As part of AFSA’s insolvency compliance program for 2020-21, we are targeting those that provide untrustworthy advice to people who are financially vulnerable. Untrustworthy advisors undermine the integrity of the personal insolvency system and can cause harm and distress to those experiencing financial hardship.
To help AFSA achieve our goal, we have added the following new field to the Consent to Act form:
“If this debtor was referred to you by a third party (excluding section 181A transfers), provide the name of the referring party.”
We recognise and acknowledge the vast majority of referrers are trustworthy. Nevertheless we all appreciate the growing presence of untrustworthy advisors and we need your help to improve and protect the credibility of the industry.
Any information collected will be kept in-confidence and will help inform our regulatory efforts in areas of potential harm.
For more information, please email regulation [at] afsa.gov.au