Notice of Disqualification – Mallory Saw - 27 April 2026

Overview

The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted by the Parliament of Australia to address significant concerns regarding the regulation and oversight of superannuation funds within the industry. This legislation was introduced to ensure that superannuation entities are managed with integrity, protecting the interests of fund members by imposing stringent standards on trustees, investment managers, and custodians. The overarching policy objective of the SISA is to maintain the trust and confidence in the superannuation system by preventing misconduct and ensuring compliance with regulatory requirements. The Act empowers the Commissioner of Taxation to disqualify individuals who contravene its provisions, thereby safeguarding the superannuation industry from potential abuses and financial mismanagement. In the context of this specific notice, Mallory Saw has been disqualified under subsection 126A(1) of the SISA by a delegate of the Commissioner of Taxation, Ben Kelly, due to serious contraventions of the Act. The disqualification is effective immediately upon its issuance, and it prohibits Mallory Saw from acting as a trustee, investment manager, or custodian of a superannuation entity, or as a responsible officer of a body corporate involved in such capacities. Failure to comply with this disqualification can result in significant legal consequences, including imprisonment. Additionally, there are provisions for potential revocation of the disqualification and avenues for reconsideration of the decision if Mallory Saw is dissatisfied with the outcome.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and entities involved in the superannuation industry, including trustees, investment managers, custodians, and responsible officers of superannuation entities. The Act has a national reach, applying across Australia as a Commonwealth legislation, and its provisions extend to all states and territories. The Act aims to ensure the integrity and efficiency of the superannuation system by regulating the conduct and transactions of those involved. The SISA includes provisions for disqualifying individuals who contravene its provisions, such as Mallory Saw, who has been disqualified under subsection 126A(1) for contravening the Act. The disqualification prohibits the person from acting in certain capacities within the superannuation industry, with a maximum penalty of two years imprisonment for continued involvement. The disqualification can be revoked under certain conditions, and aggrieved parties have the right to request a reconsideration of the decision within 21 days of receiving notice. The Act also includes mechanisms for subordinate instruments to extend or restrict its application, ensuring flexibility and responsiveness to emerging issues within the superannuation sector.

Key Provisions

The Superannuation Industry (Supervision) Act 1993 (SISA) provides specific provisions for the disqualification of individuals who have contravened the Act. Section 126A(1) outlines the circumstances under which a person can be disqualified, and section 126A(6) mandates that a notice must be given to the affected person. The notice, as seen in the document, informs Mallory Saw that they have been disqualified due to contraventions of the SISA that warrant such a serious measure. This disqualification is effective immediately from the date of the notice. The Act imposes several obligations on the parties it governs. For instance, under section 126K, a disqualified person is prohibited 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 a role. This restriction is critical to ensure that individuals who have demonstrated unsuitability do not continue to manage or influence superannuation funds, thereby protecting the interests of superannuation fund members. Failure to comply with the disqualification provisions can result in severe consequences. Under section 126K, any disqualified person who knowingly continues to act in the roles mentioned above commits an offence. The maximum penalty for this offence is imprisonment for up to two years, as specified in Note 2. This stringent penalty underscores the importance of adhering to the Act's provisions and the potential ramifications for non-compliance. Additionally, the Act provides avenues for review and potential revocation of the disqualification. Section 344 allows a disqualified person to request a reconsideration of the decision if they are dissatisfied with it. This request must be made in writing within 21 days of receiving the notice and should detail the reasons for dissatisfaction. Furthermore, under subsection 126A(5), the disqualification may be revoked either on the initiative of the Commissioner of Taxation or upon a written application by the disqualified person. This flexibility aims to balance the need for enforcement with the possibility of rehabilitation and correction.