A reminder that new industry-wide conditions for all registered debt agreement administrators (DAAs) will commence on 1 January 2021, relating to:
- advertising and promoting DAA services
- disclosing information to debtors by the DAA
- recording and retaining information disclosed to debtors by the DAA
- DAA membership of the Australian Financial Complaints Authority
Find out more about the industry-wide conditions: Bankruptcy (Registered Debt Agreement Administrator Conditions) Determination 2020
AFSA would like to remind DAAs that from 1 January 2021 a condition will be in place for DAAs to become members of the Australian Financial Complaints Authority (AFCA). As we approach 1 January, AFSA will contact non-member RDAAs for updates about their intention to become AFCA members.
Those with overall management responsibility for a company administrator will not be required to become members if the company is a already member of AFCA. You can find more information about the new industry-wide conditions at our FAQ page on our website.
Updated Inspector-General Guidance Documents
In November, AFSA released a number of updated guidance documents about expectations of DAAs in light of the new debt agreement reforms. We thank everyone for their feedback. The documents are still available to view on our online consultation website, AFSAsandpit and will be uploaded to the AFSA website when finalised.
For more information, please contact Jody Leong, Assistant Director Technical at jody.leong [at] afsa.gov.au