Notice of Disqualification – Rawiri Wharemate - 25 May 2026

Overview

The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted to ensure the proper supervision and regulation of the superannuation industry in Australia, addressing the need for a robust framework to protect superannuation funds and beneficiaries. This legislation was introduced by the Commonwealth Parliament to provide a comprehensive legal structure to oversee the operation of superannuation funds, including the management and administration of trustees, investment managers, and custodians. The policy objective of the SISA is to safeguard the interests of superannuation fund members by enforcing standards of conduct, ensuring compliance with legislative requirements, and providing mechanisms for the oversight and enforcement of the law. The Act aims to maintain the integrity and stability of the superannuation system by imposing disqualifications on individuals who engage in serious misconduct or breaches of the legislation, thus protecting the financial security of superannuation fund members.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 applies to responsible officers within corporate trustees of superannuation entities, including individuals like Rawiri Wharemate who have been found to contravene the provisions of the Act. The legislation operates within the Commonwealth jurisdiction and imposes significant obligations on individuals who are responsible officers of superannuation entities, ensuring compliance with standards designed to protect superannuation fund members. The Act explicitly prohibits disqualified persons from acting as trustees, investment managers, or custodians of superannuation entities, and from being responsible officers of such entities. The Act's reach is enforced through the publication of disqualification notices as Notifiable Instruments in the Federal Register of Legislation, ensuring transparency and public accountability. Any contravention of these provisions can lead to severe penalties, including imprisonment for up to two years. Additionally, the Act provides avenues for reconsideration and potential revocation of disqualifications, offering a structured process for appeal and remediation.

Key Provisions

The Superannuation Industry (Supervision) Act 1993 (SISA) includes several provisions for disqualification of individuals who have contravened the Act. In this case, subsection 126A(2) of the SISA has been invoked, resulting in a notice of disqualification (subsection 126A(6)) for Rawiri Wharemate. This disqualification is because the corporate trustee of one or more superannuation entities, for which Mr Wharemate was a responsible officer, has contravened the SISA on one or more occasions, and the seriousness of these contraventions provides grounds for disqualification. The disqualification takes effect immediately upon the notice being issued. Under this legislation, a disqualified person is prohibited from acting in certain capacities related to superannuation entities. Specifically, section 126K of the SISA makes it an offence for a disqualified person to be, or act as, a trustee, investment manager, or custodian of a superannuation entity, or to be a responsible officer or part of a body corporate that is a trustee, investment manager, or custodian of a superannuation entity, if they know they are disqualified. The maximum penalty for committing this offence is two years imprisonment. Additionally, the disqualification may be revoked either on the initiative of the delegate or upon a written application by the disqualified person, as per subsection 126A(5) of the SISA. Should Mr Wharemate be dissatisfied with the disqualification decision, he has the right to request a reconsideration from the Commissioner within 21 days of receiving the notice of the decision. This request must be made in writing and must outline the reasons why he believes the decision is incorrect, as per section 344 of the SISA. Furthermore, under subsection 126A(7) of the SISA, details of this disqualification notice will be published as a Notifiable Instrument in the Federal Register of Legislation, ensuring transparency and public accountability.