Notice of Disqualification – Simon Moore - 20 February 2026

Overview

The Superannuation Industry (Supervision) Act 1993 was enacted by the Commonwealth Parliament to address issues and gaps within the regulation of superannuation funds in Australia, aiming to protect the interests of superannuation fund members. This legislation provides the framework for the supervision and regulation of the superannuation industry, ensuring that trustees and other related entities comply with the legal standards and maintain the integrity of superannuation funds. The Act was introduced to fill a critical gap by establishing a comprehensive regulatory regime that includes provisions for the disqualification of trustees found to have contravened the Act, thus safeguarding the retirement savings of Australians. The policy objective of the Act is to ensure that the superannuation industry operates efficiently, transparently, and in the best interest of its members, thereby maintaining public confidence in the system.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 (SISA) applies to trustees, investment managers, custodians, and responsible officers of superannuation entities, as well as the entities themselves, to ensure the proper administration and supervision of superannuation funds. The Act's reach is Commonwealth in nature, applying across Australia and governing the conduct of individuals and entities involved in the superannuation industry. The notice of disqualification provided to Simon Moore under subsection 126A(6) of the SISA is an example of the Act's application, where an individual is disqualified from acting in certain capacities due to breaches of the Act by the entities they were associated with. Additionally, section 126K of the SISA criminalises the act of a disqualified person continuing to act in prohibited roles, with penalties including up to two years imprisonment. The Act allows for the revocation of such disqualifications under subsection 126A(5), either on the initiative of the authorities or upon written application by the disqualified individual. Furthermore, section 344 of the SISA provides a recourse mechanism, allowing dissatisfied parties to request a reconsideration of the disqualification decision within 21 days of receiving notice.

Key Provisions

The primary operative sections of the Superannuation Industry (Supervision) Act 1993 (SISA) relevant in this context are sections 126A and 126K. Section 126A(1) allows the Commissioner of Taxation to disqualify an individual if they believe the person was a trustee at the time of a contravention of the SISA, and the contraventions were serious enough to warrant disqualification. The disqualification is immediate upon notice, as stated in subsection 126A(6), and is communicated directly to the affected individual, as in the case of Simon Moore. Additionally, under subsection 126A(7), details of this disqualification are published as a Notifiable Instrument in the Federal Register of Legislation. The obligations imposed by the Act on Simon Moore and other trustees include adherence to the SISA regulations, ensuring compliance in all dealings related to superannuation entities. Trustees are expected to manage funds ethically and transparently, avoiding any actions that could be construed as contraventions. Any failure to comply with these standards can lead to serious consequences, including disqualification. Simon Moore’s disqualification notice indicates that he was found to have contravened the SISA while serving as a trustee, leading to his immediate removal from this role. Breaching the SISA by acting as a trustee, investment manager, or custodian of a superannuation entity while disqualified is a criminal offence under section 126K. The offence carries a maximum penalty of two years in jail, as noted in Note 2. This stringent penalty underscores the importance of compliance with SISA regulations and the severe repercussions for non-compliance. The disqualification is not just a punitive measure but also a protective one, designed to safeguard the interests of superannuation fund members. In terms of potential relief, section 344 of the SISA allows for the reconsideration of the disqualification decision. If Simon Moore, or any other affected party, is not satisfied with the disqualification decision, they can request the Commissioner to reconsider it. This request must be made in writing within 21 days of receiving notice of the decision, and must detail the reasons for believing the decision is incorrect. Furthermore, under subsection 126A(5), the disqualification may be revoked either at the initiative of the Commissioner or upon a written application by the disqualified person, providing a pathway for potential reinstatement under certain conditions.