Notice of Disqualification - Raewyn Pamela Howe

Overview

The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted to address issues within the superannuation industry, aiming to ensure that superannuation entities are managed responsibly and in the best interests of the members. The SISA provides a framework for the regulation and supervision of the superannuation industry, including the disqualification of individuals who have contravened the provisions of the Act. The Act was enacted by the Parliament of Australia, with the policy objective of enhancing the protection of superannuation funds and ensuring the integrity of the superannuation system. The disqualification process under the SISA is designed to prevent individuals who have demonstrated a pattern of non-compliance from continuing to manage superannuation funds, thereby safeguarding the interests of fund members and maintaining the overall stability of the superannuation system.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and entities involved in the administration and management of superannuation funds, including trustees, investment managers, and custodians. This federal legislation aims to ensure the proper administration and regulation of superannuation funds across Australia. The Act applies to all trustees, investment managers, and custodians of superannuation entities, regardless of their location within the country. However, it is important to note that the application of SISA can be extended or restricted through subordinate instruments, allowing for the inclusion or exclusion of certain entities or activities as deemed necessary by the Commissioner of Taxation. Any contraventions of the Act, such as those leading to the disqualification of an individual like Raewyn Pamela Howe, can have significant implications for the person's ability to participate in the superannuation industry, underscoring the importance of compliance with the Act's provisions.

Key Provisions

The notice provided by Alison Lendon, a delegate of the Commissioner of Taxation, under the Superannuation Industry (Supervision) Act 1993 (SISA) informs Raewyn Pamela Howe that she has been disqualified from being or acting as a trustee, investment manager or custodian of a superannuation entity, or as a responsible officer of a body corporate that is a trustee, investment manager or custodian of a superannuation entity. This decision was made pursuant to subsection 126A(6) of the SISA and the disqualification order takes immediate effect from the date of the notice, which is 19 May 2014. This disqualification stems from subsection 126A(1) of the SISA, where it is noted that Raewyn Pamela Howe has contravened the SISA on one or more occasions, and the nature, seriousness and number of these contraventions provide grounds for her disqualification. The SISA imposes several obligations on the parties and entities it governs. It mandates that trustees, investment managers and custodians of superannuation entities must adhere to stringent standards of conduct and compliance to ensure the protection of superannuation fund members. Additionally, responsible officers of body corporates in these roles must ensure that their entities meet these standards. The SISA includes provisions for disqualifying individuals or entities from these roles if they are found to have contravened the Act, which is the basis for the disqualification of Raewyn Pamela Howe. The notice also informs Raewyn Pamela Howe that particulars of the disqualification will be published in the Gazette as per subsection 126A(7) of the SISA. Furthermore, the notice states that the disqualification may be revoked either by the delegate on their own initiative or upon a written application by Raewyn Pamela Howe as per subsection 126A(5) of the SISA. If Raewyn Pamela Howe is dissatisfied with the decision, she has the right to request the Commissioner to reconsider the decision within 21 days from the date of receiving the notice, as outlined in section 344 of the SISA. This request must be made in writing and must include the reasons for the reconsideration. In terms of penalties and consequences, the SISA does not specify maximum penalties in the notice itself. However, contraventions of the SISA can lead to various civil and criminal consequences, including fines, imprisonment, and additional disqualification from future roles within the superannuation industry. The severity of these consequences generally correlates with the nature and seriousness of the contraventions.