Notice of Disqualification – Miss Tracey Ngatihine Fenton - 26 March 2026

Overview

The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted to establish a robust regulatory framework governing the superannuation industry in Australia, aiming to protect the interests of superannuation fund members and beneficiaries. The SISA was introduced by the Australian Parliament to address the need for comprehensive oversight and regulation of entities involved in the management and administration of superannuation funds. The policy objective of the Act is to ensure the integrity, efficiency, and transparency of the superannuation industry, safeguarding the financial security of individuals relying on these funds for their retirement. The SISA provides the Commissioner of Taxation with the authority to disqualify individuals who have contravened the provisions of the Act, ensuring that those who pose a risk to the integrity of the superannuation system are held accountable. The Act also outlines stringent penalties for disqualified individuals who continue to act in roles that involve the management or administration of superannuation entities, reinforcing the importance of compliance with regulatory standards. Additionally, the Act includes provisions for the reconsideration of disqualification decisions and the potential revocation of such disqualifications under specified conditions.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and entities involved in the superannuation industry, including trustees, investment managers, and custodians of superannuation entities. This Act has a national reach and applies across all jurisdictions in Australia, thereby ensuring uniform regulation and supervision of the superannuation industry. The Act provides for the disqualification of individuals found to have contravened its provisions, which can include actions such as engaging in misconduct, mismanagement, or breaches of fiduciary duty. The disqualification is a serious measure, as it prohibits the disqualified individual from acting in any capacity related to superannuation entities, such as being a trustee, investment manager, or custodian. Additionally, it is an offence for a disqualified person to continue to act in these roles, with penalties including up to two years in jail. The Act also allows for the revocation of disqualifications under certain conditions, and provides a mechanism for reconsideration of the decision if the affected party is dissatisfied. Notably, the Act extends its application through subordinate instruments, which may provide further detail on the specific conduct and transactions covered, as well as any exemptions or thresholds that might apply.

Key Provisions

The main operative sections of the Superannuation Industry (Supervision) Act 1993 (SISA) that are relevant to this notice are subsection 126A(1), which provides the authority to disqualify an individual, and subsection 126A(6), which requires the Commissioner of Taxation to provide notice of such disqualification. Tracey Ngatihine Fenton has been disqualified from engaging in certain roles within the superannuation industry under subsection 126A(1) because it is determined that she has contravened the SISA, with the seriousness of her actions warranting this action. The notice of disqualification, issued by Ben Kelly, a delegate of the Commissioner of Taxation, specifies that the disqualification takes effect on the date of the notice, which is 26 March 2026. The Act imposes specific obligations and requirements on Tracey Ngatihine Fenton. As a disqualified person, she is prohibited from being or acting as a trustee, investment manager, or custodian of a superannuation entity, or as a responsible officer or a body corporate that is a trustee, investment manager, or custodian of such an entity, as outlined in section 126K of the SISA. These roles are critical in managing the financial and administrative aspects of superannuation entities, and the Act aims to protect the interests of superannuation fund members by ensuring that only fit and proper persons hold these positions. Failure to comply with the disqualification imposed by the SISA can result in serious legal consequences. Under section 126K, it is an offence for a disqualified person to be, or act as, a trustee, investment manager, or custodian of a superannuation entity, or to be a responsible officer or a body corporate that is a trustee, investment manager, or custodian. The maximum penalty for committing this offence is two years imprisonment. This significant penalty reflects the seriousness with which the Act treats breaches of the disqualification provisions, aiming to deter any attempt to circumvent the disqualification order. Tracey Ngatihine Fenton has the right to seek reconsideration of the disqualification decision if she is not satisfied with it. Under section 344 of the SISA, she must make a written request for reconsideration to the Commissioner within 21 days of receiving notice of the decision. This request must include the reasons she believes the decision should be reconsidered. Additionally, the Act provides for the possibility of revocation of the disqualification under subsection 126A(5), either on the initiative of the Commissioner or upon a written application by Tracey Ngatihine Fenton herself.