Notice of Disqualification – Shawgi Angelo - 24 March 2026

Overview

The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted to provide a framework for the supervision of the superannuation industry, with a focus on ensuring the proper administration of superannuation entities and protecting the interests of superannuation fund members. The legislation was introduced to address the need for robust oversight and regulation of the superannuation sector, aiming to prevent mismanagement, fraud, and other misconduct that could harm the financial well-being of superannuation fund members. The SISA is administered by the Australian Parliament, and its policy objective is to maintain the integrity and stability of the superannuation system. The Act empowers the Commissioner of Taxation to disqualify individuals from being involved in the administration of superannuation entities if they are found to have engaged in serious misconduct or breaches of the Act. This legislative measure is intended to deter potential offenders and maintain public confidence in the superannuation system.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 (SISA) applies to responsible officers of corporate trustees of superannuation entities, as well as to the corporate trustees themselves, within the Commonwealth of Australia. The Act aims to ensure that superannuation funds are managed with the highest standards of probity and integrity. The SISA's scope extends to disqualifying individuals who have been responsible officers at the time of contraventions by the corporate trustee, as evidenced by the notice issued to Shawgi Angelo. This notice, dated 24 March 2026, indicates that Mr. Angelo has been disqualified under subsection 126A(2) of the SISA due to serious contraventions by the corporate trustee while he was in office. The disqualification prohibits Mr. Angelo from acting as a trustee, investment manager, or custodian of a superannuation entity or being a responsible officer of such a body corporate. The disqualification is effective immediately upon issuance, and failure to comply with these restrictions constitutes an offence under section 126K of the SISA, with a maximum penalty of two years imprisonment. The Commissioner may revoke the disqualification under subsection 126A(5) either on their own initiative or upon written application by Mr. Angelo. Furthermore, if Mr. Angelo disagrees with the decision, he has the right to request a reconsideration from the Commissioner within 21 days of receiving the notice, as outlined in section 344 of the SISA.

Key Provisions

The Superannuation Industry (Supervision) Act 1993 (SISA) provides various mechanisms for the supervision and regulation of the superannuation industry in Australia. Section 126A(2) of the SISA allows for the disqualification of individuals who have acted as responsible officers of a corporate trustee that has contravened the SISA. This disqualification is triggered when the contraventions are serious enough to warrant such action. The operative section in this instance is subsection 126A(6), which requires that notice of the disqualification be given to the affected person. The notice, as seen in the document, must specify the reasons for the disqualification and the fact that it takes effect on the date of the notice. The notice also includes information on the potential for the disqualification to be published as a Notifiable Instrument in the Federal Register of Legislation, as per subsection 126A(7). The Act imposes specific obligations on the parties it governs. For example, responsible officers of corporate trustees must ensure compliance with the SISA to avoid disqualification. This includes adhering to the various provisions designed to protect superannuation funds and beneficiaries. Furthermore, the Act requires the Commissioner of Taxation or their delegate to assess whether the grounds for disqualification are met and to issue a notice if they are, as outlined in the document. Section 126K of the SISA also imposes obligations on disqualified individuals, prohibiting them from acting as trustees, investment managers, custodians, or responsible officers of superannuation entities, and doing so knowingly is an offence. Breach of the provisions outlined in the SISA can result in significant penalties and consequences. Under section 126K, any disqualified person who knowingly acts in a capacity they are prohibited from, such as being a trustee or responsible officer, commits an offence. The maximum penalty for this offence is two years imprisonment, as noted in Note 2 of the document. Additionally, the disqualification can be revoked under subsection 126A(5), either on the initiative of the Commissioner or upon a written application by the disqualified person. For those who are dissatisfied with the disqualification decision, section 344 of the SISA provides a mechanism to request reconsideration from the Commissioner within 21 days of receiving the notice of the decision.