AFSA updates complaint handling process

Articles, Restructuring + Insolvency

The Australian Financial Security Authority (AFSA) has revised its process for handling complaints about the conduct of bankruptcy trustees. Key changes include:

  • a change to the Privacy Act 1988 (Cth.) allowing complainants to remain anonymous or provide a pseudonym under Australian Privacy Principle 2; and
  • complaint management standards required by professional bodies, including:
    • Certified Practicing Accountants Australia (CPA)
    • Institute of Chartered Accountants Australia (ICAA)
    • Institute of Public Accountants (IPA)
    • Accounting Professional and Ethical Standards Board (APESB)
    • Australian Restructuring Insolvency & Turnaround Association (ARITA), and
    • Personal Insolvency Professionals Association (PIPA).

For more information see Inspector-General Practice Statement IGPS 10, here.