NOTICE OF DISQUALIFICATION
Superannuation Industry (Supervision) Act 1993
To:
Mr Grant Webster
TEMPLESTOWE VIC 3106
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 made a decision to disqualify you from being, or acting as:
a trustee, investment manager or custodian of a superannuation entity
a responsible officer of a body corporate that is a trustee, investment manager or custodian, of a superannuation entity.
I have disqualified you under subsection 126A(3) of the SISA 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 order takes effect on the day on which this notice is made.
Dated: 29 August 2014
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 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 was enacted to regulate and oversee the superannuation industry in Australia, aiming to protect the interests of superannuation fund members by ensuring that trustees, investment managers, custodians, and responsible officers of superannuation entities are fit and proper persons. This Act was introduced by the Australian Parliament to address the need for stricter oversight and regulation in the superannuation sector to prevent mismanagement and ensure the financial security of superannuation fund members. The policy objective of the Act is to maintain high standards of conduct and competence within the superannuation industry, thereby safeguarding the retirement savings of Australians. The Act empowers the Commissioner of Taxation to disqualify individuals who are deemed unfit to manage superannuation funds, as demonstrated in the notice of disqualification issued to Mr. Grant Webster on 29 August 2014 by Alison Lendon, a delegate of the Commissioner of Taxation.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and entities involved in the administration and management of superannuation entities, including trustees, investment managers, custodians, and responsible officers of corporate trustees, investment managers, or custodians. This Act operates on a Commonwealth level, imposing regulatory standards and requirements across Australia. The disqualification provisions under the SISA, such as those evidenced in the notice to Mr Grant Webster, extend to ensuring that only fit and proper persons manage superannuation entities to protect the interests of superannuation fund members. The geographic reach of the Act is national, ensuring consistent regulation across all states and territories. Exclusions or exemptions from the Act are not explicitly stated in the text provided, but the authority to disqualify individuals from certain roles suggests a stringent approach to maintaining standards within the superannuation industry. The Act’s application can be further extended or detailed through subordinate instruments, although specific details are not provided in the notice.
Key Provisions
The Superannuation Industry (Supervision) Act 1993 (SISA) includes provisions under which a delegate of the Commissioner of Taxation can disqualify individuals from certain roles within the superannuation industry. Section 126A(6) specifies the process by which a notice of disqualification is to be provided, as evidenced in the notice to Mr Grant Webster. According to this section, the delegate has determined that Mr Webster is not a fit and proper person to serve as a trustee, investment manager, custodian of a superannuation entity, or a responsible officer of a body corporate that holds these roles. The disqualification, as outlined in subsection 126A(3), takes immediate effect upon the issuance of the notice.
Under the Act, Mr Webster and any other affected individuals have specific obligations and requirements. They must comply with the terms of the disqualification, which prohibits them from acting in the specified roles within the superannuation industry. Additionally, under subsection 126A(7), particulars of the disqualification will be published in the Gazette, ensuring transparency and public notification. Mr Webster also has the right, as per section 344, to request a reconsideration of the decision within 21 days of receiving the notice, provided he submits a written request along with reasons for the reconsideration.
The Act also outlines potential consequences for non-compliance with the disqualification order. While the notice does not specify explicit penalties, breaches of such orders under SISA can lead to significant legal ramifications. Generally, failure to adhere to disqualification orders can result in both civil and criminal penalties, depending on the severity and intent behind the breach. Civil penalties might include fines, while criminal penalties could involve imprisonment, reflecting the seriousness with which the Act treats breaches related to the integrity and management of superannuation entities.