Notice of Disqualification – Graham Bowen - 8 April 2026

Overview

The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted by the Parliament of Australia to address the need for robust supervision and regulation of the superannuation industry to protect the interests of superannuation fund members. The legislation was introduced to fill a gap in the regulatory framework, ensuring that superannuation funds are managed responsibly and in the best interests of members. The SISA established the Australian Prudential Regulation Authority (APRA) to oversee the prudential aspects of the superannuation industry, including licensing, compliance, and the disqualification of individuals found to be unfit to manage superannuation funds. The policy objective of the Act is to safeguard the financial well-being of superannuation fund members by promoting efficient, honest, and responsible management of funds. This notice of disqualification issued to Graham Bowen under the authority of the SISA exemplifies the Act's intent to enforce compliance and maintain the integrity of the superannuation system.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 (SISA) applies to a range of individuals and entities involved in the administration, management, and operation of superannuation funds, including trustees, directors, members, and associated service providers. The Act governs the conduct, operations, and financial management of superannuation entities to ensure the protection of superannuation funds and the interests of members. The jurisdictional reach of the SISA is national, applying across Australia, and it extends to all superannuation funds, regardless of their size or the number of members they serve. However, the Act does not apply to certain types of funds, such as those established under state laws, charitable or benevolent funds, or funds established by a deed of family arrangement. The Act also provides for exclusions and exemptions through subordinate instruments, which may specify particular circumstances or entities that are not subject to the Act's provisions. The disqualification process under the Act is stringent, with significant consequences for individuals found to have contravened its provisions, as evidenced by the notice of disqualification issued to Graham Bowen.

Key Provisions

The Superannuation Industry (Supervision) Act 1993 (SISA) includes specific provisions that allow for the disqualification of individuals involved in the superannuation industry. Under section 126A, a delegate of the Commissioner of Taxation may disqualify a person from performing any function in relation to a superannuation entity if they are satisfied that the person has contravened the Act on one or more occasions and the seriousness of the contraventions provides grounds for disqualification. The disqualification is effective from the day it is issued, as noted in subsection 126A(6). In this instance, Graham Bowen has been disqualified by Ben Kelly, a delegate of the Commissioner of Taxation, on the grounds that Bowen has contravened the SISA and the seriousness of these contraventions warrants disqualification. The Act imposes several obligations on the parties and entities it governs. For example, it mandates that trustees of superannuation funds must act in the best interests of the members of the fund, and they must adhere to the regulatory standards set forth in the Act. Any individual involved in the management or administration of a superannuation entity must comply with the provisions of the SISA, including the fiduciary duties and the obligations to provide members with necessary information about the fund. Trustees and other relevant persons are required to ensure that the funds are used exclusively for the benefit of members and their dependants, and they must keep accurate records and provide reports as required by the Act. Breach of the provisions in the SISA can result in various offences and penalties. Individuals who are found to have contravened the Act may face criminal charges, which can include fines and imprisonment. For example, subsection 126A(3) provides that a person who contravenes a civil penalty provision in the Act is liable to a penalty of up to $100,000 for a corporation or $20,000 for an individual. Additionally, the Act includes provisions for civil penalties, where the Australian Securities and Investments Commission (ASIC) can take action against those who breach the Act. The penalties can be significant, and in serious cases, individuals may face both criminal and civil consequences, including substantial fines and potential imprisonment. The severity of the penalties underscores the importance of compliance with the Act and the potential ramifications for non-compliance.