Notice of Disqualification – Henry Noel - 6 July 2026

Overview

The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted to address the need for stringent regulation and oversight within the superannuation industry, ensuring the protection of superannuation fund members and the integrity of the superannuation system. This legislation empowers the Australian government to monitor and regulate entities involved in the administration and management of superannuation funds, including trustees, investment managers, and custodians. The policy objective of the SISA is to safeguard the financial interests of superannuation fund members by enforcing compliance with rigorous standards and penalising significant breaches that compromise the stability and reliability of the superannuation industry. This notifiable instrument concerning the disqualification of Henry Noel under subsection 126A(6) of the SISA underscores the Act's commitment to enforcing its stringent regulatory framework. By disqualifying individuals who have contravened the provisions of the SISA, the Act aims to deter misconduct and maintain the highest standards of governance and fiduciary duty within the superannuation sector. The disqualification notice, issued by a delegate of the Commissioner of Taxation, serves as a formal mechanism to uphold these standards and protect the interests of superannuation fund members.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 applies to individuals and entities within the superannuation industry, encompassing roles such as trustees, investment managers, and custodians of superannuation entities. The Act has a Commonwealth reach, applying nationally across Australia. It specifically targets individuals who have contravened the provisions of the Act, with the disqualification of such individuals taking immediate effect upon notice. For instance, Henry Noel has been disqualified under the Act due to contraventions that warranted such action. The disqualification prohibits the disqualified person from acting in certain capacities within the superannuation industry, and contravening this prohibition is an offence with a potential penalty of up to two years imprisonment. The Act allows for the disqualification to be revoked under certain conditions, either by the delegate of the Commissioner of Taxation or upon written application by the disqualified individual. Furthermore, any party aggrieved by the disqualification decision has the right to request a reconsideration by the Commissioner within 21 days of receiving the notice.

Key Provisions

The Superannuation Industry (Supervision) Act 1993 (SISA) includes provisions for disqualifying individuals from participating in the superannuation industry. Under subsection 126A(1) of the SISA, an individual can be disqualified if there are reasonable grounds to believe they have contravened the Act in a manner that justifies disqualification. The notice of disqualification, as seen in the document for Henry Noel, is issued by a delegate of the Commissioner of Taxation, as specified in subsection 126A(6) of the SISA. The disqualification becomes effective on the day it is issued, as indicated in the notice. This process ensures that individuals who have breached the Act in a serious manner are promptly removed from the superannuation industry to protect stakeholders. The Act imposes several obligations on the parties it governs. Trustees, investment managers, custodians, and responsible officers of superannuation entities must comply with the various provisions of the SISA to maintain their eligibility to operate within the industry. Section 126K of the SISA specifies that a disqualified person who knowingly continues to act in any of these roles commits an offence, which can lead to significant legal consequences. This section underscores the importance of adherence to the Act's requirements and the severe repercussions for non-compliance. Breaches of the SISA can result in substantial penalties. According to section 126K, any disqualified person who knowingly continues to act as a trustee, investment manager, custodian, or responsible officer of a superannuation entity commits an offence. The maximum penalty for this offence is two years imprisonment, highlighting the seriousness with which the Act treats non-compliance. Additionally, the disqualification can be revoked by the Commissioner on their own initiative or upon the application of the disqualified person, as outlined in subsection 126A(5) of the SISA. This flexibility allows for the possibility of reinstatement if the conditions that led to the disqualification are rectified. For those affected by a disqualification decision, the SISA provides a mechanism for reconsideration. Section 344 of the Act allows a disqualified individual to request the Commissioner to reconsider their disqualification. This request must be made in writing within 21 days of receiving the notice of disqualification and must include the reasons why the decision should be reconsidered. This provision ensures that individuals have an opportunity to challenge the decision and seek redress if they believe it is unjust.