Notice of Disqualification – Iqbal Fauzan - 14 July 2026

Overview

The Superannuation Industry (Supervision) Act 1993 was enacted to address the need for effective oversight and regulation of the superannuation industry in Australia. The legislation aims to ensure the protection of superannuation fund members by establishing a robust framework that governs the conduct of trustees, investment managers, and other responsible officers within the industry. The Act was introduced by the Australian Parliament, reflecting a commitment to safeguarding the interests of superannuation fund members by providing stringent regulatory measures. The policy objective of the Act is to maintain the integrity, efficiency, and soundness of the superannuation industry, thereby ensuring that trustees and other responsible officers act in the best interests of fund members. Through this legislative framework, the Act seeks to deter and address misconduct and breaches of trust within the superannuation sector, ultimately contributing to the financial security of millions of Australians relying on superannuation for their retirement.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 applies to individuals and entities involved in the supervision and management of superannuation funds in Australia. Specifically, it applies to trustees, investment managers, custodians, and responsible officers of superannuation entities, including both natural persons and corporate bodies. The Act's jurisdictional reach is Commonwealth, applying nationally across Australia. The Act provides for the disqualification of individuals found to have contravened its provisions, particularly where the contraventions are serious enough to warrant such action. This disqualification prohibits the disqualified person from acting in certain capacities within the superannuation industry. Additionally, the Act can extend its application through subordinate instruments, which may provide further details or clarifications on its provisions and enforcement mechanisms. Any disqualified person found to contravene the terms of their disqualification faces significant penalties, including potential imprisonment. The Act also allows for the revocation of disqualification under certain conditions and provides avenues for reconsideration of disqualification decisions.

Key Provisions

The notice of disqualification provided to Iqbal Fauzan under subsection 126A(6) of the Superannuation Industry (Supervision) Act 1993 (SISA) informs him that he has been disqualified from performing certain roles within the superannuation industry. This decision was made by Ben Kelly, a delegate of the Commissioner of Taxation, who is satisfied that Iqbal has contravened the SISA on one or more occasions, with the seriousness of these contraventions warranting his disqualification. This disqualification becomes effective immediately upon the issuance of the notice. Iqbal is informed that his disqualification will be published as a Notifiable Instrument in the Federal Register of Legislation, as stipulated by subsection 126A(7) of the SISA. The disqualification under the SISA imposes significant obligations and requirements on Iqbal. Specifically, he is prohibited from acting as a trustee, investment manager, or custodian of a superannuation entity, or serving as a responsible officer or a body corporate that holds such positions. These roles are critical in managing and safeguarding superannuation funds, and the disqualification ensures that Iqbal cannot participate in these capacities. Additionally, Iqbal is bound by the stipulation in section 126K of the SISA that makes it an offence for a disqualified person to engage in these activities knowingly. If Iqbal contravenes this prohibition, he faces potential criminal penalties, including a maximum penalty of two years imprisonment. The consequences for breaching the terms of the disqualification are severe. As per section 126K, knowingly acting in any capacity that the disqualification prohibits is a criminal offence, and Iqbal could be subject to a penalty of up to two years in jail. This underscores the seriousness with which the legislation treats violations of disqualification orders. Furthermore, Iqbal has the right to request a reconsideration of the decision under section 344 of the SISA if he believes the disqualification is unjust. Such a request must be made in writing within 21 days of receiving the notice and should detail the reasons for the perceived error in the decision. There are also provisions for the potential revocation of the disqualification. Under subsection 126A(5) of the SISA, the disqualification can be revoked either on the initiative of the authorities or based on Iqbal's written application. This provides a pathway for Iqbal to potentially have his disqualification lifted if circumstances change or if he can demonstrate that the grounds for his disqualification no longer apply.