Responsible PPSR registration management
The Personal Property Securities Register (PPSR) supports a number of people - from young people getting their licence and looking for a second-hand car (and the mums and dads who might be assisting with that purchase!); to the farmer or small business owner who sells goods on credit; to credit providers, who need to assess the risk of extending credit.
The level of activity on the PPSR points to the critical role it serves in financial, business and consumer decisions.
There are more than 10 million current registrations on the PPSR. In the period January to March this year:
- there were more than 460 000 registrations created
- over 500 000 registrations were amended
- more than 350 000 registrations were discharged or removed
- more than 2.3 million searches were conducted.
It’s critical that the data held on the PPSR is accurate, and at AFSA we take the view that data integrity is a shared responsibility with the broader PPSR user community.
At AFSA we’ve worked closely with stakeholders to develop some key principles for creating and managing PPSR registrations and to help prevent unlawful, misleading, unnecessary or redundant registrations—and encourage action to ensure registrations are accurate and effective.
The booklet discusses the steps to responsible management, including:
- What should be registered
- Are the details of the registration accurate?
- Ensuring the registration is—and remains—current
- Getting the timing right—including a timely discharge of the registration
- Ensuring you have appropriate security measures in place
- Monitoring the registration and activity on the PPSR.
Building a shared understanding of the PPSR and how to most effectively use it, is key to maintaining data integrity. These guidelines are for anyone making a registration on the PPSR—or supporting others to.