Notice of Disqualification – Rodney William Norris - 30 October 2025

Overview

The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted to address the need for robust supervision and regulation of the superannuation industry in Australia, aiming to protect the interests of superannuation fund members by ensuring high standards of conduct and compliance by trustees, responsible officers, and other entities involved in managing superannuation funds. This Act was introduced by the Australian Parliament with the overarching policy objective of maintaining the integrity and stability of the superannuation system, which is a critical component of the nation's retirement income framework. The legislation provides the Commissioner of Taxation with the authority to disqualify individuals deemed unfit to manage superannuation entities, as illustrated in the case of Rodney William Norris, who has been disqualified under the provisions of the SISA for failing to meet the required standards of a fit and proper person. The Act also includes provisions for the publication of such disqualifications, enforcement measures, and avenues for reconsideration or appeal by those affected.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and entities involved in the supervision and management of superannuation funds, including trustees, responsible officers, investment managers, and custodians. The disqualification notice provided under the SISA to Rodney William Norris exemplifies its jurisdictional reach across the Commonwealth of Australia. This Act governs conduct and transactions related to superannuation entities, ensuring that only fit and proper persons manage these funds. The disqualification of Rodney William Norris is a direct application of the Act's provisions aimed at maintaining the integrity and proper management of superannuation funds. The notice also highlights the legislative authority's power to extend or restrict the application of the Act through subordinate instruments, such as the revocation of disqualifications or the publication of such notices in the Federal Register of Legislation. The Act imposes stringent requirements on disqualified individuals, prohibiting them from acting in any capacity related to superannuation entities, with serious penalties, including imprisonment, for violations. This legislative framework underscores the Commonwealth's commitment to safeguarding the superannuation industry and protecting the interests of superannuation fund members.

Key Provisions

The Notifiable Instrument F2025N00865 pertains to the disqualification of Rodney William Norris, effective from 30 October 2025, under the Superannuation Industry (Supervision) Act 1993 (SISA). Specifically, subsections 126A(2) and 126A(3) of the SISA have been invoked to disqualify Norris from being a trustee or a responsible officer of a body corporate that is a trustee of a superannuation entity. The notice, issued by Ben Kelly, a delegate of the Commissioner of Taxation, indicates that Norris has been deemed unfit and improper to hold such positions based on the requirements of the SISA. The Act imposes certain obligations on Norris, primarily by prohibiting him from acting or being involved in any capacity as a trustee, investment manager, or custodian of a superannuation entity, as well as from being a responsible officer of a body corporate in those roles. These restrictions are designed to ensure the integrity and proper management of superannuation funds and entities. The disqualification is effective immediately from the date of the notice, which is 30 October 2025. Should Norris contravene the disqualification provisions, he risks facing serious legal consequences. According to section 126K of the SISA, it is an offence for a disqualified person who is aware of their disqualification to act in the prohibited capacities. The potential penalty for such an offence includes a maximum of two years in jail, underscoring the seriousness with which the Act treats breaches of these provisions. Additionally, Norris has the option to apply for the revocation of his disqualification, either on his own initiative or through a written application, as permitted under subsection 126A(5) of the SISA. If dissatisfied with the disqualification decision, Norris 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.