PPS REGULATORY STRATEGY 2021-22 - Australian Financial ...
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PPS REGULATORY STRATEGY 2021-22
CONTENTS
AFSA’S PURPOSE 1
PPS REGULATORY VISION 2
WHY WE REGULATE
2020-21 3
PPS REGULATORY OBJECTIVES 3
OUR ENVIRONMENT 4
OUR REGULATORY APPROACH 4
KEY AREAS OF FOCUS FOR 2021 / 2022 5
APPENDIX A – COMPLIANCE TRIANGLE 7AFSA’S
PURPOSE
Our purpose is to maintain confidence
in Australia’s personal insolvency and
personal property securities systems
by delivering fair, efficient and effective
trustee and registry services, and
2020-21 regulation.
risk-based
AFSA strives to achieve
this by being a firm and
fair regulator and world
class government
service provider.
Australian Financial Security Authority - PPS Regulatory Strategy 1PPS
REGULATORY
VISION
The Personal Property
Securities Register (PPSR)
is well known and is used
2020-21 confidently, effectively
and appropriately
Australian Financial Security Authority - PPS Regulatory Strategy 2WHY WE PPS
REGULATE REGULATORY
AFSA is responsible for
OBJECTIVES
administering the Personal
Property Securities Register (PPSR). Raise awareness
This includes making decisions amongst vulnerable
under the Personal Property and ‘at risk’ groups
Securities Act, and ensuring We identify groups that fail to use the PPSR due
prescribed services are available to lack of awareness. We understand the barriers
to engagement and develop tailored solutions
to those who use or are impacted to maximise reach through our awareness
by the PPSR. raising activities.
Every aspect of what AFSA does in relation to the
PPSR is regulatory in nature. The way services are
Make it easy for people
designed and delivered, decisions are made, and
where investment is directed, are all intended
to understand their rights
to either influence, control, limit or prevent and responsibilities and
different types of use and behaviour.
use the PPSR correctly
To support compliance by all, we use behavioural
insights and best practice service design principles
to provide a simple self-service experience with
quality supporting materials and guidance.
Reduce intentional misuse
We discourage those who seek to intentionally
cause harm by exercising our statutory powers,
taking appropriate action and making timely
decisions to correct misuse.
Australian Financial Security Authority - PPS Regulatory Strategy 3OUR OUR
ENVIRONMENT REGULATORY
The Personal Property Securities Program (PPS APPROACH
Program) aims to deliver on AFSA’s vision and purpose
through achievement of our regulatory objectives As a firm and fair regulator, our focus is to make it
based on an understanding of the PPSR’s role and as easy as possible to comply and take action where
function within the Australian economy; including the necessary. Time, effort and resources are directed
impact of market forces upon it. Given the interaction to strategies aimed at achieving our regulatory
between the PPSR and the broader economy our objectives and will be informed by the compliance
strategies are continually under review taking into triangle. We do this through:
account the following:
• Service design – when pain points for
• Market structure and models – existing the end user or potential for incorrect use
and emerging business models and structures are identified, we address through service
in the economy and how these impact on design in the first instance.
secured lending.
• Education – to complement our service
• Sectoral issues – services and functions design efforts, we provide our users with
performed, potential automation of services easy access to quality education and
and processes, cross border/jurisdiction information materials.
service offerings etc.
• Deterrence – to actively discourage
• Individuals – both within and outside inappropriate and incorrect use of the register,
our regulatory reach and the business models we apply a risk based approach of our powers,
and structures of these individuals both from caution letters through to criminal
existing and evolving. proceedings. We communicate enforcement
action taken to build community confidence
and deter future misuse.
The above approaches are supported
by a range of activities:
• We employ user research to ensure we have a
well-rounded understanding of our users and
the issues they face/encounter.
• We work closely with stakeholders, B2G
providers and advisors to ensure they are
actively supporting our compliance approach
and promote key messages among their users.
• Pro-active monitoring and effective use of data
allows us to identify misuse (intentional and
unintentional).
Australian Financial Security Authority - PPS Regulatory Strategy 4KEY AREAS
OF FOCUS FOR
2021 / 2022
Each year we set priorities under Raise awareness
each of the regulatory objectives, among vulnerable
to ensure time, resources and
and ‘at risk’ groups
funding is directed to the correct
We are committed to identifying user groups who,
strategies. Some of these priorities due to lack of awareness are not using the PPSR.
will be enduring due to their Enduring priority areas are consumers and small
business owners who can be disproportionately
importance while others will impacted by not using the PPSR.
be subject to change based on
intelligence and risks emerging Activities for 2021/2022 will include:
in the environment. The priorities • Continuing to explore opportunities to
for 2021/2022 are below. integrate with existing education and
awareness channels
• Increasing visibility of PPSR on digital
marketplaces
• Introducing product recall data to protect
consumers and increase engagement by
motor vehicle dealers
• Explore data to identify groups not
currently using the PPSR
• Increase small business engagement,
including trialling social media
Australian Financial Security Authority - PPS Regulatory Strategy 5Make it easy for people Reducing
to understand their rights intentional
and responsibilities and misuse
use the PPSR correctly We have a range of enforcement tools that we
can access when someone uses the PPSR to cause
There are a range of stakeholders who interact frustration or harm to another user.
with the PPSR, and it is important that all parties
understand their rights and responsibilities.
As we continue to mature our regulatory
Stakeholders include those searching the PPSR,
approach, our focus in 2021/2022 includes:
secured parties, grantors, B2G customers and those
providing advisory services.
• Using insights from BETA research to target
service design interventions for people
Our main focus for 2021/2022 is to improve
creating ‘ownership’ registrations
our services for infrequent users. Key activities
will include: • Using service design principles to make it
more difficult for users to intentionally
• Delivery of a simplified search option aimed misuse the PPSR to harm others
specifically for consumers looking to purchase • Improving data capture and monitoring
a used car capability to allow analysis and proactive
• Promotion of Powered by PPSR to identification of misuse (intentional and
create transparency for consumers unintentional)
• Continuing our collaboration with BETA • Increasing timeliness of enforcement action
to simplify grantor and collateral selection where known misuse is identified
to aid accurate registration • Establish a compliance program to ensure the
• Understanding and improving the user Powered by PPSR logo is being appropriately.
experience for those using the dispute
process (amendment demands)
We will also focus on improving compliance
by high volume secured parties through
the following activities:
• Establishing a Financiers forum to help
educate high volume secured parties to
use the PPSR effectively
• Improving support B2G users to support
digital marketplace take-up
Australian Financial Security Authority - PPS Regulatory Strategy 6APPENDIX A –
COMPLIANCE TRIANGLE
Non-compliance
Respond
Enforce Feedback
Detect
Deter Monitor
Prevent
Educate
Compliance response
Educate Monitor Enforce
Make it easy for those Identify those who do Strong action against
who are willing to not want to comply those who choose
comply. or who try but do not not to comply.
succeed.
Example Example
Good service design Example Exercise of statutory
and delivery, guidance Caution letters, system civil regulatory
materials and education. warnings, alerts and powers, and referral
logging, data integrity to law enforcement
activities, transactional agencies for criminal
surveillance and prosecutions.
compliance reviews.
Australian Financial Security Authority - PPS Regulatory Strategy 7The Australian Government regulator
and service provider for matters relating to
personal insolvency and personal property securities
afsa.gov.auYou can also read
