Notice of Disqualification – Matthew Glenn Thompson - 17 June 2026

Overview

The Superannuation Industry (Supervision) Act 1993 was enacted to address the need for comprehensive regulation and oversight of the superannuation industry in Australia, aiming to protect the interests of superannuation fund members and ensure the proper management of their funds. The Act was introduced by the Australian Parliament to fill a gap in the regulation of the superannuation industry, which had previously been overseen by various state and federal agencies. The policy objective of the Act is to ensure that superannuation entities are managed efficiently and in the best interests of members, by establishing a framework for supervision, enforcement, and compliance. The Act provides for the establishment of the Australian Prudential Regulation Authority (APRA) as the primary supervisor of the superannuation industry, and includes provisions for the disqualification of individuals who are deemed unfit to manage superannuation funds. This notifiable instrument serves as a formal notice of disqualification issued under the Superannuation Industry (Supervision) Act 1993. It details the disqualification of Matthew Glenn Thompson by Ben Kelly, a delegate of the Commissioner of Taxation, due to contraventions of the Act by the corporate trustee of one or more superannuation entities, with Matthew Glenn Thompson being a responsible officer at the time. The disqualification is based on the determination that Mr. Thompson is not a fit and proper person to hold such a position, and it takes effect immediately upon issuance. The notice also highlights the potential legal consequences of acting as a trustee or responsible officer while disqualified, including a maximum penalty of two years imprisonment. Additionally, the notice outlines the processes available for reconsideration of the decision and potential revocation of the disqualification.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and corporate entities involved in the supervision of superannuation entities, including trustees, investment managers, custodians, and responsible officers. This legislation operates on a national level across Australia, encompassing all states and territories. It specifically targets conduct that contravenes the provisions of the SISA, which includes mismanagement, non-compliance with regulatory requirements, or other serious breaches that could jeopardise the financial security of superannuation funds. The disqualification process outlined in the SISA is designed to ensure that only fit and proper persons manage superannuation entities, thereby safeguarding the interests of superannuation members. Exclusions or exemptions from the disqualification provisions are not explicitly mentioned in this context, suggesting a broad application to all relevant entities and individuals. The scope of the Act can be extended or restricted through subordinate instruments, although such measures are not detailed in this notice. The disqualification of Matthew Glenn Thompson serves as a clear example of the Act's enforcement mechanisms, underscoring the serious consequences for non-compliance and the commitment to maintaining high standards within the superannuation industry.

Key Provisions

The notice of disqualification issued under subsection 126A(6) of the Superannuation Industry (Supervision) Act 1993 (SISA) informs Matthew Glenn Thompson that he has been disqualified as a responsible officer of a corporate trustee for a superannuation entity. This disqualification arises from his involvement in the contraventions of the SISA by the corporate trustee, which the Commissioner of Taxation has deemed serious enough to warrant his disqualification. The notice explicitly states that Mr Thompson is considered unfit and improper to hold such a position, effectively barring him from any role as a trustee, investment manager, or custodian of a superannuation entity. This disqualification takes immediate effect upon issuance of the notice. Under the SISA, Mr Thompson is now subject to specific obligations and requirements. As a disqualified person, he is prohibited from acting or being appointed as a trustee, investment manager, or custodian of a superannuation entity, or serving as a responsible officer for such entities. These obligations are stringent, and any violation could lead to severe consequences. Mr Thompson must also adhere to any further instructions or conditions imposed by the Commissioner of Taxation, which may include providing additional information or attending hearings as necessary. Failure to comply with the disqualification could result in significant penalties. Section 126K of the SISA outlines that knowingly acting in any capacity mentioned above while disqualified is an offence. The potential penalty for this offence includes imprisonment for up to two years. This serves as a strong deterrent against any attempt to circumvent the disqualification. Furthermore, under subsection 126A(5) of the SISA, the disqualification can be revoked either by the Commissioner's initiative or upon Mr Thompson's written application. However, this does not negate the immediate effect of the disqualification and any ongoing legal repercussions. If Mr Thompson is unsatisfied with the decision, he has the right to request the Commissioner to reconsider the disqualification. This request must be made in writing within 21 days of receiving the notice. The reconsideration process requires Mr Thompson to provide detailed reasons why he believes the decision is incorrect. This provides a formal avenue for appeal, ensuring that due process is followed. However, until such a reconsideration is concluded, Mr Thompson remains disqualified from any involvement in superannuation entities governed by the SISA.