Notice of Disqualification – Katrina Stark - 7 October 2025

Overview

The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted to address the need for robust oversight and regulation of the superannuation industry in Australia. The Act was introduced by the Australian Parliament with the policy objective of protecting the interests of superannuation fund members by ensuring that trustees, investment managers, custodians, and responsible officers act with integrity and competence. The enactment of the SISA aimed to fill the gap in comprehensive regulation and oversight of the superannuation industry, which was crucial for maintaining public trust and financial security in retirement savings. The Act includes provisions for disqualifying individuals who contravene its requirements, as seen in the notice of disqualification issued to Katrina Stark under subsection 126A(6) of the SISA. This notice, dated 7 October 2025, was issued by Ben Kelly, a delegate of the Commissioner of Taxation, following a determination that Ms. Stark had contravened the Act, warranting her disqualification from certain roles within the superannuation industry.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 applies to individuals and entities involved in the superannuation industry, including trustees, investment managers, and custodians of superannuation funds. It also applies to responsible officers and body corporates that manage or oversee superannuation entities. The jurisdictional reach of the Act is at the Commonwealth level, applying across Australia. The Act provides that a person can be disqualified if they contravene its provisions, with the disqualification taking effect immediately upon notice. This disqualification can be revoked on the initiative of the Commissioner or upon a written application by the disqualified person. The Act explicitly states that it is an offence for a disqualified person to continue acting in their disqualified capacity, with a maximum penalty of two years imprisonment. The Act also allows for reconsideration of the disqualification decision by the Commissioner within 21 days of receiving notice. Details of such disqualifications are to be published as Notifiable Instruments in the Federal Register of Legislation.

Key Provisions

The primary sections of the Superannuation Industry (Supervision) Act 1993 (SISA) that apply here are subsection 126A(1), which empowers the Commissioner to disqualify individuals who contravene the Act, and subsection 126A(6), which mandates the Commissioner to provide notice of such disqualification. According to these sections, Katrina Stark has been disqualified due to contraventions of the Act, with the disqualification taking effect immediately upon notification. Under subsection 126A(7), the details of this disqualification are to be published as a Notifiable Instrument in the Federal Register of Legislation. The Act imposes several obligations on Katrina Stark and other parties it governs. Notably, section 126K prohibits a disqualified person from acting as a trustee, investment manager, or custodian of a superannuation entity or being a responsible officer of a body corporate that holds such roles. This prohibition is critical in maintaining the integrity and proper management of superannuation funds. Additionally, subsection 126A(5) allows the Commissioner to revoke the disqualification either on their own initiative or in response to a written application by the disqualified person. Failure to comply with the provisions of the SISA can result in severe consequences. Section 126K stipulates that it is an offence for a disqualified person to act in any of the prohibited capacities. The maximum penalty for this offence is two years imprisonment, underscoring the seriousness of the contraventions that led to the disqualification. Furthermore, section 344 provides a mechanism for appealing the disqualification decision. Any person affected by the decision who is dissatisfied with it can request the Commissioner to reconsider the decision in writing within 21 days of receiving the notice, providing reasons for the reconsideration.