A new report released by the Australian Financial Security Authority (AFSA) has shown how we supported at-risk clients, drove willing compliance and engagement and addressed misuse in the insolvency system in the past financial year.
Priority focus areas for the year included supporting people experiencing vulnerability, highlighting best practice in the insolvency industry, improving system accessibility and showcasing the strength of our regulatory toolkit.
The Personal Insolvency Compliance Report 2021–22 also provides a summary of key statistics throughout the year, including compliance activities, reviews and inspections.
Between July 2021 and June 2022, we received 596 offence referrals, and served and issued 374 Official Receiver notices.
We referred 126 briefs to the Commonwealth Director of Public Prosecutions (CDPP), and 95 individuals were prosecuted. 273 complaints were also investigated and resolved in the financial year.
AFSA Deputy Chief Executive Gavin McCosker reinforced AFSA’s commitment to making compliance the easiest option for everyone in the personal insolvency system.
‘We want to ensure clients have access to targeted, clear and accessible information and resources to effectively remove barriers that prevent them from meeting their obligations and duties under the law,’ Mr McCosker said.
‘Our compliance oversight builds confidence in Australia’s personal insolvency system.’
‘As a visible, modern and contemporary regulator, we will continue to deliver services that support Australia’s personal insolvency system, and all those who engage with it.’
To read our Personal Insolvency Compliance Report 2021–22, visit our website.