Notice of Disqualification – Jacob Mobbs - 1 July 2026

Overview

The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted to provide for the supervision of trustees, investment managers and custodians of superannuation funds, with the aim of protecting the interests of superannuation fund members. This Act was introduced to address the need for robust regulatory oversight in the superannuation industry, ensuring that entities managing superannuation funds operate with integrity and in the best interests of members. The Act is administered by the Commissioner of Taxation, who has the authority to disqualify individuals from participating in the management of superannuation entities if they are found to have contravened the provisions of the Act. The policy objective is to maintain high standards of conduct and compliance within the superannuation industry, thereby safeguarding the financial welfare of superannuation fund members. The disqualification of Jacob Mobbs under subsection 126A(1) of the SISA is a demonstration of this regulatory oversight, as it ensures that those who fail to adhere to the Act's requirements are appropriately sanctioned.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and entities involved in the management and supervision of superannuation funds in Australia, including trustees, investment managers, custodians, and responsible officers of superannuation entities. The jurisdiction of this Act extends across the Commonwealth, with its provisions binding and enforceable at a national level. However, the Act does not explicitly state exclusions, exemptions, or thresholds for its application, though specific provisions within the Act may provide clarity on certain exceptions or conditions. The scope of the Act can be further extended or restricted through subordinate instruments, which may provide additional guidelines or clarifications on the application of the Act’s provisions. For instance, the Act allows for the disqualification of individuals found to have contravened its provisions, with such disqualifications being subject to publication as Notifiable Instruments in the Federal Register of Legislation. Additionally, the Act criminalises certain actions by disqualified persons, such as acting as a trustee, investment manager, or custodian of a superannuation entity, with penalties including up to two years imprisonment. The Act also provides a mechanism for the reconsideration of disqualification decisions by the Commissioner within 21 days of receiving notice of the decision.

Key Provisions

The primary operative sections of the Superannuation Industry (Supervision) Act 1993 (SISA) relevant to this notice of disqualification are sections 126A and 126K. Section 126A(1) empowers a delegate of the Commissioner of Taxation to disqualify a person from performing certain roles related to superannuation entities if they are satisfied that the person has contravened the SISA and the seriousness of the contraventions warrants disqualification. Section 126A(6) requires the delegate to provide a written notice of the disqualification to the person affected. Section 126K outlines the offence of a disqualified person acting as a trustee, investment manager, or custodian of a superannuation entity, or as a responsible officer of a body corporate that performs these roles, knowing they are disqualified, with a maximum penalty of two years imprisonment. The Act imposes several obligations on Jacob Mobbs and other entities it governs. Firstly, it requires compliance with the provisions of the SISA, ensuring that activities related to superannuation entities are conducted in accordance with the law. Specifically, section 126A(1) mandates that individuals involved in the management or administration of superannuation funds must adhere to the standards and regulations set forth by the SISA. Additionally, section 126K(1) prohibits a disqualified person from engaging in any activities that would make them a trustee, investment manager, or custodian of a superannuation entity, or a responsible officer of a body corporate that holds such positions. Failure to comply with these provisions can result in severe consequences. Under section 126K, it is an offence for a disqualified person to act in any of the prohibited capacities, with the maximum penalty being two years imprisonment. This underscores the seriousness of the contraventions that led to the disqualification. Furthermore, the notice of disqualification itself is a formal record that will be published as a Notifiable Instrument in the Federal Register of Legislation, as per subsection 126A(7) of the SISA. This ensures transparency and public accountability regarding the disqualification of individuals involved in superannuation activities. Jacob Mobbs has the right to seek reconsideration of the decision if he is dissatisfied with the disqualification. Under section 344 of the SISA, he must submit a written request to the Commissioner within 21 days of receiving the notice, outlining the reasons he believes the decision is incorrect. This provision allows for a review process to ensure that the disqualification decision was made fairly and in accordance with the law. Additionally, the Act provides for the potential revocation of the disqualification under subsection 126A(5), either on the initiative of the delegate or upon a written application from the disqualified person.