Notice of Disqualification – Samuel Hoare – 3 December 2025

Overview

The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted by the Australian Parliament to address the need for robust supervision and regulation of the superannuation industry, ensuring that trustees act in the best interests of superannuation fund members. The legislation was introduced to fill a critical gap in the regulation of superannuation trustees, thereby protecting the financial interests and retirement savings of Australians. The Act provides the framework for the Australian Prudential Regulation Authority (APRA) to supervise and regulate superannuation entities, ensuring compliance with legislative and regulatory requirements. The policy objective behind the Act is to maintain the integrity and stability of the superannuation industry, safeguarding members' retirement savings and promoting public confidence in the system. Through the mechanisms established by the SISA, the Act seeks to prevent misconduct and ensure that trustees and responsible officers are fit and proper persons to manage superannuation funds.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 (SISA) applies to entities and individuals involved in the superannuation industry, including trustees, investment managers, custodians, and responsible officers of superannuation entities. The Act has a Commonwealth jurisdiction, extending its reach across Australia to ensure consistent supervision and regulation of the superannuation industry. The Act’s application is further extended or restricted through subordinate instruments, which can include regulations and guidelines that provide additional details and specifications on compliance and enforcement. The SISA specifically targets those who have contravened its provisions or who are deemed unfit to hold positions of responsibility within superannuation entities, as evidenced by the disqualification notice issued to Samuel Hoare. This notice, which will be published as a Notifiable Instrument in the Federal Register of Legislation, highlights the serious consequences of such contraventions, including potential disqualification and criminal penalties. Furthermore, the Act provides mechanisms for the revocation of disqualification and avenues for reconsideration of decisions by affected parties.

Key Provisions

The primary sections involved in this disqualification notice under the Superannuation Industry (Supervision) Act 1993 (SISA) are subsections 126A(2), 126A(3), and 126A(6). Section 126A(2) and 126A(3) outline the conditions under which a person can be disqualified from being a trustee or a responsible officer of a superannuation entity, including circumstances where a corporate trustee has contravened the SISA and the individual was a responsible officer at the time of the contraventions. Section 126A(6) mandates that the delegate of the Commissioner of Taxation must give written notice of the disqualification to the individual concerned. The notice, which was given to Samuel Hoare, explicitly states the reasons for the disqualification and the effective date of the disqualification. The obligations imposed by the SISA on the parties it governs include ensuring compliance with all provisions of the Act, maintaining the integrity of superannuation entities, and appointing only fit and proper persons as trustees or responsible officers. Trustees and responsible officers must act in the best interests of the superannuation fund members, adhere to all regulatory requirements, and avoid any actions that could lead to a contravention of the SISA. In this instance, Samuel Hoare, as a responsible officer of the corporate trustee, failed to meet these obligations, leading to the disqualification. The SISA also imposes specific consequences for breaches of its provisions. Section 126K of the Act criminalises the act of a disqualified person continuing to be, or act as, a trustee, investment manager, custodian, or responsible officer of a superannuation entity. Such an offence carries a maximum penalty of two years imprisonment. This stringent penalty underscores the importance of compliance with the Act and the seriousness of the disqualification process. Furthermore, the notice of disqualification, once issued, will be published as a Notifiable Instrument in the Federal Register of Legislation under subsection 126A(7) of the SISA. This public disclosure serves as both a deterrent and a means of informing the public of the disqualification. If Samuel Hoare is unsatisfied with the disqualification decision, he has the right to request a reconsideration under section 344 of the SISA. This request must be made in writing within 21 days of receiving the notice of the decision and should include the reasons why he believes the decision is incorrect. Additionally, the disqualification can be revoked either on the initiative of the delegate of the Commissioner of Taxation or upon a written application by Samuel Hoare, as outlined in subsection 126A(5) of the SISA.