Notice of Disqualification – Feda Darwish - 29 June 2026

Overview

The Superannuation Industry (Supervision) Act 1993 was enacted by the Australian Parliament to address issues of compliance and governance within the superannuation industry, particularly focusing on the oversight of trustees and responsible officers. This Act establishes a framework for the regulation and supervision of the superannuation industry, aiming to protect the interests of superannuation members by ensuring that trustees and responsible officers adhere to certain standards and regulations. The 1993 Act provides mechanisms for the disqualification of individuals found to have contravened the law, thereby maintaining the integrity and reliability of the superannuation system. The policy objective is to safeguard superannuation funds and ensure that trustees and responsible officers act in the best interests of the members of the superannuation entities. The recent disqualification of Feda Darwish under subsection 126A(2) of the Act highlights the ongoing commitment to these objectives by addressing breaches of the Act through appropriate enforcement actions.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 (SISA) applies to any person or entity involved in the superannuation industry, including trustees, responsible officers, investment managers, and custodians of superannuation entities. This Act is of Commonwealth jurisdiction and governs the conduct of individuals and entities involved in managing superannuation funds across Australia. The Act seeks to ensure the proper management and regulation of superannuation funds to protect the interests of superannuation fund members. Notably, the Act provides for the disqualification of individuals who have been responsible officers of a corporate trustee and have been involved in contraventions of the Act that are serious enough to warrant such action. The disqualification prevents these individuals from acting as trustees, investment managers, or custodians of superannuation entities, and includes a potential penalty of up to two years' imprisonment for those who contravene this prohibition. Additionally, the Act allows for the revocation of disqualifications either at the initiative of the Commissioner or upon a written application by the disqualified person. This comprehensive regulatory framework ensures accountability and compliance within the superannuation industry, safeguarding the financial interests of superannuation fund members.

Key Provisions

The notice issued to Feda Darwish under subsection 126A(6) of the Superannuation Industry (Supervision) Act 1993 (SISA) informs her that she has been disqualified from acting as a responsible officer in relation to a superannuation entity. This disqualification is due to the belief that the corporate trustee of one or more superannuation entities has contravened the SISA on multiple occasions, with Feda Darwish being a responsible officer at the time of these contraventions. The seriousness of these contraventions provides grounds for her disqualification. The disqualification takes effect immediately upon the issuance of the notice. The Act imposes several obligations and requirements on the parties it governs. For Feda Darwish, one of the key obligations is that she cannot act as a trustee, investment manager, or custodian of a superannuation entity, nor can she be a responsible officer for any body corporate that serves in these roles. This restriction is crucial to prevent any potential further contraventions of the SISA and to maintain the integrity of the superannuation system. Additionally, the Act mandates that details of the disqualification be published as a Notifiable Instrument in the Federal Register of Legislation, ensuring transparency and public awareness. Furthermore, the Act outlines specific offences and penalties for breaches of the disqualification provisions. Under section 126K of the SISA, it is an offence for a disqualified person to act in any capacity as a trustee, investment manager, custodian, or responsible officer of a superannuation entity if they are aware of their disqualification. The maximum penalty for this offence is two years imprisonment. This stringent penalty underscores the seriousness with which the Act treats such breaches, aiming to deter any attempts to circumvent the disqualification. There are also provisions for the revocation of the disqualification. According to subsection 126A(5) of the SISA, the disqualification can be revoked either on the initiative of the relevant authorities or upon a written application by the disqualified person. This provides a pathway for Feda Darwish to potentially have her disqualification lifted if new information comes to light or if she demonstrates that the circumstances leading to her disqualification have changed. Finally, under section 344 of the SISA, if Feda Darwish is dissatisfied with the decision, she has the right to request the Commissioner to reconsider it. This reconsideration must be requested in writing within 21 days of receiving the notice of disqualification and must include the reasons why she believes the decision is wrong.