AFSA Notice—Proactive monitoring of annulment and personal insolvency agreement proposals

A total of 30 high risk proposals were reviewed during the period and 15 meetings were attended as a result of the risk assessment. Of the meetings attended, nine proposals were accepted, four were rejected, one was adjourned and one was withdrawn.

Non-compliance was identified in 75 per cent of the 30 high risk administrations reviewed. The majority of the non-compliance findings related to inadequate investigations or inadequate reporting.

AFSA intervened in seven instances, most commonly seeking additional reporting or further investigations to be undertaken by practitioners.

The instances of identified non-compliance are being followed up at a practitioner specific level.