AFSA Sounds Dodgy Adviser Warning Ahead of Insolvency Wave

The Australian Financial Security Authority has issued a warning around dodgy insolvency advisers ahead of an anticipated spike of bankruptcies, nestegg reported. The personal insolvency regulator has now launched a public campaign to raise awareness on the prevalence of dodgy insolvency advisers and telltale signs for the public to look out for. The Australian Financial Security Authority’s campaign comes as it is particularly concerned that those experiencing financial stress because of the economic impact of COVID-19 may be easy targets. Some key signs that an adviser could be dubious include asking for a payment with a promise to get the person out of bankruptcy within a few months, or offering to organise a person’s affairs so their property will be protected in a bankruptcy. Read more

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