The Federal Government has set up a working group to review financial services advice and disclosure, aiming to cut red tape in the sector.

Officials from Treasury, the Australian Securities and Investments Commission (ASIC) and the Department of Finance and Deregulation make up the group, which will start by reviewing superannuation disclosure documentation.

Since the implementation of the Financial Services Reform Act, investors have been saddled with up to 100 pages of verbiage. General insurance customers have also been saddled with hefty product disclosure statements.

Superannuation Minister Nick Sherry says some investors have lost money because documents are "unreadable".

He is proposing a simple document focusing on fees, risk and return instead.

Brisbane broker David Harris supports the move. "We all know there's a great raft of documentation we send to clients that they don't read," he said. "If you want the public to read it, it has to be kept concise."