A number of new industry-wide conditions for Registered Debt Agreement Administrators (RDAAs) were introduced in the Bankruptcy (Registered Debt Agreement Administrator Conditions) Determination 2020.
These conditions will apply to all RDAAs from 1 January 2021 and relate to:
- advertising and promoting RDAA services
- disclosing information to debtors
- membership with the Australian Financial Complaints Authority.
We are releasing updated guidance documents to give practitioners an opportunity to understand the upcoming changes and ensure a smooth transition.
We want to hear from you
The following documents have been updated in preparation for 1 January 2021. This is an opportunity for administrators to familiarise themselves with the new industry-wide conditions as well as the Inspector-General’s updated expectations.
You are invited to provide feedback by close of business Monday 23 November 2020 on the following documents.
1. Additional Information Sheet
This is a proposed document to assist RDAAs with meeting the new two stage disclosure requirements. It will be optional for RDAAs to use, and is intended to be provided to the debtor at the same time as the Prescribed Information Sheet.
2. Guidelines Relating to the Registration and Cancellation of Registration of a Debt Agreement Administrator
3. Inspector-General Practice Direction 1: Independence of Personal Insolvency Practitioners
4. Inspector-General Practice Direction 4: Advertising and promotional activities of personal insolvency practitioners (Formerly Inspector-General Practice Guideline 1)
5. Inspector-General Practice Direction 13: RDAA guidelines to certification
6. Inspector-General Practice Direction 15: Debt agreement administrator guide to proper accounts
7. Inspector-General Practice Statement 4: Processes for registration of debt agreement administrators
Feedback closed on 23 November 2020.