Corporate plan

Australian Financial Security Authority Corporate Plan 2021–22

Our corporate plan is an important part of our accountability—to government, consumers, businesses and the community. It communicates our medium-term direction and intended business approach. Importantly, it reflects our commitment to place our clients at the centre of what we do—supporting the sustainable flow of credit within the Australian economy, through our role in administering Australia’s personal insolvency and personal property securities systems.

Download a PDF of the AFSA Corporate Plan 2021-22

Message from the Chief Executive


I am pleased, as the accountable authority of the Australian Financial Security Authority (AFSA), to present AFSA’s 2021–22 Corporate Plan, covering the period 2021–22 to 2024–25, as required under paragraph 35(1)(b) of the Public Governance, Performance and Accountability Act 2013.

Our corporate plan outlines our focus for the next four years, what we will do to achieve our purpose and vision, and how we will measure our success. In delivering on our purpose, we recognise and manage the risk in our operating environment. We continue to invest in our capabilities, and we partner with others to deliver outcomes.

We work to achieve our purpose by striving to be a firm and fair regulator and a world-class government service provider. Business and the general community expect that we will regulate in a balanced way, creating an environment that makes compliance with the rules easier, while dealing appropriately with intentional misuse of the personal insolvency and personal property securities systems.

For the Australian public to continue to have confidence in the systems we administer, they need to have trust in our ability to adapt quickly to change. Although Australia has been relatively successful in containing COVID-19, the uncertainty the pandemic continues to generate has an impact on our operating environment. Closely monitoring personal insolvency and personal property securities activity remains a priority, along with enhancing operational efficiency through digitisation to ensure we can quickly adapt to changing regulatory and service demands.

We are committed to keeping the people we regulate and those who use our services at the centre of our thinking. We strive to be genuine and caring in our interactions, and to achieve the best outcomes for debtors and creditors.

I would like to acknowledge the cooperation provided by our diverse stakeholders, as these engagements enable better outcomes for people who use the systems we administer.

I thank my staff for their professionalism, expertise and ongoing commitment to those we regulate and those who use and rely on our services. I look forward to meeting the challenges and delivering on the opportunities the coming years will bring.

Hamish McCormick
Chief Executive
Inspector-General in Bankruptcy
Registrar of Personal Property Securities

Overview

The Australian Financial Security Authority (AFSA) Corporate Plan 2021–22, which covers the reporting periods 2021–22 to 2024–25, has been prepared in accordance with section 35 of the Public Governance, Performance and Accountability Act 2013 and sections 16E and 16EA of the Public Governance, Performance and Accountability Rule 2014.

The corporate plan is our primary planning document and expresses:

  • our purpose and key activities
  • the challenges in achieving our purpose in the current operating environment
  • the priorities we will pursue over the life of the plan to deliver our key activities
  • the capabilities we will build to support the delivery of key activities
  • the strategic risks we will address to achieve our purpose
  • how we will assess our performance in realising our purpose.

We strive to be:

  • A fair and firm regulator
  • A world-class service government provider

Together, these two areas of key activity enable us to realise our purpose:

  • Ensuring confidence in Australia’s personal insolvency and personal property securities systems

We will report on our performance against this plan in our annual performance statements, which we will include in the AFSA Annual Report 2021–22.

This corporate plan is structured around our key activities directed at regulating firmly and fairly and providing world-class government services.

Figure 1 shows the alignment of AFSA’s portfolio budget statements, corporate plan and annual performance statements.

Our agency

The Australian Financial Security Authority is an executive agency in the Attorney-General’s portfolio.

We are responsible for Australia’s personal insolvency and personal property securities systems, which:

  • provide Australian consumers and businesses with tools to manage financial risk
  • contribute to investor and business confidence
  • provide enhanced access to finance within the economy.

Our personal insolvency and trustee services assist people who are in financial distress by offering expertise that the community, business sector and government rely on. Our administration of insolvent estates seeks to uphold the integrity of the personal insolvency system.

