NOTICE OF DISQUALIFICATION
Superannuation Industry (Supervision) Act 1993
MS. VOUCH TEANG HENG
HAMPTON PARK VIC 3976
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(1) of the SISA as I am satisfied that you have contravened the SISA on one or more occasions and the nature, seriousness and number of the contraventions provides grounds for disqualifying you.
The disqualification order takes effect on the day on which this notice is made.
Dated: 8 October 2014
Alison Lendon
Deputy Commissioner of Taxation
Per Craig Blair
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 regulation and oversight within the superannuation industry to protect the interests of superannuation fund members. The Act was introduced to fill the gap left by the lack of comprehensive regulatory measures governing the conduct and management of superannuation entities and their officers. The SISA provides the framework for the regulation of superannuation trustees, investment managers, and custodians, ensuring they adhere to the necessary standards and compliance requirements to safeguard the retirement savings of Australians. The policy objective of the Act is to maintain the integrity, efficiency, and stability of the superannuation system, thereby protecting the financial welfare of superannuation fund members.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and entities involved in the management and oversight of superannuation entities, including trustees, investment managers, and custodians. The Act extends its jurisdiction across the Commonwealth of Australia, providing a regulatory framework to ensure the proper administration and protection of superannuation funds. The notice of disqualification issued under this Act applies to a person who has contravened the provisions of the Act, with the decision to disqualify being made by a delegate of the Commissioner of Taxation. This disqualification prohibits the individual from serving in any capacity that involves the management or oversight of superannuation entities. The disqualification order is effective from the date of the notice, and the details of the disqualification may be published in the Gazette as per the requirements of the Act. Additionally, the disqualification can be subject to revocation by the Commissioner, either on their own initiative or upon a written application from the disqualified individual, and dissatisfied parties have the right to request a reconsideration of the decision within 21 days of receiving the notice.
Key Provisions
The Superannuation Industry (Supervision) Act 1993 (SISA) provides a framework for the supervision of the superannuation industry in Australia. Under this Act, subsection 126A(6) empowers a delegate of the Commissioner of Taxation to disqualify individuals from specific roles within the superannuation industry, including as trustees, investment managers, custodians, or responsible officers of a body corporate involved in these roles (subsection 126A(1)). The notice issued to Ms. Vouch Teang Heng under this provision states that she has been disqualified from these roles because she has contravened the SISA on multiple occasions, with the seriousness of the breaches justifying the disqualification.
The obligations imposed by the Act require individuals in these roles to adhere to stringent standards and comply with the regulatory requirements set out in the SISA. These obligations include maintaining proper records, acting in the best interests of superannuation members, and ensuring the proper management and investment of superannuation funds. Failure to meet these obligations can lead to disqualification from participating in the superannuation industry.
Breaching the provisions of the SISA can result in severe consequences. Section 126A(6) of the Act states that the disqualification order becomes effective on the date of the notice. Additionally, the Act provides for the publication of particulars of the disqualification in the Gazette as per subsection 126A(7), ensuring transparency. Moreover, the Commissioner has the authority to revoke the disqualification order either on their own initiative or upon written application by the disqualified individual (subsection 126A(5)). For those affected by the disqualification and dissatisfied with the decision, section 344 of the SISA allows for a request to the Commissioner to reconsider the decision within 21 days of receiving the notice, provided the request is made in writing and includes the reasons for the appeal.