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The Australian Financial Security Authority (AFSA) has released our Compliance Program for 2022–23, outlining how we will continue to maintain confidence in the systems we regulate.
For the first time, a single annual program is planned to cover both personal insolvency (PI) and personal property securities (PPS).
As a firm and fair regulator, our focus is to make compliance as easy as possible for everyone who uses our systems. With overarching principles to guide our activities, we focus on achieving our regulatory objectives and strengthening trust in the PI and PPS systems.
The 2022-23 Compliance Program has three focus areas:
- support at-risk users
- drive willing compliance and engagement
- address misuse in the system.
AFSA Chief Executive Tim Beresford highlighted the importance of having clear areas of focus for the year ahead.
‘This Compliance Program is critical in helping us achieve our vision of providing world-class services to all clients and stakeholders in the PI and PPS systems,’ Mr Beresford said,
‘Regulation is at the heart of everything we do, and we are committed to helping clients who use our systems understand their rights and responsibilities and comply with their obligations.’
‘To ensure improved and equitable financial outcomes for all consumers, we will also be providing extra support to those who are vulnerable and may not be able to make the best decision for their circumstances.’
To read and download AFSA’s Compliance Program 2022–23, visit our website.