Our Personal Property Securities Register (PPSR) is a national online register that provides information to help protect consumers when they are buying personal property.

We employ risk-based regulation in administering the following Acts (and their associated regulations and rules), which provide a legislative framework for our functions and services:

We also administer property in accordance with orders made under the Proceeds of Crime Act 2002 and other Commonwealth legislation. Administrations under the Bankruptcy Act are Part IV – bankruptcies, Part IX – debt agreements, Part X – personal insolvency agreements, and Part XI – deceased estates.

Our role

We fulfil the following roles created by the Bankruptcy Act 1966:

Inspector-General in Bankruptcy

Our Chief Executive is appointed to this role. The Inspector-General is responsible for the general administration of the Bankruptcy Act and has powers to regulate bankruptcy trustees and debt agreement administrators, review decisions of trustees and investigate allegations of offences under the Bankruptcy Act.

Official Receiver

On behalf of the Official Receiver, we operate a public bankruptcy registry service with compliance and coercive powers to assist bankruptcy trustees to discharge their responsibilities.

Official Trustee in Bankruptcy

This body corporate administers bankruptcies and other personal insolvency arrangements when a private trustee or other administrator is not appointed. We provide personnel and resources to ensure that the Official Trustee can fulfil its responsibilities. The Official Trustee also has responsibilities under the Proceeds of Crime Act 2002, the Proceeds of Crime Act 1987, the Mutual Assistance in Criminal Matters Act 1987, the Crimes Act 1914 and the Customs Act 1901 to control and deal with property under court orders made under those statutes.

The Personal Property Securities Act 2009 creates the role of:

Registrar of Personal Property Securities

Our Chief Executive serves in this role. The Registrar maintains the PPSR in compliance with the Act and associated regulations. This includes responsibility for ensuring that the register is operational and accessible. The Registrar has various powers in relation to the PPSR, such as refusing access to the PPSR or suspending its operation in certain circumstances; removing or reinstating data on the PPSR; and conducting investigations into matters for the purpose of performing his or her functions.

Our regulatory approach

Government and community expectations of regulators continue to influence the improvements we make to our regulatory approach. The Australian Government’s deregulation agenda seeks to improve the performance of regulators through guidance that outlines the government’s principles of regulator best practice.

As a Commonwealth regulator, we use this guidance in undertaking our regulatory functions. Our key regulatory functions are to regulate personal insolvency practitioners, investigate alleged breaches of the Acts we administer, and, where appropriate, refer matters for prosecution. In undertaking our regulatory functions, we look to create an environment that preserves the integrity of the personal insolvency and personal property securities systems. We are also mindful of the importance of transparency, collaboration, and using data to target our regulatory activities.

The community expects that regulators will make sure the personal insolvency and personal property securities systems operate fairly by addressing harms, such as untrustworthy advisers who assist others to misuse these systems, or who mislead or take advantage of vulnerable people. We will continue to use all our regulatory tools to quickly and effectively identify and address misconduct.

Our stakeholders

We work to achieve outcomes that are in the long-term interest of all our stakeholders. Our engagement with stakeholders gives them the opportunity to contribute as experts in their field, have their issues heard, and participate in decision-making processes. Our co-design activities enable stakeholders to be part of designing service delivery improvements.

We engage with a wide range of stakeholders:

  • Organisations or individuals who are owed money and are considering taking bankruptcy action against a person experiencing financial hardship, or who are involved in a bankruptcy case
  • People who owe money and are considering, or currently using, one of the options provided under the Bankruptcy Act
  • Organisations or individuals who use the Personal Property Securities Register (PPSR), such as finance providers, businesses, consumers, legal practitioners, accountants, business advisers, and other government agencies
  • National and international government agencies
  • Statisticians, academics and researchers
  • Practitioners, industry experts and professional associations, such as peak bodies, registered trustees, registered debt agreement administrators, financial counsellors, accountants and legal practitioners.

