Notice of Disqualification - John Mort - 27 March 2026

Overview

The Superannuation Industry (Supervision) Act 1993 was enacted to establish a regulatory framework for the supervision of the superannuation industry, aimed at ensuring the proper management and administration of superannuation funds. The Act addresses the need for a robust oversight mechanism to protect the interests of superannuation fund members and beneficiaries by imposing various regulatory requirements on trustees, investment managers, and custodians of superannuation entities. The enacting body responsible for this legislation is the Parliament of Australia, which introduced the Act to address deficiencies in the oversight and regulation of the superannuation industry, particularly concerning the conduct of responsible officers and trustees. The policy objective of the Act is to maintain the integrity and stability of the superannuation system, thereby safeguarding the financial well-being of superannuation fund members.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 applies to responsible officers of corporate trustees within the superannuation industry, targeting their conduct and responsibilities in managing superannuation entities. This legislation has a national reach across Australia, applying uniformly across all states and territories under Commonwealth law. The Act specifically excludes individual trustees who are not part of a corporate trustee structure from its scope. The Act’s application extends through subordinate instruments which provide detailed rules and procedures for disqualifying individuals who fail to meet the statutory standards. These provisions ensure that responsible officers are held accountable for any breaches of the Act, which could lead to disqualification and potential criminal penalties if they continue to act in contravention of the legislation.

Key Provisions

The Superannuation Industry (Supervision) Act 1993 (SISA) provides that a delegate of the Commissioner of Taxation may disqualify an individual, such as John Mort in this case, from being or acting as a trustee, investment manager or custodian of a superannuation entity, or as a responsible officer of a corporate trustee (subsection 126A(2)). This action is taken if the delegate is satisfied that the corporate trustee has contravened the SISA, and the number of contraventions provides grounds for the disqualification. The disqualification takes immediate effect upon its issuance (subsection 126A(6)). John Mort, as a disqualified person, is now prohibited from being, or acting as a trustee, investment manager, or custodian of a superannuation entity, or as a responsible officer of a body corporate that is a trustee, investment manager or custodian of a superannuation entity (subsection 126A(7)). This restriction is designed to prevent individuals who have been involved in multiple contraventions of the SISA from continuing to manage superannuation entities, thereby ensuring compliance with the SISA. Breaching this disqualification is a serious matter. Under section 126K of the SISA, it is an offence for a disqualified person to be, or act as a trustee, investment manager or custodian of a superannuation entity, or as a responsible officer of a body corporate that is a trustee, investment manager or custodian of a superannuation entity. The maximum penalty for this offence is two years imprisonment (subsection 126A(5)). There are provisions for the disqualification to be reviewed. Under subsection 126A(5) of the SISA, the disqualification may be revoked on the initiative of the delegate or by a written application from the disqualified person. Additionally, under section 344 of the SISA, John Mort has the right to request the Commissioner to reconsider the decision if he is not satisfied with the outcome. Any such reconsideration request must be made in writing within 21 days of receiving notice of the disqualification and must include the reasons why the decision is thought to be incorrect.