Notice of Disqualification – Paul Philip - 10 February 2026

Overview

The Superannuation Industry (Supervision) Act 1993 was enacted by the Parliament of Australia to address the need for effective regulation of the superannuation industry, ensuring the protection of superannuation fund members. The Act was introduced to fill a significant gap in the oversight and supervision of superannuation entities, aiming to maintain the integrity and stability of the superannuation system. It provides the legislative framework for the Australian Prudential Regulation Authority (APRA) to supervise and regulate superannuation entities, ensuring they comply with legislative requirements designed to safeguard the financial interests of superannuation fund members. The policy objective of the Act is to promote the efficient, honest and economical administration and prudent management of superannuation entities, thereby protecting the rights and interests of superannuation fund members. In the context of this specific legislative action, a notice of disqualification under subsection 126A(6) of the Act has been issued to Paul Philip, notifying him of his disqualification as a responsible officer of a corporate trustee due to the contravention of the Act by the trustee. The disqualification is based on the seriousness of the contraventions, which warranted the action. This disqualification is intended to uphold the standards of conduct and management within the superannuation industry, preventing individuals involved in serious contraventions from continuing to hold responsible positions within superannuation entities. The notice also informs that the disqualification details will be published as a notifiable instrument in the Federal Register of Legislation, reinforcing the transparency and accountability of the regulatory process.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 applies to responsible officers of corporate trustees, investment managers, and custodians of superannuation entities, and it has a Commonwealth reach throughout Australia. The Act allows for the disqualification of individuals who have been responsible officers of a corporate trustee that has contravened the provisions of the Act, particularly if the contraventions are serious enough to warrant such action. In this instance, Paul Philip has been disqualified under subsection 126A(2) of the Act due to his role in the contraventions committed by the corporate trustee. This disqualification is enforceable immediately upon notification and is accompanied by a notifiable instrument that will be published in the Federal Register of Legislation. Additionally, the Act prohibits disqualified individuals from acting in any capacity related to superannuation entities, with a maximum penalty of two years imprisonment for non-compliance. The disqualification can be reviewed or revoked either by the Commissioner on their own initiative or following a written application from the disqualified individual. Furthermore, the Act provides for a reconsideration process for those dissatisfied with the decision, allowing them to request a review in writing within 21 days of receiving the notice of the disqualification.

Key Provisions

The primary sections of the Superannuation Industry (Supervision) Act 1993 (SISA) involved in the disqualification of Paul Philip are subsection 126A(2), which provides the grounds for disqualification, and subsection 126A(6), which mandates the issuance of a formal notice of disqualification. Subsection 126A(2) allows for the disqualification of an individual if they are a responsible officer of a corporate trustee that has contravened the SISA, and the seriousness of the contraventions warrants such action. Subsection 126A(6) then requires that a formal notice be issued to the disqualified individual, specifying the reasons for the disqualification. The Act imposes several obligations on the parties it governs, particularly those related to responsible officers of corporate trustees. These obligations include ensuring compliance with all relevant provisions of the SISA, maintaining records and documentation that evidence such compliance, and acting in the best interests of the superannuation entities they oversee. Furthermore, responsible officers must be aware of any contraventions by the corporate trustee and take appropriate action to rectify these issues. Failure to adhere to these obligations can result in disqualification under subsection 126A(2). Breaching the provisions of the SISA by acting as a trustee, investment manager, or custodian of a superannuation entity after being disqualified is an offence under section 126K of the SISA. A person who knowingly acts in these capacities while disqualified faces significant legal consequences. The maximum penalty for committing this offence is imprisonment for up to two years. Additionally, subsection 126A(5) provides a mechanism for the revocation of the disqualification, which may occur either on the initiative of the Commissioner or following a written application by the disqualified person. In the event that Paul Philip is affected by the disqualification decision and is not satisfied with it, he has the right to request a reconsideration by the Commissioner under section 344 of the SISA. This request must be made in writing within 21 days of receiving the notice of disqualification and must include the reasons he believes the decision to be incorrect. This provision ensures that there is a formal process for addressing any grievances or disputes regarding the disqualification.