NOTICE OF DISQUALIFICATION
Superannuation Industry (Supervision) Act 1993
To:
Nathan Secomb
WYEE NSW 2259
I, Ivan Parrett, a delegate of the Commissioner of Taxation, give you notice as required by subsection 126A(6) of the Superannuation Industry (Supervision) Act 1993 (SIS Act), that I have made a decision to disqualify you from being a trustee or 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 SIS Act as I am satisfied that you have contravened the SIS Act 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: 12 February 2013
Ivan Parrett
Assistant Commissioner of Taxation
Note 1:
In accordance with subsection 126A(7) of the SIS Act, particulars of this disqualification notice will be published in the Gazette.
Note 2:
In accordance with subsection 126A(5) of the SIS Act, we may revoke this disqualification order on our own initiative or on written application made by you.
Note 3:
In accordance with section 344 of the SIS Act, 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 of 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 was enacted by the Parliament of Australia to address the need for effective regulation and supervision of the superannuation industry. The Act was designed to safeguard the financial interests of superannuation fund members by ensuring that trustees and responsible officers of superannuation entities act with integrity and competence. The policy objective underpinning the Act is to promote the responsible and ethical administration of superannuation funds, thereby protecting the retirement savings of Australians. The Act empowers the Commissioner of Taxation to disqualify individuals from holding positions of trust and responsibility within superannuation entities if they have contravened the provisions of the Act. This legislative framework aims to maintain high standards of governance and accountability within the superannuation industry, ensuring that fund members' interests are prioritised and safeguarded.
Scope and Application
The Superannuation Industry (Supervision) Act 1993 (SIS Act) applies to trustees and responsible officers of body corporates that manage superannuation entities, ensuring compliance with legislative standards designed to protect superannuation fund members. This Act imposes obligations on individuals and entities involved in the management and administration of superannuation funds, with a focus on maintaining high standards of financial responsibility and ethical conduct. The disqualification power exercised under the Act is targeted at individuals like Nathan Secomb who have contravened the provisions of the Act, with the decision to disqualify being made by a delegate of the Commissioner of Taxation. The disqualification order applies immediately and can be subject to revocation under specific conditions as outlined in the Act. This legislative framework extends to the entire Commonwealth of Australia, ensuring a uniform approach to the supervision and regulation of the superannuation industry. The Act does not explicitly state exclusions or thresholds for disqualification but relies on the discretion of the delegate in determining the nature, seriousness, and number of contraventions that warrant such action. The Act also allows for the extension or restriction of its application through subordinate instruments, which may further define the scope and specific conditions under which the Act operates.
Key Provisions
The Superannuation Industry (Supervision) Act 1993 (SIS Act) includes provisions that allow for the disqualification of individuals from holding certain roles within superannuation entities. Section 126A(1) of the Act empowers a delegate of the Commissioner of Taxation to disqualify a person from being a trustee or a responsible officer of a body corporate that acts as a trustee, investment manager or custodian of a superannuation entity if they have contravened the Act on one or more occasions and the nature, seriousness and number of the contraventions provide grounds for disqualification. This disqualification is immediate upon the notice being given, as specified in section 126A(6), and is communicated directly to the individual, as evidenced in the notice to Nathan Secomb.
Under the Act, the obligations placed upon trustees and responsible officers of superannuation entities are substantial. They must adhere to strict regulatory requirements to ensure the proper management and investment of superannuation funds. Any contraventions of these provisions can lead to disqualification. Trustees and responsible officers must maintain high standards of conduct and governance to safeguard the interests of superannuation fund members.
Breaching the provisions of the SIS Act can result in severe consequences, as outlined in various sections of the Act. Disqualification from holding certain roles is a significant penalty in itself, as it can severely impact an individual's professional capacity within the superannuation industry. Furthermore, individuals who have been disqualified may face additional scrutiny and could be subject to further regulatory actions if they continue to contravene the Act. The seriousness of these penalties reflects the importance of compliance with the Act’s provisions to maintain the integrity of the superannuation system.