Compliance program 2022–23

In the 2022-23 financial year, AFSA will focus on the following three areas in its compliance program. These areas have been identified following an evaluation of information and data available to AFSA, as well as through consultation with the profession.

Support at-risk users

We are committed to identifying and supporting user groups who are at risk. This includes those who are not aware of their options and those who are vulnerable and not able to make the best decision for their circumstances.

How we will achieve this

  • Identify at-risk groups and develop targeted engagement plans.
  • Review, develop and improve information and guidance for at-risk groups.
  • Review services for suitability and appropriate use, starting with insolvency debt agreements.
  • Prioritise and support the delivery of the Vulnerability Framework.

Drive willing compliance and engagement

Our priority is to make compliance the easiest option. We support all participants in the PI and PPS systems to understand their rights and responsibilities and comply with their obligations.

How we will achieve this

  • The credit system: understand system-wide issues, implement appropriate safeguards and provide advice to ensure confidence.
  • Publish benchmarks and recognise industry best practice.
  • Continue to raise awareness about the importance of security of information, including cybersecurity.
  • Deep dive into the following areas to understand and improve compliance issues:
    • Bankruptcy Forms
    • Objections to discharge
    • PPSR registrations
    • Use of NPII data.
  • Use statutory powers to obtain information and data that drives and enables compliance in estate administrations

Address misuse in the system

We use data and insights to identify misuse and use a range of enforcement tools to take strong action.

How we will achieve this

  • Improve service design to reduce the capacity for system misuse (intended and unintended).
  • Disrupt untrustworthy advisors.
  • Continue to target practitioners that:
    • have unexplained administration delays
    • disclose unnecessary remuneration
    • demonstrate misleading conduct.
  • Proactively target Official Trustee administered estates where assets and income may have been concealed or disposed.
  • Identify and take strong action against those lodging unlawful PPSR registrations.