Notice of Disqualification – Hamish Mobbs - 1 July 2026

Overview

The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted to establish a regulatory framework governing the administration and oversight of superannuation funds in Australia. The Act was introduced to address the need for stringent regulation of the superannuation industry to protect the interests of fund members and ensure the proper management of their retirement savings. The SISA is administered by the Australian Taxation Office (ATO) on behalf of the Commonwealth Government. The primary policy objective of the SISA is to maintain the integrity and efficiency of the superannuation system by imposing responsibilities on trustees, investment managers, and custodians of superannuation entities, as well as by providing the ATO with powers to enforce compliance and take action against non-compliance. The Act includes provisions for the disqualification of individuals who have contravened its requirements, with the seriousness of the contraventions providing grounds for such action. This disqualification prohibits the individual from acting as a trustee, investment manager, or custodian of a superannuation entity, or being involved with entities that hold such roles, with serious penalties, including imprisonment, for those who violate these restrictions. The disqualification process involves a notice being issued to the individual, with details published as a Notifiable Instrument in the Federal Register of Legislation. Furthermore, the Act provides mechanisms for reconsideration of disqualification decisions and the potential revocation of disqualification based on certain conditions.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and entities involved in the management and administration of superannuation funds in Australia. The Act specifically targets trustees, investment managers, custodians, and responsible officers of superannuation entities, ensuring adherence to regulatory standards to protect superannuation fund members. The jurisdiction of the Act is national, applying across all states and territories of Australia. The Act’s reach is not limited by geographic boundaries but rather encompasses any person or entity involved in the supervision of superannuation funds within the country. There are no stated exclusions or exemptions within the Act itself; however, certain categories of superannuation entities may be exempt under other legislative instruments. The Act can extend or restrict its application through subordinate instruments, which provide further detail on specific aspects such as the types of contraventions and the processes for disqualification and potential revocation of disqualification. This legislative framework aims to maintain the integrity and stability of the superannuation system by imposing stringent oversight and accountability measures on those managing superannuation funds.

Key Provisions

The notice issued to Hamish Mobbs under subsection 126A(6) of the Superannuation Industry (Supervision) Act 1993 (SISA) signifies his disqualification, effective immediately from the date of issuance. This disqualification arises from a determination that Mobbs has contravened the provisions of the SISA, with the seriousness of these contraventions warranting such action as per subsection 126A(1). The notice is a formal communication from Ben Kelly, a delegate of the Commissioner of Taxation, who has the authority to make such a decision. The SISA imposes various obligations and requirements on entities and individuals involved in the superannuation industry. For instance, it mandates compliance with specific standards to ensure the proper management and supervision of superannuation funds. In the case of Hamish Mobbs, his disqualification indicates a failure to meet these obligations, leading to the decision to disqualify him from any involvement in the management of superannuation entities. Under section 126K of the SISA, it is 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 or a body corporate that serves in such capacities. The seriousness of this offence is underscored by the potential penalty of up to two years in jail, highlighting the legislative intent to enforce strict compliance with the Act’s provisions. This legal framework is designed to protect the interests of superannuation fund members by ensuring that only those who meet stringent standards manage these funds. Additionally, the Act provides mechanisms for potential revocation of the disqualification. As per subsection 126A(5), the disqualification may be revoked either on the initiative of the Commissioner or upon a written application by the disqualified person. This offers a pathway for Mobbs to potentially have his disqualification reconsidered if he can demonstrate that the grounds for his disqualification no longer apply. Furthermore, section 344 of the SISA allows for a reconsideration request by the Commissioner if Mobbs believes the disqualification decision is erroneous. Such a request must be made in writing within 21 days of receiving the notice and should detail the reasons for dissatisfaction with the decision.