Departments seek simpler super advice
The Federal Government’s Financial Services Working Group (FSWG) has released a consultation paper outlining key steps to cut the red tape on disclosure documents.
The group of senior officials from Treasury, ASIC and the Department of Finance and Deregulation was formed in February to review financial services advice and disclosure.
It began by reviewing superannuation documents and last week released an initial consultation paper calling for more concise disclosure statements.
The paper notes concern that access to simple low-cost advice about basic super issues is currently restricted to a minority of providers.
The group says compliance issues and a lack of commercial viability are two factors holding back wider access. It proposes more guidance from ASIC and indicates generic services provided through call centres could help remedy problems.
Submissions on the issue close on July 15.
The group of senior officials from Treasury, ASIC and the Department of Finance and Deregulation was formed in February to review financial services advice and disclosure.
It began by reviewing superannuation documents and last week released an initial consultation paper calling for more concise disclosure statements.
The paper notes concern that access to simple low-cost advice about basic super issues is currently restricted to a minority of providers.
The group says compliance issues and a lack of commercial viability are two factors holding back wider access. It proposes more guidance from ASIC and indicates generic services provided through call centres could help remedy problems.
Submissions on the issue close on July 15.