Integrity/ITSA Regulation/ Compliance/ All Shit/ Adam Toma / Veronique Ingram/ Mark Findlay/ Matthew Osborne


So this has got to make me laugh........ Integrity in the Bankruptcy System......
Matthew Osborne advising how to fuck over complaints, protect bankrupts.....................
further to this ITSA's Regulation has no investigation policy................

1. INTRODUCTION



1.1. This document examines the purpose of ITSA Regulation in undertaking the role of the Inspector-General in Bankruptcy of regulating
Bankruptcy Act 1966 practitioners. It explores the philosophies and core strategies used in undertaking its role, against a backdrop of ITSA’s purpose, stakeholder and public perceptions and expectations.

1.2. The current ITSA Business and Strategic Plan 2011-2014 states that ITSA’s purpose is to provide:



"Improved and equitable financial outcomes for consumers, business and the community through application of bankruptcy and personal property securities laws, regulation of personal insolvency practitioners and trustee services."




1.3. The role performed by ITSA Regulation is:



"We regulate insolvency practitioners to ensure high national standards of personal insolvency practice and procedure and this includes:





registering private bankruptcy trustees and debt agreement administrators


monitoring unregistered debt agreement administrators (ie those that have 5 or fewer active administrations)


inspecting the systems and files of registered trustees and debt agreement administrators


investigating complaints and applying sanctions when appropriate.

We also fulfil the Inspector-General’s administrative review role, determining applications for review of decisions made by trustees."




1.4. This paper outlines the fundamental compliance model that underpins the regulatory strategies and guides ITSA Regulation’s actions.



2. A COMPLIANCE FRAMEWORK



2.1. Non-compliance is a significant risk to the integrity of the personal insolvency system in Australia and adds significant cost to the system. It is important to understand what motivates people to comply with legislation. It needs to be recognised that practitioners respond to their obligations under the Bankruptcy Act differently and that a one-size-fits-all approach is not the answer to achieving long-term compliance.

2.2. The Compliance Model depicted in Diagram 1 is a useful tool in understanding what a regulator needs to do and when. It draws on extensive research and follow-up work undertaken in developing the Australian Taxation Office’s compliance strategy, incorporating work by Dr Val Braithwaite and her colleagues.

2.3. The model depicted has three key elements:




environmental and risk issues that may affect compliance


attitudes to compliance


compliance strategies.