Notice of Disqualification – Maribel Murray - 29 June 2026

Overview

The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted to address the need for regulatory oversight and governance within the superannuation industry in Australia. The Act was established by the Australian Parliament to ensure that the superannuation industry is managed in the best interests of its members. The policy objective of the SISA is to provide a framework for the regulation of superannuation entities, trustees, and other relevant entities to protect the interests of superannuation fund members. This notice of disqualification issued under the SISA is an example of the legislation's enforcement mechanism to maintain the integrity and proper functioning of the superannuation industry by disqualifying individuals who are deemed unfit to manage superannuation funds.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and entities involved in the supervision and management of superannuation funds in Australia. Specifically, it targets those acting as trustees, investment managers, or custodians of superannuation entities, ensuring compliance with regulatory standards. The Act's jurisdiction is national, covering the entire Commonwealth of Australia, and it extends its reach to any individual or corporate body acting in the specified capacities within the superannuation industry. The Act also provides for the disqualification of individuals who have been found to be unfit to manage superannuation funds, with the disqualification details being published as a Notifiable Instrument in the Federal Register of Legislation. Individuals disqualified under the Act face serious penalties, including up to two years in jail, if they continue to act in the prohibited capacities. The Commissioner of Taxation has the authority to revoke disqualifications on their own initiative or upon a written application by the disqualified person, and affected parties have the right to request a reconsideration of the decision within 21 days of receiving the notice.

Key Provisions

The Superannuation Industry (Supervision) Act 1993 (SISA) includes specific provisions for the disqualification of individuals from participating in superannuation entities. Section 126A(1) allows for the disqualification of individuals if certain criteria are met, and this can be executed by a delegate of the Commissioner of Taxation. In this case, Maribel Murray has been disqualified under subsection 126A(1) by Ben Kelly, who acts on behalf of the Commissioner. This disqualification takes immediate effect upon issuance, as stated in the notice dated 29 June 2026. The Act imposes clear obligations on disqualified individuals, such as Maribel Murray, to refrain from acting in certain roles within superannuation entities. Under section 126K, it is an offence for a disqualified person to serve as, or act as, a trustee, investment manager, custodian of a superannuation entity, or as a responsible officer or a body corporate holding such roles. Non-compliance with this prohibition can lead to severe consequences, including potential criminal charges and a maximum penalty of two years imprisonment. In addition to the operational provisions, the Act mandates transparency and public accountability. According to subsection 126A(7), details of the disqualification are to be published as a Notifiable Instrument in the Federal Register of Legislation, ensuring that the disqualification is formally recorded and accessible to the public. This transparency is crucial for maintaining the integrity of the superannuation industry. For those affected by a disqualification decision, the Act provides a recourse mechanism. Under section 344, an individual can request the Commissioner to reconsider the decision if they believe it to be incorrect. This request must be made in writing within 21 days of receiving the notice of disqualification and should detail the reasons for dissatisfaction with the decision. Additionally, the disqualification may be revoked either on the initiative of the Commissioner or upon a written application from the disqualified person, as outlined in subsection 126A(5).