The Australian Financial Security Authority (AFSA) will sharpen its regulatory posture to maximise its impact as personal insolvencies head back towards pre-pandemic levels, chief executive Tim Beresford says.
He said a modernisation program was underway that would make it simpler for most bankrupts typically consumers involving small amounts to go through administration so AFSA could focus on those who misused the system.
And, addressing the Australian Restructuring Insolvency & Turnaround Association national conference on the Gold Coast last week, he called upon the profession to help stamp out untrustworthy advisers.
We will not accept those who harm vulnerable people, he said, and you mustnt either. We need your help to stamp …
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