Notice of Disqualification – Richard Betty – 27 April 2026

Overview

The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted to regulate the superannuation industry in Australia, addressing the need for oversight and protection of superannuation funds. This legislation was introduced to ensure that the industry operates in a manner that safeguards the interests of fund members, particularly focusing on the proper management and investment of superannuation assets. The SISA provides the framework for the Australian Prudential Regulation Authority (APRA) to supervise and regulate superannuation funds, trustees, and other related entities, aiming to maintain the integrity and stability of the superannuation system. The Act also establishes the authority to disqualify individuals who have contravened its provisions, ensuring that those who do not adhere to the required standards are prevented from participating in the management of superannuation funds. This legislative measure is critical in maintaining public trust in the superannuation system and ensuring the financial security of millions of Australians.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and entities involved in the administration and management of superannuation entities, including trustees, investment managers, and custodians. This legislation has a national reach across Australia, applying to all jurisdictions within the Commonwealth. The Act targets conduct and transactions that involve the misuse or mismanagement of superannuation funds, with specific provisions to disqualify individuals found to have contravened its provisions. The Act allows for disqualification of persons based on the seriousness and frequency of the contraventions, as evidenced by the disqualification notice issued to Richard Betty. The disqualification prohibits the disqualified person from acting in certain capacities within the superannuation industry, such as serving as a trustee, investment manager, or custodian. Additionally, the Act stipulates that it is an offence for a disqualified person to continue in these roles, with potential penalties including imprisonment for up to two years. The Act also provides mechanisms for the revocation of disqualification and the reconsideration of decisions by the Commissioner. The scope of the Act can be extended through subordinate instruments, though the primary text focuses on the core principles of supervision and disqualification.

Key Provisions

The Superannuation Industry (Supervision) Act 1993 (SISA) includes specific provisions for disqualifying individuals from certain roles within the superannuation industry. Under subsection 126A(1) of the Act, an individual can be disqualified if there are grounds to believe they have contravened the SISA. This disqualification is effective from the date of the notice, as stated in the notice to Richard Betty on 27 April 2026. The notice informs the individual that they have been disqualified by a delegate of the Commissioner of Taxation, in this case Ben Kelly, due to multiple contraventions of the Act. The seriousness and number of the contraventions are cited as the basis for the disqualification. The Act imposes clear obligations on the disqualified individual, Richard Betty. According to section 126K of the SISA, it is an offence for a disqualified person to act as a trustee, investment manager, or custodian of a superannuation entity, or to be a responsible officer or a body corporate that is a trustee, investment manager, or custodian. This prohibition is designed to protect the interests of superannuation fund members by ensuring that only suitable individuals manage their retirement funds. The consequences for breaching this provision are severe, with a maximum penalty of two years imprisonment, as outlined in the notice. In addition to the criminal penalties, the SISA provides mechanisms for the disqualification to be reviewed or revoked. Under subsection 126A(5), the disqualification can be revoked either on the initiative of the Commissioner or by a written application from the disqualified individual. This provision ensures that there is a pathway for individuals to potentially have their disqualification lifted if circumstances change or if the grounds for the disqualification are no longer applicable. If Richard Betty is dissatisfied with the decision to disqualify him, he has the right to request a reconsideration by the Commissioner within 21 days of receiving the notice, as stipulated in section 344 of the SISA. This request must be made in writing and should outline the reasons why he believes the decision is wrong. This provision ensures that individuals have an opportunity to challenge the decision and seek a review, providing a measure of procedural fairness in the disqualification process.