We also engage with our stakeholders by publishing our annual insolvency compliance program, which enables us to test how well our regulatory framework and laws are working. This program communicates to stakeholders our compliance priorities, encourages compliance with the regulatory framework and laws, and assists in building confidence in the system.

Cooperation

We achieve our purpose through building effective relationships. We collaborate with the Attorney-General’s Department, other regulators and relevant agencies across government, and our stakeholders. Our approach to working with others is underpinned by the principles of professionalism, responsiveness, easy-to-access services, and accountability.

Effective cooperation with our stakeholders is key to ensuring confidence in the systems we administer, and trust in AFSA. We are committed to delivering better planned and more-informed services by establishing and nurturing relationships that build understanding, connections, capacity and trust, and promote dialogue.

We use several approaches to collaborate with our stakeholders, including:

  • partnerships to develop co-regulation strategies
  • facilitating and participating in industry and whole-of-government forums
  • proactively seeking direct engagements
  • engaging in education programs
  • using collaborative technologies, such as AFSAsandpit.

Our operating context

To achieve our purpose and vision, we must be able to adapt quickly and efficiently to changes in our operating environment. The fast rate of change in the economy inevitably impacts the profile and behaviour of those who use or rely on our systems, as well as community expectations around where we best direct our regulatory effort.

Therefore, building our capability to track and respond effectively to changes in our operating environment is more important than ever. We detect changes in our environment by maintaining our engagement with related government entities, industry, experts, stakeholders and users, and through data analysis.

Environmental factors that influence our planning include:

  • significant changes in Australia’s short- to medium-term economic outlook. Economic events can lead to significant changes in the number of people experiencing unmanageable debt and a decline in consumer-led personal property security registrations. Further, the disruption to business activity and employment because of COVID-19 could increase demand for our insolvency services.
  • culture. The prevailing culture impacts behaviour within the personal insolvency and personal property securities systems. An ethical and compliant culture is best maintained when everyone plays their part to support the integrity of the systems.
  • expectations of regulators. Both the government and the community expect that regulators will make sure the personal insolvency and personal property securities systems operate fairly by addressing harms, such as untrustworthy advisers who misuse these systems or seek to mislead or take advantage of vulnerable people.
  • legislative changes and government expectations. Legislative reform agendas continue to drive changes in the financial sector. We must be transparent in the way we implement any revised requirements, making services accessible and equitable, and protecting the privacy of personal information.
  • disruptive technology and business models. As technology continues to drive changes to financial sector operations, we need to remain aware of market developments and adapt to meet changing requirements.
  • changing demands of the financial sector. Demand for our data is growing as the financial sector increasingly seeks to use it to help inform decision-making. Maintaining the integrity of our data assets is key to meeting expectations of the financial sector.
  • vulnerable people. We recognise that certain people find it more difficult to access information due to their life circumstances. We need to understand the unique needs of these people to tailor solutions, so they get the right information at the right time, allowing them to make informed decisions.
  • expectations for a more ‘joined- up’ and contemporary public sector. Community and business expectations continue to drive the need to review the way we provide our services. Those expectations include providing services through the channels that users want and pursuing opportunities for joined- up services and regulation across government.
  • cyber threats. We operate in an environment where the threat of cyber attack is ever present and becoming more sophisticated. Strong, fit-for-purpose security controls that respond to contemporary cyber threats are key to ensuring our services remain reliable, available and secure.

Challenges and opportunities in our operating environment

To maintain confidence in the systems we regulate and administer, we need to address the challenges and opportunities in our environment by continuing to refine the way we work. Our stakeholders expect us to regulate in a balanced way and the community expects us to provide convenient, easy-to-access services.

Firm and fair regulation

In our efforts to be a firm and fair regulator, we need to deliver outcomes that our stakeholders consider appropriate, effective and consistent.

