Notice of Disqualification – Lisa Ohlsen

Overview

The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted to address issues related to the oversight and regulation of the superannuation industry in Australia, aiming to protect the interests of superannuation fund members and ensure the industry's integrity. The Act provides mechanisms for the supervision of superannuation entities, including the power to disqualify individuals who contravene the Act's provisions. This legislative framework is overseen by the Australian Parliament and seeks to maintain high standards within the superannuation industry by enabling the disqualification of individuals who engage in serious misconduct. The Act includes provisions for the disqualification of individuals who breach its regulations, as evidenced in the notice served to Lisa Ohlsen, highlighting the seriousness of the contraventions and the immediate effect of the disqualification.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and entities involved in the administration and management of superannuation entities, including trustees, investment managers, and custodians. The Act is a Commonwealth law, thus it has nationwide applicability across Australia. The Act's provisions extend to prohibiting disqualified individuals from engaging in specified roles within superannuation entities, such as acting as trustees, investment managers, or custodians, or serving as responsible officers or body corporates in such capacities. The disqualification can occur if an individual contravenes the SISA, and the severity of these contraventions warrants such action. The disqualification is immediate upon notice and, if contravened, can lead to criminal penalties, including up to two years of imprisonment. Additionally, the Commissioner has the authority to reconsider or revoke the disqualification upon application or initiative.

Key Provisions

The primary operative section in this disqualification notice is subsection 126A(6) of the Superannuation Industry (Supervision) Act 1993 (SISA), which mandates that the Commissioner of Taxation or a delegate must provide a disqualified person with a notice of disqualification. In this case, Lisa Ohlsen has been disqualified by Emma Rosenzweig, a delegate of the Commissioner of Taxation, due to Lisa's contravention of the SISA on one or more occasions, warranting her disqualification. This disqualification took effect on the day the notice was issued, 5 July 2023. The Act imposes certain obligations and requirements on disqualified individuals such as Lisa Ohlsen. Under section 126K of the SISA, it is an offence for a disqualified person to act as a trustee, investment manager, or custodian of a superannuation entity, or to be a responsible officer or a body corporate that acts in such a capacity for a superannuation entity. This means that Lisa is legally barred from engaging in any role that involves the management or administration of superannuation funds. Failure to comply with the disqualification can result in severe consequences. According to section 126K, it is an offence to act in any of the prohibited capacities, with the maximum penalty being two years imprisonment. This underscores the seriousness of the disqualification and the importance of adhering to the provisions of the SISA. Furthermore, under subsection 126A(5) of the SISA, the disqualification can be revoked either on the initiative of the Commissioner or upon a written application by the disqualified person. This provides a potential pathway for Lisa to seek reinstatement, provided she meets the necessary criteria and conditions. Additionally, section 344 of the SISA allows Lisa to request a reconsideration of the disqualification decision if she is unsatisfied with it. Such a request must be made in writing within 21 days of receiving the notice and should include the reasons why she believes the decision is incorrect.