Notice of Disqualification - Mr Martin Morrow-Woods – 25 March 2026

Overview

The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted by the Australian Parliament to address the need for robust supervision and regulation of the superannuation industry, ensuring the protection of superannuation fund members' interests and maintaining the integrity of the industry. The Act provides a framework for overseeing the operation of superannuation funds, including the disqualification of individuals who do not meet the required standards of conduct or have contravened the provisions of the Act. This legislative measure aims to safeguard the superannuation system by ensuring that responsible officers and trustees adhere to stringent standards, thereby fostering trust and confidence among participants. The SISA empowers the Commissioner of Taxation to disqualify individuals from participating in the superannuation industry if they have acted in a manner that justifies such action, thereby deterring misconduct and promoting accountability within the sector.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and entities involved in the superannuation industry in Australia, including trustees, investment managers, and custodians of superannuation entities. This Act is of Commonwealth reach and applies across Australia, impacting all states and territories. The Act targets the conduct and transactions of those involved in managing superannuation funds, with a focus on ensuring compliance to protect superannuation assets. Specifically, it aims to maintain the integrity of the superannuation system by disqualifying responsible officers who are found to have contravened the Act in a manner that justifies such action. The disqualification applies to Mr. Martin Morrow-Woods due to his role as a responsible officer during the contraventions by the corporate trustee. Any person disqualified under the Act is prohibited from acting as a trustee, investment manager, or custodian of a superannuation entity, with a significant penalty of up to two years in jail for any contravention of this prohibition. The Act allows for the disqualification to be revoked either by the delegate's own initiative or upon written application by the disqualified person, and provides a process for reconsideration of the disqualification decision if the affected party believes the decision to be incorrect.

Key Provisions

The Superannuation Industry (Supervision) Act 1993 (SISA) includes provisions that allow for the disqualification of individuals who hold responsible positions within superannuation entities. Under section 126A(6), a delegate of the Commissioner of Taxation can issue a notice of disqualification to an individual such as Martin Morrow-Woods, if they believe the individual has contravened the SISA while serving as a responsible officer of a corporate trustee. This notice serves as formal communication of the disqualification, explaining the reasons behind it and specifying that the disqualification takes effect immediately upon issuance. The obligations imposed by the SISA on the parties and entities it governs are stringent and multifaceted. Responsible officers, such as Martin Morrow-Woods, must ensure that they adhere strictly to the provisions of the SISA to avoid any potential contraventions. This includes maintaining the integrity and legality of the superannuation entities they oversee and acting in the best interests of the superannuation fund members. Failure to comply can result in severe consequences, including disqualification. Additionally, section 126K mandates that disqualified individuals must refrain from acting as trustees, investment managers, or custodians of superannuation entities, or serving as responsible officers or being part of a body corporate that holds such roles. Breaching the provisions of the SISA can result in significant legal repercussions. As stated under section 126K, it is an offence for a disqualified person to continue acting in any capacity that involves managing or overseeing a superannuation entity. The penalty for this offence can be up to two years imprisonment, highlighting the seriousness with which the law treats such violations. The notice of disqualification also informs that the details of this action will be published as a notifiable instrument in the Federal Register of Legislation, ensuring transparency and public awareness of the disqualification. Furthermore, section 344 allows for the reconsideration of the disqualification decision if the affected party submits a written request within 21 days of receiving the notice, providing an opportunity to contest the decision and seek rectification.