We use our data and communication channels to support and protect the interests of those who rely on our personal insolvency and personal property securities systems, and to influence behaviour and drive compliance with legislation.

We aim to ensure that the personal insolvency system operates in a way that maximises returns to creditors and deals expediently and appropriately with those who seek to avoid their obligations and duties to others. At the same time, we support people experiencing financial hardship to make sensible, informed and timely decisions about the right insolvency option for them.

We encourage those who use the Personal Property Securities Register to do the right thing, while putting in place measures to deal with those who intentionally seek to misuse it.

We seek to create an environment that minimises harm caused by significant noncompliance with the law, and we support users of our systems to adhere to an expected standard of behaviour. Designing our services in a way that makes compliance the easiest option for the majority of users is a key strategy.

We do not tolerate intentional noncompliance with the law, and will use our regulatory tools, powers and influence against:

  • untrustworthy advisers who seek to profit from intentionally misleading people about insolvency options
  • those who intentionally misuse the PPSR to frustrate or harm others.

Working to achieve compliance and addressing noncompliance are important aspects of being a firm and fair regulator – as is supporting and protecting vulnerable and misinformed people by providing timely access to our services.

Our detailed knowledge of personal insolvency and personal property securities laws, and our experience in making informed administrative decisions, foster confidence in our systems, support financial risk management and increase access to finance. This expertise reinforces our reputation as a trusted and respected partner and plays an important part in contributing to the overall health of Australia’s economy.

Meeting people’s service needs

In our efforts to be a world-class government service provider, we need to ensure that our information and services meet the needs of those who use the personal insolvency and personal property securities systems. Our focus is on delivering to people the right service, at the right time and in the right form. We want it to be easy for users to interact with us and comply with the law. We are committed to digitising our services to ensure they are efficient and effective, which benefits both us and our users.
 
We work closely with business, consumers and industry, using a co-design approach to continually enhance and optimise their experience of our services. This includes keeping pace with user expectations by adapting the channels people use to access our services.

To be a world-class government service provider, we will need to maintain a high standard of information that is relevant, accessible, useable and reliable, while protecting personal privacy. Our data holdings also support firm and fair regulation and broader economic policy and research. We strive to deliver value through commercially sound practices that produce effective, efficient and sustainable services, reflecting international best practice for the government sector.

Our key activities

This section outlines the key activities we will undertake to achieve our purpose, and how we will measure our performance.

Regulating firmly and fairly

In our efforts to be a firm and fair regulator, we will:

  • analyse our existing data and external datasets to gain behavioural insights and improve compliance outcomes
  • strengthen intelligence functions that allow us to focus our information and communications in support of our regulatory role. This will enable us to target our interventions and deterrence actions before the integrity of the systems we administer can be harmed.
Work program for data and compliance

To help us deliver these activities, we have developed a data and compliance work program (Table 1). This work program assists staff to understand our strategic direction and appreciate how they contribute to achieving our purpose.

Table 1: Regulating firmly and fairly – focus area and initiatives

Key performance indicators

We will assess our performance in being a firm and fair regulator by using the performance measures shown in Table 2 (as indicated in AFSA’s Portfolio Budget Statement 2021–22).

Table 2: Regulating firmly and fairly – performance measures

Performance measure

PBS*

Methodology

Target

2021–22

2022–23

2023–24

2024–25

Minimising harm

Create an environment that minimises harm caused by significant noncompliance with the law or a failure by the regulated community to act in accordance with an expected behaviour

1.1

1.2

Records of stakeholder engagement and feedback

Evidence of risk/issues identification

Evidence of actions taken under our compliance program and the impact of those actions

Firm and fair compliance outcomes

*

*

*

*

Managing compliance and promoting awareness

Proactively apply appropriate regulatory, enforcement and other actions to encourage compliance and address noncompliance

1.1

1.2

Records of stakeholder engagement and feedback

Case studies demonstrating application of compliance action taken under our compliance program

Effective action taken to manage compliance

*

*

*

*

Influencing behaviour

Effectively influence stakeholders to act in accordance with expected standards of behaviour

1.1

1.2

Records of stakeholder engagement and feedback

Comprehension data from interactions with stakeholders

Effective action taken to respond to emerging issues and improve the understanding of compliance responsibilities

*

*

*

*

*Refers to programs in AFSA’s Portfolio Budget Statements 2021–22: program 1.1 – Personal insolvency and trustee services; and program 1.2 – Operation of a national register of security interests in personal property.

