Notice of Disqualification - Marlen Potres- 14 July 2026

Overview

The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted to provide regulatory oversight of the superannuation industry in Australia, ensuring that entities operating within this sector adhere to specified standards of conduct and compliance. The Act was introduced to address the need for robust regulation of superannuation entities to protect the interests of superannuation fund members, thereby filling a critical gap in financial regulation. The SISA is administered by the Australian Parliament, with a policy objective to safeguard the financial well-being of individuals who rely on superannuation funds for their retirement. This legislative framework allows for the disqualification of individuals who fail to comply with the Act's requirements, as evidenced by the notice of disqualification issued to Marlen Potres, underscoring the Act’s commitment to maintaining high standards of integrity and accountability within the superannuation industry.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and entities involved in the supervision and management of superannuation entities, including trustees, investment managers, custodians, and responsible officers. The Act has a national reach, applying across all states and territories in Australia. It is designed to ensure the proper administration and management of superannuation funds to protect the interests of superannuation fund members. The Act provides the Commissioner of Taxation with the authority to disqualify individuals from participating in the administration of superannuation funds if they are found to have contravened the provisions of the Act, with the seriousness of the contravention being a key consideration. Disqualifications are enforced to safeguard the integrity of the superannuation industry and to deter misconduct. The geographic and jurisdictional scope of the Act extends throughout Australia, making it applicable on a national level. Any person or entity involved in the management or administration of superannuation entities, wherever located in Australia, falls within the purview of this legislation. There are specific exclusions and exemptions outlined in the Act, though they are not detailed in this particular notice. Additionally, the application and enforcement of the Act may be extended or restricted through subordinate instruments, such as regulations or determinations, which provide further clarity and detail to the provisions of the primary Act. Notably, under section 126K of the SISA, it is an offence for a disqualified person to act in any capacity related to the management or administration of superannuation entities, with significant penalties, including up to two years imprisonment, applicable for violations.

Key Provisions

The notice of disqualification issued under subsection 126A(6) of the Superannuation Industry (Supervision) Act 1993 (SISA) informs Marlen Potres that they have been disqualified from certain roles related to superannuation entities due to alleged breaches of the SISA. The notice specifies that the disqualification is effective from the day it is issued. Under subsection 126A(1) of the SISA, the delegate of the Commissioner of Taxation has disqualified Marlen Potres based on the belief that they have contravened the SISA on one or more occasions, with the seriousness of these contraventions warranting the disqualification. This action is intended to protect the interests of superannuation fund members and to ensure compliance with regulatory standards. The obligations imposed by the SISA on Marlen Potres, as well as on other individuals or entities governed by the Act, include strict adherence to the provisions outlined within the legislation. These obligations extend to ensuring that all activities related to superannuation entities are conducted in compliance with the regulatory framework. Specifically, under section 126K of the SISA, it is an offence for a disqualified person to act as a trustee, investment manager, custodian, responsible officer, or be part of a body corporate that holds these roles for a superannuation entity. The seriousness of these roles underscores the importance of compliance and the potential repercussions for non-compliance. In terms of the consequences for breach, the SISA imposes significant penalties. Specifically, under section 126K, it is a criminal offence for a disqualified person to continue acting in the aforementioned capacities. The maximum penalty for this offence is imprisonment for up to two years, highlighting the severity with which the legislation treats non-compliance. Additionally, under subsection 126A(5) of the SISA, the disqualification can be revoked either by the delegate of the Commissioner of Taxation on their own initiative or following a written application by Marlen Potres. This provides a pathway for potential reinstatement, contingent upon meeting specific criteria. Furthermore, section 344 of the SISA allows Marlen Potres to request a reconsideration of the disqualification decision if they are dissatisfied with it. This request must be made in writing within 21 days of receiving the notice of the decision and should detail the reasons why the decision is believed to be incorrect.