AFSA has recently launched a campaign to raise awareness of dodgy insolvency advisors who exploit people when they seek help to manage debt. There is a concern that those experiencing financial stress because of the economic impact of COVID-19 may be easy targets.
We have developed resources, including a short video, to increase awareness of the risks of dealing with dodgy advisors. We are also encouraging individuals in financial difficulty to contact a registered insolvency practitioner.
This campaign has been part of a whole-of-government approach, encouraging Australians to seek responsible and reliable advice from professionals across a range of issues.
We rely on the industry and members of the community to report any activity that has the potential to take unfair advantage of people who use the personal insolvency system. Practitioners are encouraged to report any concerns about potential dodgy behaviour or suspicious activities to AFSA via the online tip off service.