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Product Rationalisation of Managed Investment Schemes and Life Insurance Products - Proposals Paper

Date:

Monday, 14 December 2009

Content ID:

1694

Abstract:

The purpose of this paper is to serve as the basis for publicly consulting stakeholders about a proposed product rationalisation framework for managed investment schemes and life insurance products. Product rationalisation is a process of converting or consolidating products of a similar nature into a single product with equivalent features and benefits. Its main purpose in this context is to remove outdated, so-called 'legacy' products by transferring investors into newer, more efficient products.

This Proposals Paper follows on from an Issues Paper on product rationalisation published in June 2007. It puts forward a specific solution on how product rationalisation could be achieved and asks for submissions on the proposal in general as well as in response to a range of specific questions included in the paper. This proposal was developed through discussions with a range of stakeholders, including product providers, actuaries and legal experts.

The proposed product rationalisation framework includes specific mechanisms for rationalising legacy products in managed investments and life insurance, and seeks relevant comments from the public on the framework and the proposed mechanisms. Interested parties are invited to make written submissions that address, but need not be limited by, the issues and questions raised in this paper.

Making a submission

Interested parties are invited to comment on the paper. While submissions may be lodged electronically or by post, electronic lodgement is preferred. For accessibility reasons, please submit responses sent via email in a Word or RTF format. An additional PDF version may also be submitted.

All information (including name and address details) contained in submissions will be made available to the public on the Treasury website unless you indicate that you would like all or part of your submission to remain in confidence. Automatically generated confidentiality statements in emails do not suffice for this purpose. Respondents who would like part of their submission to remain in confidence should provide this information marked as such in a separate attachment. Legal requirements, such as those imposed by the Freedom of Information Act 1982, may affect the confidentiality of your submission.

Closing date for submissions: Friday, 26 February 2010

Address written submissions to:
Product rationalisation project
Corporations and Financial Services Division
The Treasury
Langton Crescent
PARKES ACT 2600

Email: prodrationalisation@treasury.gov.au

For enquiries, please call (02) 6263 3971.

Documents Available:


Acrobat (PDF) documents

 Acrobat (PDF)

Proposals Paper  173.08kb

Microsoft Word (RTF) documents

 Microsoft Word (RTF)

Proposals Paper  268.41kb

Related Items:

Submissions: Product Rationalisation of Managed Investment Schemes and Life Insurance Products - Proposals Paper - 11/10/2010

Treasury received sixteen submissions in response to its proposals paper on Product Rationalisation of Managed Investment Schemes and Life Insurance Products. Thirteen of these are public submissions and three are confidential. The public submissions are listed below and are accessible by selecting the author.

The opinions expressed in the submissions are those of the authors and do not necessarily reflect the views of the Government or the Treasury.

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