Australian authorities release Personal Insolvency Compliance Report 2020–21

The Australian Financial Security Authority (AFSA) on 14 December released its Personal Insolvency Compliance Report 2020–21. The report outlines the agency’s key outcomes and compliance activities across the personal insolvency system.

It also highlights how AFSA collaborated with other agencies to ensure confidence in the system and outlines the measures taken to ensure accurate and clear information was made available to the public about insolvency.

In addition to detailing key compliance, regulation and enforcement outcomes for 2020–21, the compliance report summarises AFSA’s achievements in the 5 strategic areas of focus from our Personal Insolvency Compliance Program. These include supporting and protecting the financially vulnerable, ensuring fair pay, promoting professional conduct and competence, encouraging everyone to support the regulation of insolvency and enforcing consequences for non-compliance.

AFSA’s Acting Deputy Chief Executive Peter Edwards highlighted the scale of work the agency was able to complete in a challenging 12-month period.

‘Despite the difficulties of 2020-21, we inspected almost 200 administrations, reviewed 191 personal insolvency proposals and finalised 280 complaints,’ Edwards said.

‘More than 800 offence referrals were received, with almost 500 Official Receiver notices issued and served. 123 briefs were sent to the Commonwealth Director of Public Prosecutions (CDPP) and 69 people were prosecuted.’

‘As reflected in the report, we are committed to our role of ensuring integrity, fairness and transparency in the personal insolvency system.’

‘We will continue to work closely with stakeholders to ensure we achieve our strategic areas of focus in our Compliance Program and do our part to maintain ongoing confidence in the system.’

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