Notice of Disqualification - Mrs Kim Storey

Overview

The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted to address the need for effective regulation of the superannuation industry in Australia, ensuring that trustees, investment managers and custodians adhere to high standards of conduct and accountability. This legislation was introduced by the Australian Parliament with the policy objective of protecting the interests of superannuation fund members by regulating the industry and penalising misconduct. The Act empowers the Commissioner of Taxation to disqualify individuals from managing superannuation entities if they are found to have contravened the provisions of the Act in a manner that warrants such action. The disqualification is intended to safeguard the financial interests of superannuation fund members by removing unfit individuals from roles that involve significant trust and responsibility. The Act also provides mechanisms for the review and potential revocation of disqualification orders, ensuring that the process is fair and allows for the possibility of rehabilitation for those found to have acted in contravention of the law.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and entities involved in the administration and management of superannuation funds within Australia. Specifically, it targets those who act as trustees, investment managers or custodians of superannuation entities, as well as responsible officers of corporate bodies that fulfil these roles. The act extends its jurisdiction across the entire Commonwealth of Australia, ensuring that all superannuation activities are supervised and regulated uniformly. Exclusions or exemptions from the act are not explicitly stated in the provided text; however, the act does provide avenues for reconsideration and revocation of disqualification orders, suggesting a system designed to balance regulatory oversight with procedural fairness. The act's application may be further detailed or modified through subordinate instruments, which would provide additional rules and guidelines to clarify and implement the provisions of the primary legislation.

Key Provisions

Under subsection 126A(6) of the Superannuation Industry (Supervision) Act 1993 (SISA), a delegate of the Commissioner of Taxation has the authority to notify an individual of their disqualification from specific roles within the superannuation industry. This notice is issued when the delegate is satisfied that the individual has breached the SISA, and the nature of these breaches warrants such a disqualification. In this case, Mrs. Kim Storey has been disqualified from serving as a trustee, investment manager, or custodian of a superannuation entity, or as a responsible officer of a body corporate fulfilling any of these roles. The disqualification order becomes effective immediately upon the issuance of the notice. The Act imposes obligations on Mrs. Storey, prohibiting her from engaging in any capacity that involves the management or oversight of superannuation entities. This includes roles such as trustee, investment manager, or custodian, which are critical in ensuring the proper administration and compliance of superannuation funds. Additionally, if Mrs. Storey is a responsible officer of a corporate body involved in these capacities, she is also disqualified from her role. The legislation provides for several potential consequences for breaches of its provisions. According to subsection 126A(1) of the SISA, the delegate can disqualify an individual from participating in the superannuation industry if they are satisfied that the individual has contravened the Act. The seriousness of the breaches is a key factor in determining whether disqualification is warranted. Furthermore, under section 344 of the SISA, an affected individual has the right to request a reconsideration of the decision within 21 days of receiving the notice, provided they submit a written request explaining the reasons for their dissatisfaction. Additionally, the disqualification may be revoked either on the initiative of the delegate or following a written application by Mrs. Storey, as outlined in subsection 126A(5) of the SISA.