NOTICE OF DISQUALIFICATION
Superannuation Industry (Supervision) Act 1993
To:
Mr Frank Lampert
GLEBE NSW 2037
I, Alison Lendon, a delegate of the Commissioner of Taxation, give you notice as required by subsection 126A(6) of the Superannuation Industry (Supervision) Act 1993 (SISA), that I have disqualified you under subsection 126A(3) of the SISA.
I have disqualified you as I am satisfied that you are not a fit and proper person to be a trustee, investment manager or custodian, or a responsible officer of a body corporate that is a trustee, investment manager or custodian, of a superannuation entity for the purposes of the SISA.
The disqualification takes effect on the day on which this notice is made.
Dated: Fourth day of June 2015
Alison Lendon
Deputy Commissioner of Taxation
Per Bernard Morrison
Note 1:
In accordance with subsection 126A(7) of the SISA, particulars of this disqualification notice will be published in the Commonwealth Government Notices Gazette.
Note 2:
In accordance with subsection 126A(5) of the SISA, we may revoke this disqualification on our own initiative or on written application made by you.
Note 3:
In accordance with section 344 of the SISA, if you are a person who is affected by this decision and you are dissatisfied with it, you may ask the Commissioner to reconsider this decision. Such a request must be made in writing within 21 days after the day on which you received notice of the decision and must also give the reasons for making the request.
Overview
The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted to address the need for effective regulation and supervision of the superannuation industry in Australia. This Act was introduced by the Australian Parliament to ensure that superannuation trustees, investment managers, custodians, and responsible officers of superannuation entities act in the best interests of their clients. The SISA aims to maintain the integrity and stability of the superannuation system by ensuring that only fit and proper persons are involved in the management and oversight of superannuation funds. In this context, the Act provides mechanisms for the disqualification of individuals deemed unsuitable for these roles, as demonstrated in the disqualification notice issued to Mr Frank Lampert on 4 June 2015 by Alison Lendon, a delegate of the Commissioner of Taxation. The policy objective of the SISA is to protect the interests of superannuation fund members by enforcing high standards of conduct and competence among those who manage these funds.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and entities involved in the administration and management of superannuation entities, specifically targeting trustees, investment managers, custodians, and responsible officers of such bodies. This Commonwealth legislation governs the fitness and propriety of persons involved in the superannuation industry to ensure the protection and proper management of superannuation funds. The disqualification process, as evidenced in the notice issued to Mr. Frank Lampert, reflects the Act’s jurisdictional reach across Australia, given it is a Commonwealth Act. The disqualification applies immediately upon the issuance of the notice, and the decision can be subject to reconsideration by the Commissioner if Mr. Lampert lodges a written request within 21 days. Furthermore, the Act permits the revocation of disqualification either by the delegate on their own initiative or upon application by the disqualified individual. Additionally, the Act allows for the extension or restriction of its application through subordinate instruments, providing flexibility in its enforcement and implementation.
Key Provisions
The Superannuation Industry (Supervision) Act 1993 (SISA) provides various provisions for the oversight and regulation of the superannuation industry. In this context, section 126A(3) allows for the disqualification of individuals deemed unfit to hold certain roles within superannuation entities, such as trustee, investment manager, custodian, or responsible officer of a body corporate. Section 126A(6) mandates that a notice of disqualification must be provided to the affected individual, as seen in the notice given to Mr Frank Lampert, stating that he has been disqualified from holding these roles. This disqualification is effective immediately upon the issuance of the notice.
The obligations imposed by the SISA on parties governed by this Act include ensuring that all individuals in key positions within superannuation entities are fit and proper persons. This requirement is intended to safeguard the interests of superannuation fund members and ensure the proper management and administration of their funds. The Act also requires the Commissioner of Taxation to exercise their discretion under section 126A(3) to disqualify individuals who are deemed unsuitable for these roles, based on evidence of unfitness.
Breaching the provisions of the SISA can lead to significant consequences. For instance, if an individual who has been disqualified continues to act in a capacity for which they have been disqualified, they may be subject to civil or criminal penalties. The maximum penalties for such offences can include substantial fines and, in some cases, imprisonment. The severity of the penalties underscores the importance of compliance with the Act’s requirements to maintain the integrity of the superannuation industry. Furthermore, section 344 of the SISA provides a mechanism for affected individuals to request a reconsideration of the disqualification decision within 21 days of receiving the notice, providing a degree of procedural fairness.