Notice of Disqualification – James Geraghty – 4 February 2026

Overview

The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted to address the need for stringent oversight and regulation of the superannuation industry in Australia, ensuring that trustees, investment managers, and custodians act in the best interests of their clients. The Act was introduced by the Commonwealth Parliament with the policy objective of protecting the financial well-being of superannuation fund members by establishing a robust regulatory framework. The Act provides for the disqualification of individuals who are found to have contravened the provisions of the SISA, thereby preventing them from acting in a capacity that involves the management of superannuation funds. The legislative framework empowers the Commissioner of Taxation to issue disqualification notices, such as the one sent to James Geraghty on 4 February 2026, which outlines the grounds for disqualification and the potential legal consequences for those who continue to act in a disqualified capacity.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and entities involved in the supervision of superannuation entities, including trustees, investment managers, and custodians. The Act’s jurisdiction is Commonwealth-wide, ensuring uniform application across Australia. A notable exclusion pertains to the disqualification provisions, which only apply to those who have contravened the SISA and meet the threshold for disqualification. The Act’s scope is extended through subordinate instruments, such as regulations and guidelines, which further define the responsibilities and conduct expected from those involved in the superannuation industry. Additionally, the Act allows for the revocation of disqualifications under specific conditions, providing a mechanism for review and appeal, thus ensuring a balance between regulatory oversight and individual rights.

Key Provisions

The main operative sections of the Superannuation Industry (Supervision) Act 1993 (SISA) relevant to this notice of disqualification are sections 126A and 126K. Section 126A(2) provides the authority to disqualify a person from managing superannuation entities if they have contravened the SISA on multiple occasions. Section 126A(6) requires the Commissioner of Taxation to give a disqualified person notice in writing, which is what is being done in this case. Section 126K imposes a specific offence for a disqualified person to act as a trustee, investment manager, or custodian of a superannuation entity, or as a responsible officer of a body corporate that holds such a position. The Act imposes several obligations and requirements on parties and entities it governs. Firstly, it mandates that any person found to have contravened the SISA multiple times can be disqualified from managing superannuation entities. This disqualification is intended to protect the interests of superannuation fund members and ensure compliance with the regulatory framework. The Act also requires the Commissioner of Taxation to provide written notice to the disqualified person, as seen in this notice to James Geraghty. Additionally, section 126A(7) requires that details of the disqualification be published as a Notifiable Instrument in the Federal Register of Legislation, ensuring transparency and public awareness of the disqualification. Any person who knowingly acts as a trustee, investment manager, or custodian of a superannuation entity, or as a responsible officer of such a body corporate, while being disqualified, commits an offence under section 126K of the SISA. The civil and criminal consequences for breaching this provision are severe, with a maximum penalty of two years imprisonment. This stringent penalty reflects the importance of adhering to the Act's provisions to maintain the integrity of the superannuation industry. Under subsection 126A(5) of the SISA, the disqualification can be revoked either on the initiative of the Commissioner of Taxation or upon the written application of the disqualified person. This provision allows for the possibility of reinstatement under certain conditions, providing a pathway for those who have addressed the issues leading to their disqualification. Moreover, section 344 of the SISA provides a mechanism for the aggrieved party to request a reconsideration of the decision within 21 days of receiving the notice, giving them an opportunity to challenge the decision and present reasons for its reconsideration.