Short form disclosure statements released
The Federal Government has taken a small step toward its goal of eliminating red tape in the financial services sector by releasing a short form disclosure template.
Superannuation Minister Nick Sherry last week released a “short, readable” four-page document for the First Home Saver Account, which he says can be read and understood in just a few minutes.
Examples of the document circulated to the media make the point – it’s clear, concise and just four pages long.
“Many complex and lengthy disclosure documents are often between 50 and 100 pages long and are as readable as Latin to the majority of Australians,” Senator Sherry said.
He says the new disclosure statement will improve people’s access to cost-effective financial advice and help the industry by reducing red tape.
Superannuation Minister Nick Sherry last week released a “short, readable” four-page document for the First Home Saver Account, which he says can be read and understood in just a few minutes.
Examples of the document circulated to the media make the point – it’s clear, concise and just four pages long.
“Many complex and lengthy disclosure documents are often between 50 and 100 pages long and are as readable as Latin to the majority of Australians,” Senator Sherry said.
He says the new disclosure statement will improve people’s access to cost-effective financial advice and help the industry by reducing red tape.