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Superannuation and Managed Investment Scheme Disclosure - Public Consultation

Date:

Monday, 21 December 2009

Content ID:

1695

Abstract:

The Hon Chris Bowen MP has released for public comment draft regulations and an example Product Disclosure Statement (PDS) for superannuation and managed investment product disclosure.

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 Financial Services, Superannuation and Corporate Law, the Hon Chris Bowen MP and the Minister for Finance and Deregulation, the Hon Lindsay Tanner MP and comprises senior officials from the Department of Treasury, the Department of Finance and Deregulation and the Australian Securities and Investments Commission.

The Working Group was tasked with developing short, standardised and easy to understand superannuation and managed investment product disclosure documents. The approach has been developed in close consultation with industry and consumer representatives through the Financial Services Working Group Industry and Consumer 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.

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:
Financial Services Working Group
The Treasury
Langton Crescent
PARKES ACT 2600

Email: financialservices@treasury.gov.au

Documents Available:


Acrobat (PDF) documents

 Acrobat (PDF)

Managed Investment Schemes - Commentary  78.88kb
Managed Investment Schemes - Product Disclosure Statement  141.99kb
Managed Investment Schemes - Regulations  95.25kb
Superannuation - Commentary  74.76kb
Superannuation - Product Disclosure Statement  165.00kb
Superannuation - Regulations  107.93kb

Microsoft Word (RTF) documents

 Microsoft Word (RTF)

Managed Investment Schemes - Commentary  211.87kb
Managed Investment Schemes - Product Disclosure Statement  153.63kb
Managed Investment Schemes - Regulations  514.42kb
Superannuation - Commentary  226.26kb
Superannuation - Product Disclosure Statement  150.00kb
Superannuation - Regulations  558.24kb

Related Items:

Submissions: Superannuation and Managed Investment Scheme Disclosure - 21/05/2010

Treasury received twenty-seven submissions in response to its consultation, 'Superannuation and Managed Investment Scheme Disclosure'. The 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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