I don’t think anything from the parliamentary report will have a negative effect on fsa. More likely clean up the ‘vultures’
‘’Compliance with, and enforcement of, current regulation4.43
Consumer groups noted that they had successfully used Ombudsman services in this space41. There has also been litigation by ASIC, and litigation sponsored by consumer groups, but that is expensive and time consuming.
4.44 The marketing and advertising of debt agreements continues to be of concern to AFSA. In 2017–18, 165 advertisements relating to debt agreements were subject to detailed assessment by AFSA, with correction, action and/or removal of content occurring in 79 instances. Three registered debt agreement administrators and one adviser were referred by AFSA to ASIC for potential enforcement action for misleading and deceptive conduct in 2017–18.
4.45 AFSA has concern about untrustworthy advisers who operate in the insolvency sector. Such people are seen by AFSA insolvency practitioners and stakeholders as a key threat to the integrity of the insolvency sector, and these concerns are reflected in the submission to this committee from the professional association the Australian Restructuring Insolvency and Turnaround Association.43”
from
https://www.aph.gov.au/~/media/Committees/economics_ctte/Creditfinancialservices/Report.pdf?la=en
