Superannuation & Financial Services Industry

Dominique Hogan-Doran SC specialises in acting for trustees of retail, industry, corporate, and self-managed superannuation funds, as well as for retail banks and financial advisory businesses.

Dominique brings operational experience as a trustee director of an APRA regulated industry superannuation fund (an AFSL & RSE licence holder) serving the hospitality and licensed clubs sector (2015-2017). During her term she served on the Audit, Risk & Compliance Committee, Insurance & Claims Committee, and Investments Committee.


Contested matters in which Dominique has acted & advised include:

·    Royal CommissionsConsumer Lending Round of the Royal Commission into Misconduct in the Banking, Superannuation & Financial Services Industry, for Commonwealth Bank of Australia & its mortgage broking subsidiary Aussie Home Loans; Superannuation Round of the Royal Commission into Misconduct in the Banking, Superannuation & Financial Services Industry, for the Energy Industries Superannuation Scheme 

·    Superior Court regulatory proceedings: eg James Hardie Civil Penalty Proceedings: ASIC v Macdonald (No 11) [2009] NSWSC 287; (2009) 256 ALR 199; (2009) 230 FLR 1; (2009) 71 ACSR 368 (liability phase); James Hardie Industries NV v ASIC [2009] NSWCA 18 (continuous disclosure appeal); ASIC v Macdonald (No 12) [2009] NSWSC 287; (2009) 256 ALR 199; (2009) 230 FLR 1; (2009) 71 ACSR 368 (penalty phase); Westpac v ASIC [2009] FCA 1506; (2009) 181 FCR 379 (for ASIC, re issue of Westpac Debit Mastercards); X v Australian Prudential Regulation Authority [2007] HCA 4; (2007) 226 CLR 630; (2007) 81 ALJR 611; Applicant Y v APRA [2006] FCAFC 37Applicant X v APRA [2005] FCA 1288 (challenge to disqualification of senior insurance managers)

·    Superior Court general proceedings: eg In re MF Global Australia (in liq) (No 2)[2012] NSWSC 1426; (2012) 267 FLR 27, In re MF Global Australia (in liq) [2012] NSWSC 994; (2012) 267 FLR 27 (insolvency of financial services firm); Mews Scheme Winding up: ASIC v GDK (No 4) [2008] FCA 858(2008) 169 FCR 497AVS Property v McMaster [2010] FCAFC 81; (2010) 79 ACSR 89 (Full Court appeal); ASIC v GDK [2010] FCA 710 (priority dispute); ZMB Australia P/L v Warne [2011] FCA 311; ZMB Australia P/L v Warne [2011] FCAFC 65 (Full Court appeal)

·   Administrative Appeals Tribunal applications: eg  Kender v Australian Securities & Investments Commission [2018] AATA 4555 (for ASIC, stay application by disqualified director); The Sharemarket College v ASIC [2016] AATA 1057 (for licensee, stay application re licence cancellation & banning orders); Tarrant v ASIC [2013] AATA 926; (2013) 62 AAR 192 (financial planner banning appeal); Tarrant v ASIC [2011] AATA 945; (2011) 56 AAR 257; (2011) 128 ALD 376 (successful application for stay of publication); Graeber and Anor and Australian Prudential Regulatory Authority [2007] AATA 1966; (2007) 46 AAR 115

·   ASIC administrative hearings: ASIC v Hickman (2015) (banning hearing for unlicensed discretionary trading & falsification of records, contrary to Parts 7.6 & 7.12 Corporations Act 2001 (Cth))

·   Fair Work Commission application for listing of a standard MySuper product on the Default Superannuation List in accordance with section 156A of the Fair Work Act 2009, and as a default superannuation fund for all modern awards in accordance with s 157(1) of that Act  

