Notice of Disqualification - Kerri-Anne Hoolihan - 27 May 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 the protection of superannuation funds and the interests of members. The legislation was introduced by the Australian Parliament to establish a comprehensive framework for the supervision of superannuation entities and to provide for the regulation of trustees, investment managers, and custodians. This Act was designed to fill the gap by creating a regulatory environment that mitigates the risk of misconduct and mismanagement within the superannuation industry, thus safeguarding the retirement savings of Australians. In accordance with the SISA, the Commonwealth Government, through the Commissioner of Taxation, has the authority to disqualify individuals who are responsible officers of corporate trustees found to have contravened the Act's provisions. The policy objective underpinning this disqualification process is to deter and prevent individuals from engaging in conduct that could jeopardise the financial security of superannuation fund members. By imposing penalties, including disqualification and potential imprisonment, the Act aims to uphold the integrity and stability of the superannuation system.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and corporate trustees who are involved in the management or administration of superannuation entities within Australia. Specifically, the Act targets responsible officers who are implicated in breaches of its provisions. The jurisdiction of the Act extends across the Commonwealth, meaning it has a national reach and applies to all entities operating within Australia. The Act aims to protect superannuation funds by ensuring that those in responsible positions adhere to regulatory standards, and failure to do so can result in disqualification from managing these funds. The notice of disqualification, as outlined in the provided document, applies to Kerri-Anne Hoolihan, who was found to be a responsible officer at the time of the contraventions by the corporate trustee. The disqualification is effective immediately upon issuance. While the Act broadly applies to all relevant entities and individuals, certain exclusions or exemptions may exist based on specific circumstances, although these are not detailed in the provided text. The application of the Act can be further extended or clarified through subordinate instruments, which may provide additional guidelines or specific cases for enforcement.

Key Provisions

The Superannuation Industry (Supervision) Act 1993 (SISA) outlines key provisions regarding the disqualification of individuals who have contravened its requirements. Specifically, subsection 126A(2) of the SISA allows for the disqualification of a person from being involved in superannuation entities if there are serious contraventions of the Act, and the person was a responsible officer of the corporate trustee at the time of the contraventions. This means that the disqualification is based on the seriousness of the contraventions and the person's role in the corporate trustee. The obligations imposed by the Act on the parties it governs include ensuring compliance with the SISA's requirements. This means that responsible officers of corporate trustees must take care to adhere to the Act's provisions to avoid potential disqualification. Additionally, the Act requires that any contraventions be reported and that the Commissioner of Taxation has the authority to disqualify individuals who have contravened the Act. The Act also outlines specific offences and penalties for breaches. Section 126K of the SISA criminalises the act of a disqualified person being, or acting as, a trustee, investment manager, or custodian of a superannuation entity, or being 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, underscoring the seriousness with which the Act treats such breaches. Further, under subsection 126A(5) of the SISA, the disqualification can be revoked either by the Commissioner on their own initiative or upon a written application by the disqualified person. Additionally, section 344 of the SISA provides a mechanism for the Commissioner to reconsider the decision if the affected person is not satisfied with it. This reconsideration request must be made in writing within 21 days of receiving notice of the decision and must detail the reasons why the decision is considered incorrect. These provisions ensure that there are pathways for review and potential revocation of disqualification, provided the proper procedures are followed.