Providing world-class government services

In our efforts to be a world-class government service provider, we will:

  • drive enhanced digital options to improve user experience, enable self-service and meet community expectations around service quality
  • focus on enabling service users to make better-informed decisions, reducing unnecessary administrative and regulatory burdens, and improving end-to-end service design so services are effective and efficient
  • modernise and rationalise our technology environment by using fit-for-purpose, integrated solutions that underpin the delivery of external digital services and the digital experience of AFSA staff, and improve operational efficiency.
Work programs for services, governance and technology

To help us deliver these key activities, we have developed a work program under each of the three focus areas (Table 3). Each work program assists staff to understand our strategic direction and appreciate how they contribute to achieving our purpose.

Table 3: Providing world-class government services – focus areas and initiatives

Key performance indicators

We will assess our performance in providing world-class government services by using the performance measures shown in Table 4 (as indicated in AFSA’s Portfolio Budget Statement 2021–22).

Table 4: Providing world-class government services – performance measures

Performance measure

PBS*

Methodology

Target

2021–22

2022–23

2023–24

2024–25

Effective and efficient services

Enhance digital services to improve the user experience and drive operational efficiency

1.1

1.2

Stakeholder feedback demonstrating improved satisfaction and reduced burden

Evidence of operational efficiencies

Improved user satisfaction and reduced effort

*

*

*

*

Effective and efficient management of assets held by the Official Trustee

Effectively and efficiently manage assets and cash held in trust for beneficiaries throughout the asset life cycle in accordance with relevant legislation, directions and guidance

1.1

Case studies demonstrating effective and efficient asset management

Effective action taken to maximise return on assets

*

*

*

*

Payment services

Proportion of distributions to creditors paid within three months

1.1 Case management system records ≥ 80% * * * *

Quality information

Provide accessible, accurate, relevant and easily understood information in a timely way

1.1

1.2

Stakeholder feedback demonstrating improved information services Effective action taken to digitise and improve information services * * * *

Online services availability

Proportion of time that externally facing online insolvency services and personal property securities register are available

1.1

1.2

Automated monitoring that calculates minutes of services availability (excludes published maintenance periods)

≥ 99% * * * *

Our capabilities

We are committed to further building our capability—by investing in our people, our data and our services—to deliver on our purpose and support sustainable credit flows in the Australian economy.

Our people

Our people are our greatest asset. Our focus is on building an organisation that attracts, retains and develops a professional workforce that is responsive and agile to change, ensuring we have the right people in the right roles at the right time. We develop and deliver people-centric strategies and frameworks, and this underpins the success of our workforce. We are focused on having a flexible workforce that is comfortable with change so we can respond to community and business needs and government priorities.

To achieve this, we will focus on developing and nurturing:

  • a highly engaged, adaptable and professional workforce that delivers high-quality outcomes
  • a dynamic and contemporary agency that is fair and trustworthy, and responsive to community expectations and government priorities
  • a culture focused on world-class government service delivery supported by innovation, collaboration and flexibility.

Our plans for people, capability and change contain specific strategies designed to support the agency’s capability needs over the next four years, in line with our key activities and focus areas.

Our data

We are responsible for managing and protecting significant personal and economically sensitive data. We are committed to strengthening the quality of our data—and our ability to analyse that data—as a critical capability in fulfilling our purpose.

We will use relevant data sources to identify risks in the systems we administer so we can target our regulatory and compliance activities.

