Notice of Disqualification – Mark Peters - 1 September 2025

Overview

The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted to address the need for robust regulation of the superannuation industry in Australia. This legislation was introduced to ensure that superannuation trustees and related entities adhere to high standards of governance and compliance, thereby protecting the interests of superannuation fund members. The SISA was enacted by the Commonwealth Parliament and its policy objective is to maintain the integrity and efficiency of the superannuation system, ensuring that trustees and responsible officers act in the best interests of fund members. The Act empowers the Commissioner of Taxation to disqualify individuals from acting in certain roles within the superannuation industry if they are found to have engaged in conduct that warrants such action. This legislative measure aims to deter misconduct and maintain public confidence in the superannuation system.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 (SISA) applies to any individual or corporate trustee who is responsible for managing superannuation entities, which includes both industry and retail superannuation funds. This Act has a national jurisdictional reach as it is a Commonwealth Act and applies across all states and territories of Australia. The SISA aims to protect the interests of superannuation fund members by ensuring the prudent and ethical management of their funds. It imposes various obligations and restrictions on trustees, including the requirement to act in the best interests of fund members, to comply with prudential standards, and to provide adequate disclosure of information. The Act applies to the conduct of trustees and any contraventions of its provisions, such as breaches of fiduciary duties, can result in disqualification of responsible officers. The scope of the SISA extends to the conduct of all trustees of superannuation entities, irrespective of the size or nature of the fund. The Act does not explicitly outline exclusions or exemptions, but it does provide for specific exclusions in certain subordinate instruments. These instruments may further define the application of the SISA in specific circumstances, ensuring that the overarching legislative intent is met.

Key Provisions

The main operative sections of the Superannuation Industry (Supervision) Act 1993 (SISA) referenced in the notice include subsection 126A(6), which mandates the giving of a disqualification notice, and subsection 126A(2), which outlines the circumstances under which a person can be disqualified from being involved with superannuation entities. The notice states that the person, Mark Peters, has been disqualified because the corporate trustee of one or more superannuation entities has contravened the SISA on one or more occasions while he was a responsible officer. The seriousness of these contraventions provides grounds for the disqualification. This disqualification, as per the notice, takes immediate effect from the date of the notice, which is 1 September 2025. The Act imposes obligations and requirements on responsible officers, such as Mark Peters, that they must not contravene the SISA. In this case, the notice indicates that Mark Peters failed to meet these obligations, resulting in his disqualification. It is also an obligation under the SISA for any disqualified person to refrain from acting as a trustee, investment manager, custodian, or responsible officer of a superannuation entity. Furthermore, the Act mandates that details of such disqualification notices be published as notifiable instruments in the Federal Register of Legislation. Under the SISA, there are significant consequences for breaches, particularly for disqualified persons who knowingly continue to be or act as trustees, investment managers, custodians, or responsible officers of superannuation entities. Section 126K of the SISA establishes that such conduct is an offence, and the maximum penalty for committing this offence is two years imprisonment. This stringent penalty underscores the seriousness with which the Act treats breaches of disqualification orders. Additionally, the notice includes provisions for the potential revocation of the disqualification. According to subsection 126A(5) of the SISA, the disqualification may be revoked either on the initiative of the Commissioner or upon a written application by the disqualified person, in this case, Mark Peters. If Mark Peters is unsatisfied with the disqualification decision, he has the right to request a reconsideration by the Commissioner within 21 days of receiving the notice, as outlined in section 344 of the SISA. This request must be made in writing and should include the reasons why he believes the decision is incorrect.