Notice of Disqualification – Warren Marshall Gallon – 10 October 2025

Overview

The Superannuation Industry (Supervision) Act 1993 (SISA) was enacted to regulate the superannuation industry in Australia, ensuring the proper administration and management of superannuation funds. This legislation was introduced to address the need for oversight and regulation in the superannuation sector, aiming to protect the interests of superannuation fund members by promoting responsible and ethical conduct among trustees, investment managers, and custodians. The Act was enacted by the Commonwealth Parliament to provide a comprehensive framework for the supervision and regulation of the superannuation industry. The policy objective of the SISA is to safeguard the financial interests of superannuation fund members by imposing responsibilities and obligations on trustees, investment managers, and custodians, and by establishing a system of regulation and enforcement to ensure compliance with the provisions of the Act. In the case of Warren Marshall Gallon, a notice of disqualification has been issued under subsection 126A(6) of the SISA due to his contravention of the Act on one or more occasions. The disqualification is a result of the seriousness of the contraventions, providing grounds for his disqualification from acting as a trustee, investment manager, or custodian of a superannuation entity. This notice serves as a formal warning of the consequences of non-compliance with the SISA, as outlined in section 126K, which imposes a maximum penalty of two years' imprisonment for a disqualified person who knowingly acts in a prohibited capacity. The notice also provides information on the potential revocation of the disqualification under subsection 126A(5) and the right to request a reconsideration of the decision under section 344 of the Act.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 (SISA) applies to individuals and entities involved in the superannuation industry, including trustees, investment managers, custodians, and responsible officers of superannuation entities. The Act has a national reach across Australia, encompassing all states and territories. The Act’s jurisdiction is primarily governed by the Commonwealth but also involves state and territory oversight in certain contexts. The Act does not specify exclusions or exemptions but does impose disqualifications on individuals who have contravened its provisions. Disqualification can occur if the person has engaged in conduct that provides grounds for such action due to the number and seriousness of the contraventions. The disqualification is effective immediately upon issuance and can be appealed or subject to revocation under specific provisions of the Act. The Act may extend its application through subordinate instruments, although these are not detailed in the notice.

Key Provisions

The Superannuation Industry (Supervision) Act 1993 (SISA) provides the framework within which superannuation trustees and related entities must operate. Under section 126A(1) of the Act, the Commissioner of Taxation has the authority to disqualify individuals from performing certain roles within the superannuation industry if they have contravened the Act. Section 126A(6) mandates that any such disqualification must be accompanied by a formal notice, which includes details of the contraventions and the reasons for the disqualification. In the case of Warren Marshall Gallon, the notice, dated 10 October 2025, specifies that he has been disqualified due to his contravention of the SISA, with the decision based on the number and seriousness of the breaches. The obligations imposed by the Act on individuals such as Warren Marshall Gallon include adherence to the regulatory requirements set forth in the SISA. This means they must ensure that their conduct and actions are compliant with the legislative standards governing the superannuation industry. Any involvement in activities that could potentially breach the Act, such as improper management of superannuation funds or failure to comply with reporting requirements, could lead to disqualification. Furthermore, under section 126K of the SISA, it is an offence for a disqualified person to act in any capacity that involves managing or overseeing superannuation entities. This includes roles such as trustee, investment manager, or custodian of a superannuation entity, or serving as a responsible officer for a body corporate that holds such roles. Breaches of the SISA can result in significant legal consequences. Section 126K explicitly states that it is an offence for a disqualified person to be, or act as, a trustee, investment manager, or custodian of a superannuation entity, or to be a responsible officer or a body corporate that holds such roles. The maximum penalty for this offence is two years in jail, highlighting the seriousness with which the Act treats non-compliance. Additionally, under subsection 126A(5), the disqualification can be revoked, either at the initiative of the Commissioner or upon written application by the disqualified person. Finally, section 344 of the SISA provides a mechanism for those affected by the decision to request a reconsideration by the Commissioner, provided the request is made in writing within 21 days of receiving the notice and includes the reasons for the dissatisfaction with the decision.