Notice of Disqualification – Victoria Marie Stammers - 7 January 2025

Overview

The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted to address issues within the superannuation industry by establishing a regulatory framework to ensure proper supervision and governance. The Act aims to protect the interests of superannuation fund members by setting standards for the management and operation of superannuation funds. The policy objective of the Act is to maintain the integrity of the superannuation system and ensure that trustees and other related entities act in the best interests of fund members. The Parliament of Australia enacted this legislation to provide a comprehensive legislative approach to the supervision of superannuation funds and to establish mechanisms for the enforcement of compliance and penalties for non-compliance. The Act provides for the disqualification of individuals who have contravened the provisions of the Act, ensuring that those who fail to meet the regulatory standards are held accountable.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and entities involved in the superannuation industry, regulating their conduct and ensuring compliance with the Act's provisions. Specifically, the Act imposes disqualifications on individuals who have contravened its provisions, with the seriousness of the contraventions determining the grounds for such disqualifications. The disqualification prohibits the individual from acting as a trustee, investment manager, or custodian of a superannuation entity or from being a responsible officer of a body corporate that performs these roles. This legislative provision extends its reach across the Commonwealth of Australia, ensuring uniform supervision and regulation of the superannuation industry. Notably, the Act allows for the disqualification to be revoked either by the authority on its own initiative or by the disqualified individual, provided they submit a written application. Furthermore, any person affected by the disqualification has the right to request a reconsideration of the decision within 21 days of receiving the notice, allowing for a potential review of the grounds for disqualification.

Key Provisions

The Superannuation Industry (Supervision) Act 1993 (SISA) contains provisions that allow for the disqualification of individuals who contravene the Act. Section 126A(1) empowers a delegate of the Commissioner of Taxation to disqualify a person from participating in the administration of a superannuation entity if they are satisfied that the person has contravened the SISA and that the seriousness of the contraventions warrants disqualification. Section 126A(6) requires the delegate to notify the disqualified person of the disqualification in writing. In this case, Victoria Marie Stammers has been disqualified by Emma Rosenzweig, a delegate of the Commissioner of Taxation, as she is satisfied that Victoria has contravened the SISA on one or more occasions. The disqualification imposed on Victoria Marie Stammers under section 126A(1) of the SISA means she is prohibited from acting as a trustee, investment manager, or custodian of a superannuation entity. Additionally, she is prohibited from being a responsible officer or a body corporate that acts in these capacities. This disqualification is effective from the date of the notice, which in this instance is 7 January 2025. Under section 126K of the SISA, it is an offence for a disqualified person to act in any of these roles while knowing they are disqualified, with the potential penalty being up to two years in jail. The SISA provides for the revocation of a disqualification under subsection 126A(5). This revocation can occur either on the initiative of the delegate or upon a written application by the disqualified person. Furthermore, section 344 of the SISA allows for a reconsideration of the disqualification decision if the affected person is dissatisfied with the decision. This reconsideration request must be made in writing within 21 days of receiving the notice of disqualification and must outline the reasons why the person believes the decision is incorrect. In summary, the key provisions of the SISA relevant to this case include the power to disqualify individuals who have contravened the Act (section 126A(1)), the requirement to notify the disqualified person (section 126A(6)), the specific prohibitions on acting in certain roles (section 126K), and the potential for revocation of the disqualification (subsection 126A(5)) and reconsideration of the decision (section 344). Each of these provisions plays a critical role in ensuring compliance with the SISA and maintaining the integrity of the superannuation industry.