Notice of Disqualification - Mr Vincenzo Vocisano - 6 October 2025

Overview

The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted by the Australian Parliament to address the need for robust regulation and supervision of the superannuation industry, ensuring that trustees, investment managers, and custodians act in the best interests of superannuation members. This legislation was introduced to fill a critical gap in the oversight of the superannuation sector, which was essential to protect the interests of millions of Australians relying on superannuation as a key component of their retirement income. The policy objective of the SISA is to maintain high standards of conduct and compliance within the superannuation industry, thereby safeguarding the financial security of superannuation members. The Act provides the Commissioner of Taxation with the authority to disqualify individuals from acting in responsible roles within the superannuation sector if they have engaged in conduct warranting such action, as evidenced by the disqualification notice issued to Mr Vincenzo Vocisano.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 (SISA) applies to the trustees, investment managers, custodians, and responsible officers of superannuation entities in Australia. Specifically, the Act targets individuals who are responsible officers of corporate trustees that contravene the provisions of the SISA, making them liable for disqualification. This disqualification can occur if the contraventions are of a nature that provides grounds for such action. The Act has a national reach, applying across all states and territories in Australia, thereby ensuring a uniform approach to the supervision and regulation of superannuation entities. It is important to note that the Act allows for the disqualification to be revoked either on the initiative of the authorities or upon application by the disqualified individual. Furthermore, any person affected by the disqualification decision has the right to request a reconsideration by the Commissioner within 21 days of receiving notice of the decision. Additionally, the Act includes provisions for the publication of disqualification notices as notifiable instruments, thereby maintaining transparency and accountability in the administration of superannuation entities.

Key Provisions

The notice of disqualification (F2025N00808) issued to Mr. Vincenzo Vocisano under subsection 126A(6) of the Superannuation Industry (Supervision) Act 1993 (SISA) specifies that he has been disqualified from acting as a trustee, investment manager, or custodian of a superannuation entity, or as a responsible officer of such an entity. This disqualification arises because it is believed that the corporate trustee of one or more superannuation entities has breached the SISA on multiple occasions, with Mr. Vocisano being a responsible officer at the time. The disqualification is effective immediately from the date of the notice. The notice was issued by Ben Kelly, a delegate of the Commissioner of Taxation, and is dated 6 October 2025. Under the SISA, the disqualification imposes specific obligations on Mr. Vocisano, prohibiting him from acting in any capacity that involves the management or oversight of superannuation entities. This includes roles as a trustee, investment manager, or custodian, or any responsible officer position within such entities. The Act requires Mr. Vocisano to cease any involvement in these capacities immediately upon receiving the notice, and he is legally bound to comply with these restrictions to avoid further legal consequences. Breaching the disqualification provisions outlined in section 126K of the SISA constitutes an offence. If Mr. Vocisano, being aware of his disqualification, continues to act as a trustee, investment manager, custodian, or responsible officer for a superannuation entity, he faces criminal liability. The maximum penalty for such an offence is two years imprisonment, reflecting the seriousness of disregarding the statutory restrictions imposed by the Act. There are also procedural aspects to the disqualification. As stated in subsection 126A(5), the disqualification can be revoked either by the Commissioner of Taxation on their own initiative or upon Mr. Vocisano’s written application. Additionally, section 344 of the SISA provides a mechanism for Mr. Vocisano to seek reconsideration of the disqualification decision if he believes it to be incorrect. Any request for reconsideration must be made in writing within 21 days of receiving the notice and must include the reasons for the dissatisfaction with the decision. This ensures that Mr. Vocisano has a formal process to challenge the disqualification if he considers it unjust.