, custodians, and responsible officers of corporate trustees. The legislation’s reach is national, extending across the Commonwealth of Australia and affecting all superannuation entities, regardless of where they are based. The act outlines specific criteria for disqualification, such as serious contraventions of the SISA, and includes provisions for the disqualification of responsible officers who were in position during the contraventions. The act also stipulates that details of such disqualifications must be published as notifiable instruments in the Federal Register of Legislation. Additionally, there are provisions for the revocation of disqualifications and avenues for appeal, including the right to request a reconsideration of the decision within 21 days of receiving notice. The act is further reinforced by penalties, including potential imprisonment for those who continue to act in a disqualified capacity, thereby ensuring compliance and the integrity of the superannuation industry.

Key Provisions

The main operative sections of the Superannuation Industry (Supervision) Act 1993 (SISA) in this context include subsection 126A(6), which allows for the issuance of a notice of disqualification, and subsection 126A(2), which provides the grounds for such disqualification. Section 126K outlines the specific actions that are prohibited for disqualified individuals, including acting as a trustee, investment manager, or custodian of a superannuation entity, or being a responsible officer or a body corporate that performs these roles. Additionally, subsection 126A(7) mandates that the details of this disqualification notice will be published as a notifiable instrument in the Federal Register of Legislation. The Act imposes significant obligations on the parties it governs. Responsible officers of corporate trustees must ensure compliance with the SISA to avoid disqualification. The seriousness of any contraventions is a critical factor in determining whether disqualification is warranted. The disqualification takes immediate effect upon issuance, as noted in the notice dated 3 July 2026. Moreover, under section 344, any individual who is dissatisfied with the decision has the right to request a reconsideration from the Commissioner within 21 days of receiving the notice. Any offences related to the Act are outlined in section 126K, which stipulates that it is an offence for a disqualified person to be, or act as a trustee, investment manager, or custodian of a superannuation entity. This includes being a responsible officer or a body corporate that assumes these roles. The maximum penalty for committing this offence is two years imprisonment, indicating the seriousness with which the law treats such violations. Additionally, the Act allows for the potential revocation of the disqualification under subsection 126A(5), either on the initiative of the authorities or upon the written application of the disqualified individual.