NOTICE OF DISQUALIFICATION
Superannuation Industry (Supervision) Act 1993
To:
Mrs Fetuleni Andrews
REDBANK PLAINS QLD 4301
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: 24 December 2014
Alison Lendon
Deputy Commissioner of Taxation
Per Michael Grivell
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 (SISA) was enacted by the Parliament of Australia to address the need for effective oversight and regulation of the superannuation industry. The Act was designed to ensure that superannuation entities are managed in a manner that protects the interests of members and their dependants, thereby promoting financial stability and confidence within the superannuation system. The policy objective of the Act is to maintain high standards of conduct and competence among those who manage superannuation funds, thereby safeguarding the retirement savings of Australians. In the case of the notice of disqualification provided to Mrs Fetuleni Andrews, the Act empowers the Commissioner of Taxation to disqualify individuals deemed unfit to manage superannuation entities, ensuring that only fit and proper persons are entrusted with the responsibility of handling these significant funds.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and entities involved in the management and administration of superannuation funds in Australia. Specifically, the Act governs the conduct of trustees, investment managers, and custodians of superannuation entities, as well as responsible officers of corporate bodies that perform these roles. The geographic reach of the Act is national, extending its provisions across all states and territories of Australia, thereby ensuring uniform standards and oversight within the superannuation industry. The Act's provisions are enforced by delegates of the Commissioner of Taxation, who have the authority to disqualify individuals from participating in the management of superannuation funds if they are deemed not to be a fit and proper person. The disqualification process includes a notice to the affected individual, with an option for reconsideration and potential revocation of the disqualification order. The Act also mandates the publication of particulars of such disqualification notices in the Gazette, ensuring transparency and public accountability.
Key Provisions
The key operative sections of the Superannuation Industry (Supervision) Act 1993 (SISA) referenced in the notice include subsection 126A(6) and subsection 126A(3). According to subsection 126A(6), the delegate of the Commissioner of Taxation must give the affected individual notice of the disqualification decision. This notice must detail the basis of the disqualification and the effect of the decision. Subsection 126A(3) provides the grounds for disqualification, which is the determination that the individual is not a fit and proper person to hold certain roles within the superannuation industry.
The Act imposes several obligations on the parties it governs, particularly those in supervisory roles within the superannuation industry. These obligations include maintaining high standards of conduct and integrity, and being deemed fit and proper to manage superannuation funds. The disqualification of Mrs Fetuleni Andrews under subsection 126A(3) underscores the importance of these obligations, as her actions or circumstances led to a finding that she was not suitable to continue in her role.
Breaches of the provisions outlined in the SISA can lead to significant consequences. The notice itself mentions potential revocation of the disqualification on the initiative of the Commissioner or upon written application by the disqualified individual. Moreover, under section 344 of the SISA, the affected individual has the right to request a reconsideration of the disqualification decision within 21 days of receiving notice. Failure to comply with the Act's requirements or to address the issues leading to the disqualification could result in further penalties, though the specific nature of these penalties is not detailed in the notice.
While the notice does not specify criminal or civil penalties for breach, the Act allows for severe repercussions, including disqualification from managing superannuation entities and potential future restrictions on similar roles. Such penalties underscore the gravity of the responsibilities and the stringent standards expected of individuals in the superannuation industry.