Notice of Disqualification - Shannon Windsor - 25 May 2026

Overview

The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted by the Parliament of Australia to address the need for robust regulation within the superannuation industry. The legislation aims to ensure that superannuation entities are managed with integrity and that trustees, investment managers, and custodians adhere to stringent standards to protect the interests of superannuation fund members. The SISA provides a framework for the supervision and enforcement of standards in the superannuation industry, aiming to maintain the financial stability and security of superannuation funds. The policy objective of the Act is to safeguard the financial well-being of superannuation fund members by regulating the conduct of trustees, investment managers, custodians, and other responsible officers. The Act includes provisions for disqualification of individuals who contravene its regulations, ensuring that those who engage in serious misconduct are prevented from participating in the management of superannuation funds.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 applies to individuals and entities involved in the supervision and administration of superannuation funds in Australia. This legislation governs the conduct and operations of trustees, investment managers, and custodians of superannuation entities, ensuring compliance with financial and regulatory standards. The Act's jurisdictional reach is national, as it is a Commonwealth Act, thus applying across Australia, including all states and territories. The Act includes provisions for disqualification of individuals found to have contravened its provisions, particularly those who have acted in a serious manner warranting such a measure. Such disqualifications prevent the disqualified individuals from acting in certain capacities within the superannuation industry, such as serving as trustees, investment managers, or custodians. Additionally, the Act allows for the revocation of disqualifications under certain conditions, and it provides a process for reconsideration of disqualification decisions. The Act's application can be extended or restricted through subordinate instruments, which can detail specific exclusions, exemptions, or thresholds not explicitly mentioned in the primary legislation.

Key Provisions

The Superannuation Industry (Supervision) Act 1993 (SISA) contains provisions for disqualifying individuals who have contravened the Act, as evidenced in the notice issued to Shannon Windsor. Section 126A(1) of the SISA allows for the disqualification of individuals who have breached the Act, with subsection 126A(6) mandating that a notice be given to the affected person. This notice, provided by a delegate of the Commissioner of Taxation, informs the individual of the disqualification and the reasons behind it, which in this case is due to multiple contraventions of the Act that are deemed serious enough to warrant such action. The Act imposes significant obligations on those it governs, particularly those who have been disqualified. Under section 126K, it is explicitly stated that a disqualified person who is aware of their disqualification cannot act as a trustee, investment manager, or custodian of a superannuation entity, nor can they be a responsible officer or a part of a body corporate that holds these roles. This prohibition is intended to prevent disqualified individuals from influencing or managing superannuation funds, thereby protecting the interests of fund members. Failure to adhere to these provisions results in serious consequences. Section 126K of the SISA establishes that knowingly acting in any of the prohibited roles while disqualified is an offence. The maximum penalty for committing this offence, as stated in the notice, is two years imprisonment. This severe penalty underscores the importance of compliance with the Act and the potential repercussions of non-compliance. Additionally, the notice indicates that the disqualification may be revoked either by the authorities on their own initiative or upon a written application by the disqualified individual, as outlined in subsection 126A(5). For those who believe the decision is unjust, section 344 of the SISA provides an avenue for reconsideration by the Commissioner, provided that a written request is made within 21 days of receiving the notice of disqualification and includes reasons for the appeal.