AFSA has developed a proposed Compliance Program for 2022-23 that outlines how we plan to continue to maintain confidence in the systems we regulate. For the first time, a single annual program is planned to cover both personal insolvency and personal property securities. AFSA welcomes feedback on the proposed compliance program prior to its finalisation.
After analysing data, trends, intelligence and stakeholder feedback AFSA develops and publishes a Compliance Program that outlines how we will continue to maintain confidence in the systems we regulate.
As a firm and fair regulator, our focus is to make compliance as easy as possible for everyone who uses our systems. We use effective, efficient and transparent approaches to monitor the compliance of the regulated community, our performance as a regulator and to identify and take appropriate regulatory action.
We recognise that regulation is at the heart of everything we do. With overarching principles to guide our activities, we focus on achieving our regulatory objectives and strengthening trust and confidence in the personal insolvency (PI) and personal property securities (PPS) systems.
The proposed 2022-23 Compliance Program has three intended focus areas:
1. 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.
2. 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.
3. Address misuse in the system
We use data and insights to identify misuse and use a range of enforcement tools to take strong action.
AFSA has a number of principles that underpin how we work as well as activities that will help us achieve our focus areas. For the details, please read the draft 2022-23 Compliance Program linked below.