Notice of Disqualification - Justin Savory – 28 May 2026

Overview

The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted to address the need for effective supervision and regulation of the superannuation industry in Australia, ensuring the protection of superannuation funds and the interests of members. This Act was introduced to fill a gap in the regulation of superannuation trustees and responsible officers, aiming to maintain high standards of conduct and competence within the industry. The enacting body was the Commonwealth Parliament, with the policy objective of safeguarding the superannuation system and enhancing its integrity. This legislation provides mechanisms for disqualifying individuals who are deemed unfit or unsuitable to manage superannuation entities, thereby protecting fund members and maintaining the trust in the superannuation system. The notice of disqualification serves as a formal communication to individuals who have been disqualified from holding certain positions within the superannuation sector, as per the provisions of the Act.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 (SISA) applies to responsible officers of corporate trustees in the superannuation industry, imposing obligations and restrictions on their conduct and the entities they manage. Specifically, the Act targets individuals who are responsible officers of a body corporate that serves as a trustee, investment manager, or custodian of a superannuation entity. The geographic reach of the Act is national, as it is a Commonwealth Act, affecting trustees and responsible officers across Australia. The Act excludes entities and individuals not directly involved in the management of superannuation funds, unless they fall under the definition of a responsible officer. The Act can extend its application through subordinate instruments, but these are not detailed in the provided text. The Act also includes provisions for disqualification of individuals deemed unfit to manage superannuation entities, which can be revoked under certain conditions. Any contraventions of the Act by disqualified persons can result in criminal penalties, including imprisonment.

Key Provisions

The key provisions of this notice of disqualification pertain primarily to subsection 126A(2) and subsection 126A(6) of the Superannuation Industry (Supervision) Act 1993 (SISA). Under subsection 126A(6), Ben Kelly, a delegate of the Commissioner of Taxation, has formally disqualified Justin Savory from being a trustee or responsible officer of a body corporate that is a trustee of a superannuation entity. This disqualification was issued because it is believed that the corporate trustee, of which Mr Savory was a responsible officer, contravened the SISA on multiple occasions. Additionally, under subsection 126A(2), the disqualification is based on the premise that Mr Savory is not deemed fit and proper to hold such a position given the seriousness of the contraventions. This disqualification is effective immediately from the date of the notice, which is 28 May 2026. The Act imposes several obligations on parties such as Mr Savory. Most notably, it mandates that he refrain from acting as a trustee, investment manager, custodian, or responsible officer of any superannuation entity. This requirement is intended to ensure that individuals who are not fit and proper persons do not have a role in the management or oversight of superannuation entities. Furthermore, the Act requires Mr Savory to inform any entities or individuals with whom he has dealings that he is disqualified from such roles. This is to prevent any further breaches of the SISA and to maintain the integrity of the superannuation industry. Failure to comply with the disqualification provisions outlined in the SISA can lead to severe consequences. Under section 126K, it is an offence for a disqualified person, such as Mr Savory, to act as a trustee, investment manager, custodian, or responsible officer of a superannuation entity if they are aware of their disqualification. The penalty for committing this offence is a maximum of two years imprisonment. Additionally, there are potential civil consequences for breaches of the SISA, although these are not detailed in the notice. It is also worth noting that the disqualification may be revoked under subsection 126A(5) either by the delegate on their own initiative or following a written application from Mr Savory. For Mr Savory, there is a right to seek reconsideration of the disqualification decision. Under section 344 of the SISA, if he is dissatisfied with the decision, he can request the Commissioner to reconsider it. This request must be made in writing within 21 days of receiving notice of the decision and must outline the reasons why he believes the decision is incorrect. This provides a formal avenue for Mr Savory to challenge the disqualification and potentially have it overturned if he can demonstrate sufficient grounds for reconsideration.