Culture, not only within AFSA but across all entities operating in the personal insolvency system, is an important area of attention for AFSA. It is identified as a strategic focus area for our 2019-20 Insolvency Compliance Program, as there is a growing recognition of the importance of good culture and its influence over a broad range of conduct and behaviour within the personal insolvency system, which in turn impacts upon public confidence in that system.

Statement of Principles

We have launched our draft Statement of Principles, which aims to set out key principles and concepts that create an understanding of what attributes exemplify good culture. It is supported with insolvency scenarios, and has been created to be consistent with the ARITA Code of Ethics and PIPA Code of Conduct.

We recognise that the focus can’t just be on insolvency professionals in the private industry alone – we need to consider the culture within AFSA as it is for our personal insolvency work. Which is why we have already taken the opportunity to approach our own staff for feedback on the Statement of Principles, to ensure that it also reflects the culture we want to see in our own agency. More recently, we also asked our stakeholders about what attributes they associate with AFSA with our survey What are the attributes of a fair and firm regulator?

Tell us what you think

We now invite all our stakeholders, particularly registered trustees, registered debt agreement administrators and their staff, to have their say. This is an opportunity for everyone to build a collective understanding of the culture we should all strive for and expect in the profession. We are asking you to let us know:

  • Whether the principles reflects the culture you would like to see in the personal insolvency system;
  • What other principles and values you think we should be including; and
  • What do you think about the scenarios that are given – are they useful in helping to consider culture and behaviour.

Feedback for the Statement of Principles is now closed.