Notice of Variation of Disqualification - Craig Templeman

Overview

The Superannuation Industry (Supervision) Act 1993 was enacted to ensure the proper regulation and supervision of superannuation entities, aiming to protect the interests of superannuation fund members. This Act was introduced to address the need for robust oversight and regulation within the superannuation industry, ensuring that trustees, investment managers, and custodians adhere to statutory requirements designed to safeguard the retirement savings of Australians. The policy objective of the Act is to maintain the integrity and reliability of the superannuation system by preventing and penalising misconduct and breaches of the Act by responsible officers and trustees. The notice of disqualification issued under the Act highlights the enforcement mechanisms available to the Commissioner of Taxation, who has the authority to disqualify individuals from participating in the superannuation industry if they have been associated with entities that have contravened the Act. The notice informs the affected individual, Craig Templeman, of his disqualification due to his role as a responsible officer at the time of the contraventions by the corporate trustee. The disqualification is intended to prevent further breaches and to uphold the standards required within the superannuation sector. The Act provides avenues for review and potential revocation of disqualification, ensuring a fair process for those affected by such decisions.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 applies to responsible officers of corporate trustees in the superannuation industry across Australia. In this instance, the Act is used to disqualify Craig Templeman 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 a superannuation entity. This disqualification arises from the contravention of the SISA by the corporate trustee of one or more superannuation entities, with the seriousness of these contraventions warranting the disqualification under subsection 126A(2) of the Act. The disqualification is effective from the date it is made. Additionally, under section 126K of the Act, it is an offence for a disqualified person to continue to act in the specified roles, with a maximum penalty of two years imprisonment. The Act also provides for the potential revocation of the disqualification under subsection 126A(5), either on the initiative of the Commissioner or upon written application by the disqualified person. Those affected by the disqualification decision can request reconsideration by the Commissioner within 21 days of receiving notice of the decision, as outlined in section 344 of the Act.

Key Provisions

The Superannuation Industry (Supervision) Act 1993 (SISA) provides for the disqualification of individuals who have been responsible officers of corporate trustees of superannuation entities when those trustees contravene the SISA. In this case, Craig Templeman has been disqualified by Emma Rosenzweig, a delegate of the Commissioner of Taxation, under subsection 126A(2) of the SISA due to serious contraventions committed by the corporate trustee of one or more superannuation entities while he was a responsible officer. The disqualification notice is dated 1 November 2022 and informs Craig that he is disqualified as of the date of the notice. The disqualification imposed on Craig Templeman means he is prohibited from acting in certain capacities related to superannuation entities. Under section 126K of the SISA, 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 of a body corporate that is a trustee, investment manager or custodian. This restriction is intended to ensure that individuals who have previously allowed serious contraventions to occur do not continue to have control over superannuation funds. Failure to comply with the disqualification may result in serious consequences. Under section 126K of the SISA, the maximum penalty for committing the offence of acting in a restricted capacity while disqualified is two years imprisonment. This serves as a deterrent against reoffending and underscores the seriousness of the disqualification. Additionally, the disqualification can be revoked under certain conditions. Subsection 126A(5) of the SISA allows for the revocation of the disqualification either on the initiative of the Commissioner or upon a written application by the disqualified person. If Craig Templeman wishes to have the disqualification reviewed and potentially removed, he has the right to submit a written application. Furthermore, if Craig is dissatisfied with the disqualification decision, he has the option to request a reconsideration from the Commissioner under section 344 of the SISA. This request must be made in writing within 21 days of receiving the notice of the decision and must include the reasons why he believes the decision is incorrect.