AFSA Notice: AFSA releases its Personal Insolvency Compliance Program 2019-20

Tuesday, July 2, 2019

The Australian Financial Security Authority’s Acting Chief Executive and Inspector-General in Bankruptcy, Mr David Bergman, has released AFSA’s Personal Insolvency Compliance Program for 2019-20.

‘Each year we publish a compliance program that sets out the key areas we will be paying close attention to. In 2019-20, our focus will be on compliance with recent debt agreement law reform; the independence of registered practitioners and their compliance with industry body codes of conduct and practitioner remuneration. We’ll also be working with the profession on the importance of the culture of the personal insolvency system', Mr Bergman said.

‘The areas we choose to focus on each year are identified through data analysis, examining historical trends and through close engagement with stakeholders such as financial counsellors, creditor representatives, the Australian Restructuring Insolvency and Turnaround Association (ARITA), the Personal Insolvency Professionals Association (PIPA) and the Association of Independent Insolvency Professionals (AIIP).’

‘Working together ensures we have an informed, proactive and preventative approach and shares the responsibility for compliance in the personal insolvency system.’

‘We know that the majority of people who work in or use the personal insolvency system want to do what’s expected of them. It’s in our interest to make those responsibilities clear, so we remove any doubt or uncertainty about what is required. That means we can also strengthen our focus on those who don’t do the right thing.’

You can view the full 2019-20 Personal Insolvency Compliance Program on the AFSA website.