Notice of Disqualification – Robert Richardson – 3 December 2025

Overview

The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted to regulate the superannuation industry in Australia, addressing gaps in the oversight and management of superannuation entities. This legislation was introduced by the Commonwealth Parliament with the primary policy objective of ensuring that trustees and responsible officers of superannuation entities act in the best interests of members, maintaining the integrity and stability of the superannuation system. The Act provides a framework for the supervision and regulation of superannuation funds, including provisions for the disqualification of individuals who are deemed unfit to manage these funds. In the case of Robert Richardson, the delegate of the Commissioner of Taxation has disqualified him under the Act due to contraventions by the corporate trustee of which he was a responsible officer, finding him not to be a fit and proper person to continue in such a role.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and corporate trustees of superannuation entities in Australia. Specifically, the Act targets responsible officers of corporate trustees who have contravened the SISA, providing the contraventions are serious enough to warrant disqualification. This notice of disqualification applies to Robert Richardson, a resident of Beacon Hill, New South Wales, who was a responsible officer at the time of the contraventions. The jurisdiction of the SISA is Commonwealth-wide, extending its regulatory reach across the entire nation. The Act includes provisions for the disqualification of individuals based on their fitness to manage superannuation entities, with strict penalties for those who act in defiance of their disqualification. Notably, the Act also allows for the revocation of disqualifications under certain conditions and provides a process for reconsideration of disqualification decisions. The seriousness of the contraventions and the fitness of the individual to hold such a position are key factors in the application of the Act.

Key Provisions

The main operative sections of the Superannuation Industry (Supervision) Act 1993 (SISA) relevant to this notice include subsections 126A(2), 126A(3), and 126A(6), which outline the grounds for disqualification of an individual from being a trustee or responsible officer of a superannuation entity. Subsection 126A(2) and 126A(3) provide the criteria for disqualification if there have been contraventions of the SISA by the corporate trustee, with subsection 126A(6) mandating that the disqualification be communicated to the individual concerned. In this case, Robert Richardson has been disqualified because the corporate trustee of one or more superannuation entities has contravened the SISA on one or more occasions, and Mr. Richardson was a responsible officer at the time of the contraventions. Additionally, the disqualification is justified because Mr. Richardson is not deemed a fit and proper person to hold such a position. The Act imposes specific obligations and requirements on the parties it governs. For instance, responsible officers and trustees must ensure compliance with the SISA and avoid any actions that could lead to contraventions. In the case of Robert Richardson, his disqualification stems from his failure to uphold these obligations, as evidenced by the contraventions committed by the corporate trustee while he was in his position. Trustees and responsible officers are also required to maintain their fitness and propriety to hold their roles, which Mr. Richardson has been deemed not to possess. Breaching the SISA by acting as a trustee, investment manager, custodian, or responsible officer after being disqualified is a criminal offence under section 126K. The maximum penalty for committing this offence is two years imprisonment. This serves as a strong deterrent against any disqualified person attempting to re-enter the superannuation industry in violation of the law. Furthermore, the notice indicates that the details of the disqualification will be published as a Notifiable Instrument in the Federal Register of Legislation, ensuring transparency and accountability. Under subsection 126A(5) of the SISA, the disqualification can be revoked either on the initiative of the Commissioner of Taxation or upon a written application by the disqualified person. Additionally, section 344 of the SISA allows a person who is affected by the disqualification to request a reconsideration of the decision by the Commissioner within 21 days of receiving notice. This provides a formal mechanism for disputing the decision if the individual believes it to be unjust or based on incorrect information.