The Australian Financial Security Authority (AFSA) has developed a video for consumers about the importance of obtaining bankruptcy and debt management advice from reputable sources.
The video, entitled Bankruptcy Advice: Untrustworthy Advisors, is narrated by Money Magazine editor Effie Zahos. The video explains in simple terms how easy it is for consumers to be tricked into taking untrustworthy advice from unregulated, unlicensed advisers who may target vulnerable people in times of financial crisis and pressure.
This video is a result of collaboration between AFSA, the Australian Securities and Investments Commission (ASIC) and the Australian Restructuring Insolvency and Turnaround Association (ARITA).
“We are pleased to release this video, as it shows the close collaboration between government and industry to inform people of the pitfalls when navigating information and assistance with debt management and bankruptcy,” said the acting Chief Executive and Inspector-General in Bankruptcy, Peter Edwards.
“AFSA is committed to ensuring that people are getting the right information, especially when they are at their most vulnerable.”