Best Practice Reports
From 2020 onwards, AFSA will be analysing aspects of the personal insolvency system and publishing our findings in best practice reports. The reports will initially focus on the strategic areas highlighted in the annual Insolvency compliance program.
Untrustworthy advisors
When people are in financial distress, they can be targeted by unregulated and untrustworthy advisors who provide unethical advice that can result in individuals unwittingly committing criminal actions. The report highlights the prevalence of untrustworthy advisors, discusses the consequences of untrustworthy advice and also details common tactics which may be a sign of untrustworthy advisor activity.
The report also explains how debtors, creditors, insolvency practitioners and financial counsellors can work together with AFSA to tackle the issue of untrustworthy advice in the insolvency system.
Read the full report:
Untrustworthy Advisors - A hidden scourge in Australia's personal insolvency system