Notice of Disqualification - Liliana Ianni - 13 July 2026

Overview

The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted to address significant issues within the superannuation industry, particularly ensuring the integrity and proper administration of superannuation entities. This legislation was introduced by the Australian Parliament to establish a regulatory framework aimed at protecting the interests of superannuation fund members. The primary policy objective of the SISA is to safeguard the financial well-being of superannuation fund members by imposing stringent requirements on trustees, investment managers, and custodians of superannuation entities. The act provides mechanisms for disqualification of individuals who have acted in a manner that is inconsistent with the responsibilities of their roles within the superannuation industry, thereby ensuring that those who are entrusted with the management of superannuation funds are fit and proper persons. The SISA allows for the disqualification of individuals who have contravened the act's provisions, thus maintaining the integrity and reliability of the superannuation system.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 applies to responsible officers of corporate trustees of superannuation entities, including individuals and corporate entities. The Act operates on a national level, applying throughout Australia, and it specifically targets the conduct and management of superannuation funds. The Act seeks to ensure the integrity and proper management of superannuation entities by imposing disqualifications on responsible officers who engage in serious misconduct. The disqualification extends to preventing the disqualified person from acting as a trustee, investment manager, or custodian of a superannuation entity. The Act provides for exclusions and exemptions as necessary, but these are not detailed in the notice provided. The scope of the Act can be further defined and extended through subordinate instruments, which may include regulations and guidelines issued under the authority of the Act. These instruments help to clarify the application and enforcement of the Act, ensuring that it meets its objectives effectively.

Key Provisions

The document provides notice of disqualification under the Superannuation Industry (Supervision) Act 1993 (SISA). Section 126A(6) of the SISA mandates that a responsible officer of a corporate trustee, who has been involved in contraventions of the SISA, can be disqualified if the seriousness of the contraventions warrants such action. In this case, Liliana Ianni has been disqualified because she was a responsible officer of a corporate trustee when the contraventions occurred, and the seriousness of those contraventions justifies her disqualification. The disqualification takes immediate effect from the date of the notice. Under the SISA, the disqualification imposes strict obligations on the affected person. Section 126K of the SISA makes it an offence for a disqualified person to act as, or be, a trustee, investment manager, or custodian of a superannuation entity, or to be a responsible officer or a body corporate that is a trustee, investment manager, or custodian of a superannuation entity, if they are aware of their disqualification. This means Liliana Ianni is legally barred from participating in any capacity that involves the management or oversight of superannuation entities. Compliance with this requirement is mandatory to avoid legal repercussions. Failure to adhere to the disqualification provisions outlined in the SISA can result in severe penalties. Section 126K stipulates that knowingly acting in the prohibited roles while disqualified is an offence, with a maximum penalty of two years in jail. This underscores the seriousness with which the law treats breaches of the disqualification order. Additionally, section 126A(5) of the SISA provides for the possibility of disqualification revocation, either on the initiative of the authorities or upon written application by the disqualified person. This offers a potential pathway for reinstatement under certain conditions. Lastly, section 344 of the SISA allows for reconsideration of the disqualification decision if the affected person is dissatisfied with it. This reconsideration must be requested in writing within 21 days of receiving the notice of the decision and must include reasons for believing the decision is incorrect. This provision ensures that there is a formal process in place for challenging the disqualification, providing a measure of legal recourse for those who feel their rights have been unfairly prejudiced.