We will continue to enhance our data analytics and information management capability to support all public programs and services. We will analyse data in a way that allows us to understand user vulnerabilities. And we will serve the Australian economy by releasing relevant personal insolvency and personal property securities data.

We will achieve this by:

  • providing open access to our data, enabling the private sector to innovate and provide a range of service offerings for consumers within a healthy and competitive market
  • using our information management and data analytics capability to support predictive modelling that benefits the Australian economy
  • actively participating in whole-of-government initiatives and delivering better practice government statistics
  • maintaining a privacy culture that respects the personal information we collect, store, analyse and use.

Increasing our data quality and analytics capability will support improved compliance outcomes. As we gain greater insights by maturing our business intelligence capability, we will be able to better focus our services and communications to support our compliance role.

Using data and our intelligence capability will enable us to effectively influence behaviour and improve compliance outcomes. This includes managing the natural tensions between the needs of people with unmanageable debt, creditors, practitioners, lenders and the community, and responding proportionately to the potential harm caused by noncompliance.

Our enforcement capabilities need to ensure that we are taking the right action against people who do not comply with the law. Improving our information-based decision-making—using a single source of data—will allow us to increase our focus on key harms to the personal insolvency and personal property securities systems.

We will continue to foster community vigilance to help us detect fraud and protect the trust that the public places in the systems we administer. We will enhance our cooperation and active engagement with other regulators and law enforcement agencies, helping us to disrupt bad behaviour and refer suspicious cases as appropriate. This joint capability allows us to target unscrupulous, unregulated and untrustworthy advisers who prey around the edges of the insolvency system, exploiting vulnerable people in financial crisis.

Our services

We aim to be a leading service delivery agency that is responsive to community and business needs and government priorities. By further developing our digital, stakeholder engagement, and regulation and enforcement capabilities, we will ensure we are a firm and fair regulator and a world-class government service provider.

We will be able to use data and user research to deliver information through the right channels, helping people make informed decisions about how to deal with unmanageable debt and use the Personal Property Securities Register effectively. We will also use our data and research to influence behaviour by encouraging best practice and compliance with legislation.

We will continue the digital transformation of our services by:

  • developing a ‘digital first’ work program, including digitising our forms to improve user experience and simplify compliance
  • digitising all our channels by 2022 to meet our users’ needs
  • broadening our existing digital channels
  • expanding user-centred design techniques and agile development methods to all user groups
  • investing in and enhancing our marketing and research capability, including our ability to deliver targeted information to our audiences and discover potential problems
  • extending our use of cost-effective, secure and efficient technologies.

Managing our risk

We continuously enhance our approach to risk management and oversight, working to ensure that our governance, practices and supporting framework take account of environmental changes and incorporate emerging best practice. This proactive risk management ensures we can achieve our purpose and fulfil our vision to be a firm and fair regulator and a world-class government service provider.

We foster a risk-aware culture by embedding risk management in all levels of our operations, and we strive to ensure all staff understand how their work helps identify and manage risk across our agency. This culture is supported by our well-defined governance structure. The AFSA Management Board is our peak governance body, and works with the Audit Committee, Investment Committee, program committees and project boards to ensure effective risk management.

Our risk management framework and assurance strategy describe the relationship between operational controls, management oversight mechanisms and independent assurance. We have built comprehensive controls and oversight mechanisms, allowing us to readily identify and manage control gaps and gain assurance that key controls are operating as intended.

To manage risk, we:

  • maintain a suite of up-to-date and easy-to-implement risk management documents
  • clearly articulate risk management responsibilities for all employees, and reinforce this through training
  • regularly review, evaluate and document risks and controls
  • allocate the oversight of risk management activities—and responsibility for the risk management system and processes—to key governance bodies
  • identify and understand the potential for improved outcomes by taking advantage of opportunities arising from a risk event
  • participate in the Comcover Risk Management Benchmarking Program.

