Notice of Disqualification – Ms Luana Cook - 2 July 2026

Overview

The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted to address the need for effective regulation and supervision of the superannuation industry in Australia, ensuring the protection of superannuation funds and the interests of fund members. This Act was introduced by the Parliament of Australia, with a policy objective to maintain and improve the standards of conduct within the superannuation industry by regulating trustees and other key personnel. One of the key mechanisms within the Act is the ability to disqualify individuals who are deemed unfit to manage superannuation entities. This legislative framework aims to prevent improper conduct and ensure that trustees and responsible officers adhere to the highest standards of integrity and competence. The Act also includes provisions for the publication of disqualification notices and the potential for revocation of such disqualifications, alongside penalties for those who contravene the disqualification orders.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and entities involved in the management and oversight of superannuation funds within Australia, including trustees, responsible officers, and bodies corporate acting as trustees, investment managers or custodians. The legislation is of Commonwealth jurisdiction, impacting the entire nation. The Act's application can be extended or restricted through subordinate instruments, as evidenced by the disqualification of Ms. Luana Cook under subsection 126A(2) of the SISA, which was communicated to her as a Notifiable Instrument in the Federal Register of Legislation. The disqualification takes immediate effect and prohibits Ms. Cook from acting in any capacity that involves the management or oversight of superannuation entities. Additionally, it is an offence under section 126K of the SISA for a disqualified person to continue in such roles, with penalties including up to two years in jail. The Act also provides for the possibility of revocation of the disqualification, either at the discretion of the delegate or upon application by the disqualified person, and allows for a reconsideration request by the Commissioner within 21 days of receiving notice of the decision.

Key Provisions

The Superannuation Industry (Supervision) Act 1993 (SISA) provides for the disqualification of individuals who are deemed unfit to manage superannuation funds. Section 126A(2) of the SISA allows for the disqualification of individuals who are not fit and proper persons to be trustees or responsible officers of superannuation entities. Subsection 126A(6) requires that the Commissioner of Taxation or a delegate must provide a written notice of disqualification to the affected person. In this case, Ms. Luana Cook has been disqualified from being a trustee or responsible officer due to a determination that she is not a fit and proper person for such roles. The disqualification takes immediate effect upon issuance of the notice. The SISA imposes several obligations on the disqualified person, including compliance with the notice of disqualification and refraining from acting in any capacity that involves the management of superannuation funds. Section 126K of the SISA further stipulates that it is an offence for a disqualified person to act as a trustee, investment manager, or custodian of a superannuation entity, or to be a responsible officer of a body corporate that holds such roles. This offence is subject to a maximum penalty of two years imprisonment, highlighting the seriousness of the breach. The SISA also provides mechanisms for the revocation of disqualification. Subsection 126A(5) of the SISA allows the Commissioner or a delegate to revoke the disqualification on their own initiative or in response to a written application from the disqualified person. Additionally, section 126A(7) mandates that details of the disqualification notice must be published as a Notifiable Instrument in the Federal Register of Legislation, ensuring transparency and public awareness of the disqualification. For individuals who believe the disqualification decision is unjust, section 344 of the SISA offers a recourse mechanism. If a person affected by the disqualification decision is not satisfied with it, they can request the Commissioner to reconsider the decision. This request must be made in writing within 21 days of receiving notice of the decision and must include the reasons why the decision is believed to be incorrect. This provision ensures that there is a formal avenue for challenging the decision and seeking a potential reversal or modification of the disqualification.