Document ID: chunk:federal_register_of_legislation:F2020L01668:body:0:p12
Version: federal_register_of_legislation:F2020L01668
Segment Type: other
Provision Reference: 
Character Range: 29996–33092

is registered as an administrator.
3.46 Applications can be made for removal of conditions imposed by the Inspector-General in the approved form. In this instance, the Inspector-General will advise of their requirements concerning any further documents and a further interview will be needed.

Industry-wide conditions

3.47 From 1 January 2021, a number of industry-wide conditions will apply to all debt agreement administrators.
These industry-wide conditions have been determined by the Minister under sub-section 186F(4) of the Act. These conditions cannot be removed by the Inspector-General and are not subject to appeal. The industry-wide conditions are:

       * Advertisements or promotion (in any form or medium) of the services of the administrator, whether by the administrator or by a person acting on behalf of the administrator, must not be false, misleading or deceptive.

       * Advertisements or promotion (in any form or medium) of the services of the administrator, whether by the administrator or by a person acting on behalf of the administrator, must include the full name and registration number of the administrator.

       * Disclosure of information to debtors must follow a two-stage process as outlined by the legislative instrument determined by the Minister[6]. The administrator must ensure the information provided to the debtor is factual and objective.

       * The information provided to the debtor in accordance with the legislative instrument must be recorded before the end of the second business day after the information is given. The records must be retained for 6 years beginning on the day the debt agreement is made.

       * Administrators must be a member of AFCA. An individual is not required to be a member where the individual has overall management responsibility for managing a company's debt agreement activities, and that company is a registered debt agreement administrator (and so is a member of AFCA).

Mandatory qualifications

3.48 Mandatory qualifications for registration are prescribed under regulation 9.02 of the Regulations.

3.49 A company's registered debt agreement administrator with overall management responsibility for debt agreement activities must also obtain the qualifications.

4. Cancellation of registration

4.1 An existing registration must be cancelled if the administrator no longer passes the basic eligibility test. The Inspector-General may cancel an administrator's registration on other grounds relating to their ability, or failure, to properly carry out the duties of an administrator, for failing to hold adequate and appropriate fidelity or professional indemnity insurance, for failing to be considered a fit and proper person or for having breached a condition of registration.[7]

4.2 The following information provides guidelines on matters considered by the Inspector-General in determining whether to cancel a registration of an administrator.

Involuntary cancellation of an individual's or company's registration

4.3 The basic eligibility test continues to apply during the