The Australian Financial Security Authority (AFSA) has confirmed its position as an effective regulator, in an independent stocktake undertaken by Dr John Hamill.
This follows the successful implementation of recommendations from the 2024 Regulatory Review, conducted by Dr John Hamill and Michael Kingston.
The Review was a forward-looking assessment of AFSA's regulatory position, tools, and infrastructure, designed to position the agency as a more effective partner to industry and government. Since its release, AFSA has focused on improving our regulatory effectiveness.
As part of his independent stocktake, Dr Hamill sought feedback from industry stakeholders and AFSA staff, which confirmed the agency's progress and identified opportunities for further refinement.
AFSA Chief Executive and Inspector-General in Bankruptcy, Tim Beresford said this important milestone reflects the agency's commitment to continuous improvement and meaningful engagement with industry stakeholders.
"We've listened, learned and acted," he said. "We've made changes to strengthen our regulatory effectiveness, so people can engage with the systems we regulate with trust and confidence.
"This uplift is not just internal – it's part of our work to build a positive culture across the wider personal insolvency industry, focused on delivering social and economic good for the wider community."
To lift our regulatory effectiveness, AFSA has:
- strengthened governance and legal services
- clarified our regulatory posture and communications
- established a regulatory committee and improved planning
- invested in professional development and knowledge systems
- deepened partnerships with other regulators and agencies.
Read the full Stocktake Review.
