Financial Services Working Group: disclosure documents review

The Minister for Superannuation and Corporate Law, Senator the Hon Nick Sherry and the Minister for Finance and Deregulation, the Hon Lindsay Tanner MP, have announced the formation of a Financial Services Working Group dedicated to looking at the current key issues associated with financial services advice and disclosure.

The Financial Services Working Group will review the length, complexity and readability of disclosure documentation in financial services.

The Working Group will consist of senior  officers from Treasury, ASIC and the Department of Finance and Deregulation and consult with industry and consumer groups.

The Working Group will commence its work  immediately, starting with superannuation documents.

The Working Group’s mandate is to determine the best possible approach to delivering short, comparable financial product disclosure documents and to determine an appropriate regulatory framework that facilitates the provision of financial advice in relation to the important decisions that investors make with regard to their superannuation.

Further  product examination will be added to the work schedule throughout 2008.