Notice of Disqualification - Mr Joseph Jessenby – 8 December 2025

Overview

The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted by the Parliament of Australia to provide a regulatory framework governing the superannuation industry. This legislation was introduced to address the need for oversight and regulation in the superannuation sector, ensuring that trustees, investment managers, and custodians act in the best interests of superannuation fund members. The Act aims to maintain the integrity, efficiency, and stability of the superannuation system. In this context, the Act empowers the Commissioner of Taxation to disqualify individuals who have acted in a manner that warrants such action, ensuring that those responsible for managing superannuation funds adhere to the highest standards of conduct and compliance. The disqualification serves as a deterrent against misconduct and upholds the trust placed in those managing significant retirement savings.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and corporate entities involved in the management and oversight of superannuation funds within Australia. Specifically, the Act targets responsible officers of corporate trustees of superannuation entities, holding them accountable for ensuring compliance with the statutory obligations outlined in the legislation. The jurisdiction of the Act extends nationally across Australia, covering all states and territories. The Act’s application is comprehensive, covering a wide range of conduct and transactions related to superannuation entities, including but not limited to, financial management, investment decisions, and trustee responsibilities. Notably, the Act does not specify exclusions or exemptions beyond those defined in its provisions, though subordinate instruments may further clarify or expand upon its application. The Act’s enforcement mechanisms include disqualification of individuals from participating in superannuation-related roles if they are found to have contravened the Act’s provisions, with such disqualifications being published as Notifiable Instruments. Additionally, there are provisions for the revocation of disqualifications and avenues for reconsideration of decisions by affected parties.

Key Provisions

The Superannuation Industry (Supervision) Act 1993 (SISA) contains various provisions that regulate the supervision of superannuation entities, with specific attention to the conduct and responsibilities of individuals and corporate trustees. Under section 126A(2), the Act allows for the disqualification of individuals who are responsible officers of a corporate trustee when there is a contravention of the Act. In this case, Joseph Jessenby has been disqualified as a responsible officer of a corporate trustee due to serious contraventions of the Act by the corporate trustee itself (subsection 126A(6)). The disqualification is effective immediately upon issuance of the notice. The SISA imposes several obligations on parties it governs. For instance, responsible officers of corporate trustees must ensure compliance with the Act and must avoid actions that could lead to contraventions. The Act also mandates that the Commissioner of Taxation or a delegate must provide notice of disqualification to the individual in question, as demonstrated in the notice to Joseph Jessenby (subsection 126A(6)). Additionally, there is a requirement under section 126K that any disqualified person must refrain from acting in certain capacities within the superannuation industry, such as serving as a trustee, investment manager, or custodian of a superannuation entity. Failure to comply with the provisions of the SISA can result in significant legal consequences. Section 126K of the Act outlines that it is an offence for a disqualified person to act in the specified capacities within the superannuation industry, knowingly after being disqualified. The maximum penalty for committing this offence is imprisonment for up to two years (Note 2). This underscores the seriousness with which the Act treats non-compliance by disqualified individuals. Furthermore, subsection 126A(5) provides that the disqualification may be revoked either by the Commissioner's office on their own initiative or in response to a written application from the disqualified person. Lastly, the Act provides avenues for recourse for those affected by the disqualification decision. Under section 344, Joseph Jessenby, or any other affected party, has the right to request the Commissioner to reconsider the decision within 21 days of receiving notice. This reconsideration must be in writing and include the reasons why the decision is considered incorrect. This provision ensures that there is a formal process for disputing the disqualification, thereby offering a measure of fairness to those affected by such decisions.