Our key risks

We have identified our key risks as those events that could affect the delivery of our purpose (Table 5). Loss of stakeholder confidence in the services we provide and being unable to effectively respond to the harms in the systems we administer are the most significant consequences of our key risks being realised.

Table 5: AFSA’s key risks

Key risk

Why is this a risk?

How do we manage this risk?

Control and/or quality of data is compromised through incorrect or unauthorised data entry, access, use or release Our data provides the basis of key decision-making processes within the economy. Misuse of our information or incorrect data in AFSA systems may harm the confidence of our stakeholders and impact sustainable credit flows in the Australian economy. We work to ensure that our data remains secure, accurate and consistent by applying appropriate security and quality processes across the data cycle.
Service delivery failure Our users and stakeholders expect our services to be secure, accessible, convenient and reliable. Not maintaining service capacity harms the ability of users to make informed decisions and impacts sustainable credit flows in the Australian economy. We draw on our strong stakeholder relationships and a user-centred approach to help us manage the risk of a service delivery failure, and to manage expectations and promote compliance. We seek to design and deliver strategies that improve the user experience and meet user needs by promoting open access to our services.
Users of our
services unable
to make informed
decisions
If those who use the personal insolvency and personal property securities systems—including creditors and people with unmanageable debt—are not in a position to make properly informed decisions, there will be an impact on the quality of outcomes and ultimately the community’s confidence that these systems operate fairly and in accordance with the law. We ensure that the processes and systems we use to administer the Bankruptcy Act 1966 and Personal Property Securities Act 2009 remain relevant, secure, and responsive to the needs of the community. This includes working to ensure that we have robust technologies and accessible information available to support efficient and effective transactions, and a professional workforce to deliver our services.
Regulatory failure Without effective regulation, we would be unable to safeguard against financial loss for creditors, protect people with unmanageable debt against poor advice, support effective relief from unmanageable debt, and maintain the reliability of the Personal Property Securities Register. We ensure high national standards of personal insolvency practice, and compliance with the Bankruptcy Act 1966 and Personal Property Securities Act 2009. We constantly review our regulatory strategies and operations to ensure that we are regulating in areas where we need to, and not overregulating or underregulating. This is supported by robust processes for registering, inspecting and assessing practitioners through our insolvency compliance program, and transparency in reporting on regulatory outcomes.
Sudden change in demand or supply

Practitioners play a crucial role in the insolvency system and it is imperative for all stakeholders that only those with suitable qualifications, experience and skills enter the market. Similarly, meeting the demand for effective registrar actions ensures timely benefits to the personal property securities sector.

A sudden change in demand or supply in the personal insolvency sector may impact access to insolvency practitioners’ services, undermine the preservation of knowledge and expertise, and reduce competition. A similar change in the personal property securities market may prolong dispute resolutions and reduce confidence in the Personal Property Securities Register.

We foster a professional and sustainable insolvency sector by maintaining high standards of practitioner entry screening and providing ongoing guidance. For both personal insolvency and personal property securities, we actively monitor and analyse demand and supply data, and maintain a capacity to direct work to those best placed to do it.

List of requirements

AFSA’s corporate plan has been prepared in accordance with the requirements of:

  • subsection 35(1) of the Public Governance, Performance and Accountability Act 2013
  • sections 16E and 16EA of the Public Governance, Performance and Accountability Rule 2014.

Table 6 lists those requirements and provides page references for the sections of the corporate plan that meet each requirement.

Table 6: List of requirements

Requirement

Section

Introduction

  • Statement of preparation
  • Reporting period for which the plan has been prepared
  • Reporting period covered by the plan

Message from the Chief Executive

Purpose

Our agency

Key activities

Our key activities

Operating context

  • Cooperation
  • Environment
  • Capability
  • Risk oversight and management

Our stakeholders

Our operating context

Our capabilities

Managing our risk

Performance

Our key activities