Perhaps Ross Cameron, the Parliamentary Secretary to the Treasurer, hasn’t seen what the Financial Services Reform Act (FSRA) regulations require of financial services intermediaries when it comes to paperwork. Or maybe it’s just an election year. Whatever the reason, the junior minister says “unnecessarily long” documents won’t need to be issued to clients in order to meet FSR disclosure requirements. “Bigger is not always better.”

No one’s arguing with that, except the people who have been accused by most industry associations and experts of over-regulating the FSRA. Addressing the Canberra division of the Association of Superannuation Funds of Australia last week, Mr Cameron said the transition period is entering its “pointy end”, with many companies expressing concerns over “excessive disclosure and lengthy documents”.

Stating a truth that the bureaucrats who answer to him seem to have not noted, he said that “simply dumping truckloads of information on a consumer will not always assist them”.

“The FSR regime requires meaningful disclosure to consumers in a clear, concise and effective manner.”

No argument, there, Minister. Mr Cameron also said some industry participants are spending the majority of their time ticking off their checklist of legal issues, “but in doing so have missed the point of the FSRA”.

“The aim of disclosure under FSR is to provide consumers with the information they need to make informed financial decisions.”

Describing FSR as a “new world” for the industry, he says the transition period is progressing smoothly, with the Australian Securities and Investments Commission having issued more than 3000 licences.

Mr Cameron also offered a glimmer of hope for National Insurance Brokers Association negotiators still trying to tie up some vital loose ends before March 11. He said the Government “will work in a co-operative way to ensure that remaining concerns are quickly addressed so that the full benefits of FSR are realised by both industry and consumers.”