Notice of Disqualification – Stewart Storrar

Overview

The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted to ensure the effective regulation and supervision of the superannuation industry in Australia. The Act was introduced to address the need for a robust framework to oversee the management and administration of superannuation funds, thereby protecting the interests of superannuation fund members and ensuring the integrity of the superannuation system. The Act was enacted by the Parliament of Australia and aims to provide for the supervision of the superannuation industry, the regulation of superannuation entities, and the protection of superannuation fund members. The notice of disqualification issued under the Act highlights the seriousness of the contraventions and the need to maintain high standards of conduct within the superannuation industry.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 applies to individuals and entities involved in the superannuation industry, such as trustees, investment managers, custodians, and responsible officers of superannuation entities. The Act's jurisdictional reach is Commonwealth, affecting the entire nation. In the case of Stewart Storrar, the Act has been applied to disqualify him due to contraventions, which, given their seriousness, warranted this action. The disqualification is immediate and prohibits him from acting in any capacity related to the management or administration of superannuation entities. This prohibition includes roles such as trustee, investment manager, or custodian, as well as serving as a responsible officer of a body corporate that undertakes such roles. The Act also provides for potential revocation of the disqualification under certain conditions and outlines the appeal process for those dissatisfied with the decision.

Key Provisions

The notice provided under subsection 126A(6) of the Superannuation Industry (Supervision) Act 1993 (SISA) informs Stewart Storrar that he has been disqualified from performing certain roles within the superannuation industry. Specifically, this disqualification is the result of a finding that he has contravened the SISA on one or more occasions, and the severity of these contraventions justifies the disqualification. The notice clarifies that the disqualification is effective from the date it is issued, which in this case is 24 May 2022. This notice also indicates that the details of the disqualification will be published in the Commonwealth Government Notices Gazette, as required by subsection 126A(7) of the SISA. The disqualification imposes significant obligations on Mr. Storrar, restricting him from acting as a trustee, investment manager, or custodian of a superannuation entity, or as a responsible officer of a body corporate that performs these roles. This restriction is outlined under section 126K of the SISA, which explicitly states that it is an offence for a disqualified person to engage in these activities. Non-compliance with this restriction can result in severe penalties, including up to two years in jail. Additionally, the notice informs Mr. Storrar of the possibility of having the disqualification revoked either by the delegate of the Commissioner of Taxation on their own initiative or following a written application by Mr. Storrar, as per subsection 126A(5) of the SISA. Furthermore, the notice advises Mr. Storrar that if he is dissatisfied with the decision to disqualify him, he has the right to request a reconsideration of the decision. 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. This right to request reconsideration is provided under section 344 of the SISA, ensuring that Mr. Storrar has an opportunity to challenge the decision and potentially have it reviewed.