Notice of Disqualification – Glen Duggan - 29 January 2026

Overview

The Superannuation Industry (Supervision) Act 1993 was enacted to provide for the effective regulation of the superannuation industry, addressing the need for oversight and governance to protect the interests of superannuation fund members. This Act was introduced by the Commonwealth Parliament with the policy objective of ensuring that superannuation entities are managed with integrity and in the best interests of their members. One significant aspect of the Act is its mechanism for disqualifying individuals who are found to be unfit to manage superannuation entities, as evidenced by the recent disqualification of Glen Duggan. This measure is designed to maintain the integrity of the superannuation system by preventing those who have acted improperly from continuing in roles that involve significant responsibility over members' retirement savings. The Act empowers the Commissioner of Taxation to disqualify individuals who are responsible officers of corporate trustees found to have contravened the Act, ensuring that the governance of superannuation entities remains robust and accountable.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 (SISA) applies to trustees, responsible officers, and other entities involved in the management of superannuation entities in Australia. In this instance, the act has been invoked to disqualify Glen Duggan from acting as a trustee or responsible officer of a superannuation entity due to contraventions of the Act by the corporate trustee of one or more superannuation entities. The seriousness of these contraventions, coupled with Glen Duggan's role as a responsible officer at the time, has led to the conclusion that he is not a fit and proper person to hold such positions. The disqualification is effective immediately, as stipulated by the legislation. The geographic and jurisdictional reach of this Act is national, given it is a Commonwealth Act. Exclusions, exemptions, or thresholds are not explicitly detailed in the provided excerpt, but the Act does provide mechanisms for the revocation of such disqualifications and avenues for reconsideration of the decision by the Commissioner. The enforcement and further specification of the Act's application are potentially extended through subordinate instruments, although these are not elaborated upon in the provided text.

Key Provisions

The notice issued to Glen Duggan under subsection 126A(6) of the Superannuation Industry (Supervision) Act 1993 (SISA) informs him of his disqualification from being a trustee or a responsible officer of a body corporate that is a trustee, of a superannuation entity. The decision to disqualify Glen is based on the findings that the corporate trustee of one or more superannuation entities has contravened the SISA on one or more occasions, and Glen was a responsible officer at the time of the contraventions. Furthermore, the seriousness of the contraventions has led to the conclusion that Glen is not a fit and proper person to hold such positions. The disqualification takes immediate effect from the date of the notice. In accordance with the Act, Glen Duggan is prohibited from acting as a trustee, investment manager, or custodian of a superannuation entity, as well as from being a responsible officer of a body corporate that is a trustee, investment manager, or custodian, of a superannuation entity. Any attempt by Glen to act in any of these capacities after his disqualification will constitute an offence under section 126K of the SISA. The penalty for committing this offence is a maximum of two years in jail. Glen is also notified that his disqualification details will be published as a Notifiable Instrument in the Federal Register of Legislation under subsection 126A(7) of the SISA. Additionally, the notice explains that the disqualification can be revoked either on the initiative of the delegate of the Commissioner of Taxation or upon Glen's written application under subsection 126A(5) of the SISA. For those who are dissatisfied with the disqualification decision, the Act provides a recourse under section 344 of the SISA. Any request for reconsideration must be made in writing within 21 days of receiving the notice and should detail the reasons for believing the decision to be incorrect. This request must be submitted to the Commissioner, who will then review the case to determine if the disqualification should indeed be reconsidered.