·    ASIC investigations: eg Retail Super Trustee (2018) (suspected breach of s 1017B Corporations Act 2001 (Cth), s 52 Superannuation Industry (Supervision) Act 1993 (Cth)); Corporate Authorised Representative (2017-2019) (suspected breaches of conflicted remuneration prohibition in s 963G Corporations Act 2001 (Cth);  ASX listed company director (2016) (alleged insider trading contrary to s 1043A of the Corporations Act 2001 (Cth) - no further action letter successfully obtained); Responsible Entity of registered investment scheme (2012-2013) (alleged non-compliance with s 601FC duties); Senior Executive (2012) (alleged insider trading & other alleged criminal offences - committed to trial); Rodney Adler (2012) (alleged management of corporation whilst disqualified and on parole following conviction for role in collapse of HIH Insurance Ltd & FAI Insurance - no further action letter obtained); various earlier investigations for ASIC including Australian Consumer Lending Centre (2010-2011), Ezybonds Limited Partnership (2007-2009); Offset Alpine & Renee Rivkin (2005-2006).

·    APRA investigations: eg Trustee of Industry Super Fund (2018-2019) (defined benefits scheme calculations of entitlements by reference to ‘superable salary’); Trustee of Corporate Super fund (‘fit and proper’ requirement)


Dominique has also provided specialised advice to superannuation trustees in relation to the operational requirements of the trustee and their funds:

·      General duties of trustees under the Superannuation Industry (Supervision) Act 1993 (Cth) and the general law

·      Procedures for trust deed amendments, including amendments in the context of defined benefit schemes

·      The limits of the ‘sole purpose’ test in s 62 of the Superannuation Industry (Supervision) Act 1993 (Cth) in the context of trustee sponsorship, advertising and marketing

·      The likely operation of s 68A of the Superannuation Industry (Supervision) Act 1993 (Cth) following amendments by the Treasury Laws Amendment (Improving Accountability and Member Outcomes in Superannuation Measures No. 1) Bill 2019

·      Duties of a trustee in relation to a proposed Successor Fund Transfer

·      ASIC investigation into alleged receipt of conflicted remuneration by a corporate authorised representative in contravention of s 963G of the Corporations Act 2001 (Cth) with respect to advice to establish an SMSF to acquire real property investments

·      Potential liability of a trustee for contravention of s 1017B(1A)(a) of the Corporations Act 2001 (Cth) (re ongoing disclosure of material changes and significant events)

·      Potential liability of a trustee for contravention of s 29WA(1) of the Superannuation Industry (Supervision) Act 1993 (Cth) (re election to switch to MySuper product)

·      Trustee’s obligation to move account balances of members into MySuper products and to otherwise remediate members

·      Adequacy of trustee’s insurance governance arrangements for handling TPD claims, including with respect to APRA Superannuation Prudential Standard SPS 250 - Insurance in Superannuation

·      Response to APRA ‘show cause’ notice concerning management of corporate superannuation fund and whether trustee ‘fit and proper’

·      Ongoing liability of trustee for payment of grandfathered commissions to adviser licensees for distribution of trustee’s superannuation and pension products

·      Issues arising from actuarial assessment of sufficiency of funding for liabilities of defined benefits scheme on a Vested Benefits Index (VBI) basis

·      Interaction between the Superannuation Industry (Supervision) Act 1993 (Cth) and the APRA Superannuation Prudential Standard SPS 160 – Defined Benefit Matters with the Electricity Network Assets (Authorised Transactions) Act 2015 (NSW)

·      Method of accession of new employers to trust deed via deed poll of adherence and mechanism for indemnification of defined benefit liabilities

·      Consultation on Treasury Laws Amendment (Protecting Superannuation) Bill 2018 in particular concerning insurance for members in hazardous occupations

·      Whether remuneration of trustee directors requires shareholder approval, and requirements for achieving that approval, including with respect to APRA Superannuation Prudential Standard SPS 510 - Governance

·      Determinations of death benefit distributions in absence of binding nomination

·      Superannuation Complaints Tribunal matters


=> Download Dominique Hogan-Doran SC - Superannuation Matters CV (March 2019)