Simpler Disclosure for Superannuation and Managed Investment Products
21 December 2009
Draft regulations and example Product Disclosure Statements for superannuation and managed investments products have been released today for public consultation. 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.
The disclosure information for these key products are now presented in six pages only, compared with the unwieldy disclosure documents that were often hundreds of pages issued previously.
These example Product Disclosure Statements will be supported by more detailed or frequently updated information to be provided online.
These reforms are another example of the Better Regulation Ministerial Partnerships that are currently being implemented across government as part of the Rudd Government's commitment to using better regulation to drive productivity and reduce costs to business and the not for profit sector.
The draft regulations, explanatory materials and example PDSs are available online, and can be accessed via the official websites of the Treasury and the Department of Finance and Deregulation.
Comments on the draft regulations are sought by 26 February 2010 and should be submitted via email to: financialservices@treasury.gov.au
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