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Superannuation and Managed Investment Scheme Disclosure – Public Consultation

On 5 February 2008, the Government announced the formation of the Financial Services Working Group (the Working Group) dedicated to looking at the key issues associated with financial services advice and disclosure.

The Working Group is a Better Regulation Ministerial Partnership between the Minister for Finance and Deregulation, the Hon Lindsay Tanner MP and the Minister for Financial Services, Superannuation and Corporate Law, the Hon Chris Bowen MP and comprises senior officials from the Department of Finance and Deregulation, the Department of Treasury and the Australian Securities and Investments Commission.

The new disclosure regimes for superannuation and managed investment schemes were developed by the Working Group in close consultation with an Industry Advisory Panel. These reforms complement those released previously for margin lending products and First Home Saver Accounts, and represent another milestone in the Government’s better regulation agenda.

Under the proposed regimes, Product Disclosure Statements (PDSs) will be limited to six A4 pages of key information presented in a clear and uncomplicated manner. These documents will be supported by more detailed or frequently updated information provided online so that businesses can enjoy greater flexibility without compromising investor protection.

The Working Group requests comments on the draft regulations and example PDSs by 26 February 2010 to assist in helping the Government to finalise the superannuation and managed investment scheme disclosure regimes.

Comments can be forwarded to the following address:

Financial Services Working Group
The Treasury
Langton Crescent
PARKES ACT 2600

financialservices@treasury.gov.au

Contact for information on this page: deregulation@finance.gov.au

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Last Modified: 7 January, 2010