ITSA's Trustee Compliance Program/ Complaints handling
.
ITSA has released its Insolvency Practitioner Compliance model for 2013-2014 in relation to bankruptcy trustees.
ITSA refers to its approach
of focusing on early resolution of systemic issues in the profession by
adopting a ‘proactive and preventative regulatory approach wherever
possible’, and where all stakeholders play a part in maintaining best practice standards.
It refers to its continuing engagement with IPA and others, including
CDPP, financial counsellors, creditors, debtors, DAPA and ASIC; and
with the IAIR to facilitate appropriate benchmarking against
developments and advances in insolvency regimes in comparable
jurisdictions.
ITSA says it expects to conduct inspections of about 750 personal insolvency administrations and the practices of more than 100 trustees, nearly half those registered.
In the financial year to 30 June 2014, ITSA says it will focus on these five technical and non-technical areas in its compliance program.
Outlays and expenses incurred and drawn by trustees. This of course assumes there are funds available; many expenses are incurred in circumstances where funds are not available then or later to reimburse the trustee.
Offence referrals: ITSA will be ensuring practitioners are identifying offences by bankrupts and others in the system in the course of their investigative estate work and referring them for review and prosecution if necessary. See s 19 Bankruptcy Act.
Matthew Osborne , ITSA's legal Officer advises Trustee's that it is a discretion for the Trustee to refer offences contrary to the Bankruptcy and fuck over creditors See IGPS 14
Trustee systems and controls: ITSA will be reviewing practitioners’ quality assurance procedures to ensure systems and controls that govern the administration of their estates are of an acceptable standard.
Complaint handling. ITSA requires practitioners to have adequate internal complaint handling systems as outlined in IGPD 22 and the IPA Code.
Bankruptcy Regulations has no investigation policy so therefore complaints are fucked over. The Commonwealth Ombudsman also has no investigation policy so if you complain to them also you can be fucked over twice.
Remuneration: An ongoing focus of ITSA will be to “proactively identify, and where possible remedy, instances of overcharging or over-servicing by registered trustees (RTs) and/or third parties, particularly in the area of “solvent” estates and annulments under section 153A of the Act”.
This latter issue is raised in the recent UK report on remuneration given to the Insolvency Service in July 2013. One reason the report gives for this is that, in the UK at least, "personal debtors have a very poor understanding of the costs of being made bankrupt. Nor do they understand the work that an IP will, properly, need to do or that their failure to co-operate with the IP will inevitably lead to higher fees".
ITSA says it expects to conduct inspections of about 750 personal insolvency administrations and the practices of more than 100 trustees, nearly half those registered.
In the financial year to 30 June 2014, ITSA says it will focus on these five technical and non-technical areas in its compliance program.
Outlays and expenses incurred and drawn by trustees. This of course assumes there are funds available; many expenses are incurred in circumstances where funds are not available then or later to reimburse the trustee.
Offence referrals: ITSA will be ensuring practitioners are identifying offences by bankrupts and others in the system in the course of their investigative estate work and referring them for review and prosecution if necessary. See s 19 Bankruptcy Act.
Matthew Osborne , ITSA's legal Officer advises Trustee's that it is a discretion for the Trustee to refer offences contrary to the Bankruptcy and fuck over creditors See IGPS 14
Trustee systems and controls: ITSA will be reviewing practitioners’ quality assurance procedures to ensure systems and controls that govern the administration of their estates are of an acceptable standard.
Complaint handling. ITSA requires practitioners to have adequate internal complaint handling systems as outlined in IGPD 22 and the IPA Code.
Bankruptcy Regulations has no investigation policy so therefore complaints are fucked over. The Commonwealth Ombudsman also has no investigation policy so if you complain to them also you can be fucked over twice.
Remuneration: An ongoing focus of ITSA will be to “proactively identify, and where possible remedy, instances of overcharging or over-servicing by registered trustees (RTs) and/or third parties, particularly in the area of “solvent” estates and annulments under section 153A of the Act”.
This latter issue is raised in the recent UK report on remuneration given to the Insolvency Service in July 2013. One reason the report gives for this is that, in the UK at least, "personal debtors have a very poor understanding of the costs of being made bankrupt. Nor do they understand the work that an IP will, properly, need to do or that their failure to co-operate with the IP will inevitably lead to higher fees".
No comments:
Post a Comment