Notice of Disqualification – John Dipizio- 23 January 2026

Overview

The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted to address issues of poor governance and management within the superannuation industry, ensuring that trustees, investment managers, and custodians of superannuation entities operate in a manner that protects the interests of superannuation fund members. This legislation was introduced by the Commonwealth Parliament and aims to maintain the integrity and stability of the superannuation system by imposing strict regulatory requirements on those who manage superannuation funds. One of the key policy objectives of the SISA is to provide for the supervision of the superannuation industry, including the ability to disqualify individuals who have demonstrated a lack of fitness and properness in their roles. The disqualification process serves as a deterrent to misconduct and ensures that those responsible for managing superannuation funds adhere to high standards of conduct and compliance.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 applies to individuals and entities involved in the management and operation of superannuation funds in Australia, including trustees, investment managers, and custodians. Specifically, the Act targets responsible officers of corporate trustees who may be implicated in the contravention of the Act's provisions. The jurisdictional reach of the Act is national, applying across all states and territories of Australia. The Act does not specify exclusions or thresholds for its application, meaning it broadly encompasses any person or entity involved in the superannuation industry. The Act also allows for the extension or restriction of its application through subordinate instruments, which can be utilised to further define the scope and specifics of its provisions. A notable exclusion pertains to the Act's application to certain types of superannuation entities, such as self-managed superannuation funds (SMSFs), which are governed under different regulatory frameworks. The disqualification of individuals such as John Dipizio serves as a significant enforcement tool within the Act, deterring non-compliance and ensuring the integrity of the superannuation industry.

Key Provisions

The main operative sections of the notice, section 126A(6) of the Superannuation Industry (Supervision) Act 1993 (SISA), informs John Dipizio that he has been disqualified as a responsible officer of a corporate trustee of one or more superannuation entities. This disqualification is due to the corporate trustee's contraventions of the SISA, which were serious enough to warrant such action. The disqualification is immediate and will be published as a Notifiable Instrument in the Federal Register of Legislation under section 126A(7). Additionally, section 126K of the SISA imposes an offence on a disqualified person who knowingly continues to act as a trustee, investment manager, or custodian of a superannuation entity. The offence carries a maximum penalty of two years imprisonment. The Act imposes several obligations on the parties and entities it governs. Firstly, section 126A(6) requires the delegate of the Commissioner of Taxation to provide written notice to the disqualified individual, detailing the reasons for the disqualification. This notice must include specific information about the contraventions that led to the decision, ensuring transparency and clarity. Furthermore, section 126K mandates that disqualified individuals refrain from acting in any capacity that involves managing superannuation entities. Failure to comply with this provision can result in serious legal consequences. The SISA also outlines various offences and penalties for breaches of its provisions. Section 126K specifically addresses the offence of a disqualified person acting as a trustee, investment manager, or custodian of a superannuation entity. This offence is punishable by a maximum penalty of two years imprisonment, reflecting the seriousness of such actions. Additionally, the Act allows for the disqualification to be revoked under section 126A(5), either on the initiative of the delegate or upon the written application of the disqualified person. This provision provides a pathway for rectification if the disqualification was unjust or if circumstances have changed. In terms of civil and criminal consequences, the Act ensures that there are clear repercussions for non-compliance. The disqualification itself is a significant penalty, preventing the individual from participating in the management of superannuation entities. Moreover, the potential criminal penalty of two years imprisonment for continued involvement highlights the legislative intent to enforce compliance strictly. The Act also provides recourse for those affected by the disqualification, allowing them to request reconsideration of the decision within 21 days under section 344. This provision ensures that there is a mechanism for addressing grievances and potentially rectifying wrongful disqualifications.