The Australian Financial Security Authority’s Acting Chief Executive and Inspector-General in Bankruptcy, Mr Gavin McCosker, has released AFSA’s Personal Insolvency Compliance Program for 2018-19.
Mr McCosker said that one of AFSA’s key roles is the regulation of Australia’s personal insolvency practitioners.
“Each year we develop a compliance program that sets out the areas we will be paying particular attention to over the next 12 months. We identify these through our analysis of data, historical trends and insights gained through our relationships with a variety of stakeholders, such as financial counsellors, creditor representatives, the Australian Restructuring Insolvency and Turnaround Association (ARITA) and the Personal Insolvency Professionals Association (PIPA).
“Being transparent about the areas we have prioritised puts those who use and work within the personal insolvency system on notice about the types of activities we are concerned about. We do this whilst maintaining a focus on the broad system and emerging risks throughout the year.
“In 2018-19, practitioner remuneration; effective administration; compliance with law reforms; and ensuring that practitioners provide full, accurate and timely information to enable those experiencing unmanageable debt to make informed decisions, are key areas of interest.
“We will also be focusing on creditor and debtor compliance with their responsibilities and obligations under the Bankruptcy Act.
“AFSA has no tolerance for those who intentionally misuse the system. The vast majority of people who come into contact with the personal insolvency system genuinely want to comply. Our goal is to simplify compliance, so we can spend our time stamping out bad behaviour.
“We work closely with ARITA, PIPA, the Australian Securities and Investments Commission and other law enforcement partners, sharing a commitment to an insolvency system that operates in the interests of those who rely on it, use it and work within it.
“We maintain an unwavering commitment to dealing with non-compliance and risks in the personal insolvency system and will always work with others who share that goal,” Mr McCosker said.
You can view the full 2018-19 Personal Insolvency Compliance Program on the AFSA website (www.afsa.gov.au).