AFSA releases regulatory framework

July, 2016

The Australian Financial Security Authority (AFSA) has released its updated regulatory framework, which examines how AFSA’s Regulation and Enforcement division undertakes the role of the Inspector-General in Bankruptcy in regulating personal insolvency practitioners.

The revised framework, which was published as Inspector‑General Practice Statement 1, was updated following stakeholder consultation and feedback. The framework describes our approach to regulation and our risk framework. It also outlines how our people and processes enable us to continually improve.

AFSA’s Chief Executive and Inspector-General in Bankruptcy, Veronique Ingram, said that AFSA focused on fostering a culture of best practice in regulation to produce this framework. “This document outlines how we go about what we do in regulating the personal insolvency profession, highlighting the importance of our collaborative, risk-based and agile approach.”

The Inspector‑General Practice Statement 1 is available on AFSA’s website (www.afsa.gov.au).