Notice of Disqualification – Warren Hammond - 25 February 2026

Overview

The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted by the Parliament of Australia to address significant concerns regarding the regulation and oversight of the superannuation industry, particularly in ensuring the protection of superannuation funds and beneficiaries. This Act was introduced to fill a critical gap in the regulation of superannuation trustees, investment managers, and custodians, aiming to maintain the integrity and stability of the superannuation system by imposing stringent compliance and governance standards. The policy objective of the SISA is to safeguard the interests of superannuation fund members by ensuring that those managing these funds are fit and proper persons, thereby preventing misconduct and enhancing accountability within the industry. In accordance with the SISA, the Commissioner of Taxation is empowered to disqualify individuals who contravene the provisions of the Act. Such disqualifications are intended to prevent disqualified persons from participating in the management of superannuation entities, which includes acting as trustees, investment managers, or custodians, or being responsible officers of bodies corporate that undertake these roles. The legislative framework provides for the publication of disqualification notices, such as the one issued to Warren Hammond, to maintain transparency and public awareness of disqualified individuals. Furthermore, it imposes significant penalties, including imprisonment, for those who continue to act in these capacities despite being disqualified, underscoring the seriousness with which the Act treats breaches of its provisions.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 applies to trustees, investment managers, custodians, responsible officers, and body corporates within the superannuation industry in Australia. This legislation imposes a framework for the regulation of superannuation entities to ensure the protection of superannuation fund members. The Act applies to any person or entity involved in the management or administration of superannuation funds, covering their conduct and transactions. The geographic reach of the Act is national, as it is a Commonwealth Act, applying across all states and territories of Australia. The Act includes provisions for disqualification of individuals found to have contravened its provisions, which may include breaches of fiduciary duties, mismanagement of funds, or other serious misconduct. The Act also includes specific exemptions and exclusions, particularly for certain small APRA-regulated funds, but these are subject to the detailed criteria set out in the Act and any subordinate legislation. The Act can be extended or its application restricted through subordinate instruments, which provide additional regulations and guidelines for compliance.

Key Provisions

The main operative sections of the Superannuation Industry (Supervision) Act 1993 (SISA) relevant to this notice pertain to the disqualification of individuals who have contravened the Act (subsection 126A(1)) and the process by which such disqualifications are notified (subsection 126A(6)). Specifically, subsection 126A(6) requires the delegate of the Commissioner of Taxation to notify the disqualified individual in writing of the disqualification. This notice to Warren Hammond informs him that he has been disqualified from acting in certain capacities within the superannuation industry due to contraventions of the SISA. The obligations imposed by the Act on entities and individuals include adherence to the provisions of the SISA to avoid disqualification. As per the notice, Warren Hammond is now disqualified from acting as a trustee, investment manager, or custodian of a superannuation entity, or as a responsible officer of a body corporate that is a trustee, investment manager, or custodian of such an entity (section 126K). This disqualification is intended to prevent individuals who have acted in contravention of the SISA from continuing to manage or influence superannuation entities, which could potentially lead to further breaches of the Act. Breaches of the disqualification provisions are serious and can lead to significant consequences. Section 126K of the SISA outlines that it is an offence for a disqualified person to act in the prohibited capacities. The maximum penalty for committing this offence is two years in jail, underscoring the seriousness with which the Act treats such contraventions. Furthermore, subsection 126A(5) of the SISA provides for the possibility of the disqualification being revoked either by the delegate of the Commissioner of Taxation on their own initiative or upon a written application by the disqualified person. This offers a potential pathway for individuals like Warren Hammond to have their disqualification reconsidered and potentially lifted, subject to the conditions set out in the Act. Lastly, section 344 of the SISA provides a recourse for individuals who are dissatisfied with the decision to disqualify them. Warren Hammond has the right to request a reconsideration of the decision by the Commissioner within 21 days of receiving the notice. This request must be made in writing and should detail the reasons why the decision is believed to be incorrect. This provision ensures that there is a formal process in place for appealing or challenging the decision, thereby providing a measure of procedural fairness to those affected by the disqualification.