Notice of Disqualification – James Ainscough - 4 February 2026

Overview

The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted to address the need for robust regulation and oversight of the superannuation industry in Australia. This Act was introduced by the Parliament of Australia to safeguard the interests of superannuation fund members by ensuring compliance with strict regulatory standards. One of the key provisions of the SISA is its ability to disqualify individuals who have acted in a manner that breaches the Act's provisions while holding a responsible position within a superannuation entity. This legislative measure aims to maintain the integrity of the superannuation system and protect the financial well-being of those who rely on it. The disqualification process outlined in the Act serves as a deterrent against non-compliance and reinforces the commitment to high standards of governance within the industry.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 applies to a range of persons and entities within the superannuation industry, including trustees, investment managers, and custodians of superannuation entities, as well as responsible officers of corporate trustees. The act extends to the Commonwealth jurisdiction, thereby covering the entire nation. In this instance, the Act has been applied to James Ainscough, a responsible officer of a corporate trustee of one or more superannuation entities in Rothwell, Queensland, who has been disqualified from acting in certain capacities due to multiple contraventions of the Act by the corporate trustee. The disqualification notice issued under the Act is effective immediately and details of the disqualification will be published as a Notifiable Instrument in the Federal Register of Legislation. Furthermore, the Act provides for the possibility of revocation of the disqualification and outlines the process for reconsideration of the decision by the Commissioner. It is noted that being a disqualified person and knowingly acting in any of the prohibited capacities is an offence, with a maximum penalty of two years imprisonment.

Key Provisions

The Superannuation Industry (Supervision) Act 1993 (SISA) contains provisions that allow for the disqualification of individuals who have been responsible officers of a corporate trustee that has contravened the Act. Specifically, subsection 126A(2) allows for the disqualification of a responsible officer if there are multiple contraventions that provide grounds for such action. In this case, the notice of disqualification is served on James Ainscough, who was a responsible officer of a corporate trustee that contravened the SISA on multiple occasions. The disqualification takes effect immediately upon issuance of the notice, as stated in subsection 126A(6) of the Act. The Act imposes several obligations and requirements on the parties it governs. Firstly, responsible officers must ensure that their corporate trustees comply with the SISA to avoid personal disqualification. Secondly, the Act requires the disclosure of details of disqualifications to the public, as stipulated in subsection 126A(7). This is to ensure transparency and accountability within the superannuation industry. Finally, section 126K of the Act prohibits disqualified individuals from acting as trustees, investment managers, or custodians of superannuation entities, or being responsible officers of such entities. There are serious consequences for breaching the provisions of the SISA. Specifically, section 126K of the Act makes it 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 of such an entity. The maximum penalty for committing this offence is two years imprisonment, as stated in Note 2. Additionally, subsection 126A(5) of the Act provides for the revocation of disqualification on the initiative of the delegate or upon written application by the disqualified person. Finally, section 344 of the Act allows for a request for reconsideration of the decision by the Commissioner within 21 days of receiving notice of the decision. In summary, the SISA contains provisions that allow for the disqualification of responsible officers of corporate trustees that contravene the Act. The Act imposes several obligations and requirements on the parties it governs, including compliance with the Act, disclosure of disqualifications to the public, and prohibitions on acting as a trustee, investment manager, or custodian of a superannuation entity. Breach of the Act can result in serious consequences, including imprisonment and revocation of disqualification. Finally, the Act provides for reconsideration of decisions by the Commissioner within 21 days of receiving notice of the decision.