The Federal Government has reiterated its commitment to a takeover of financial services regulation for mortgage and investment loans from the states and territories.

Financial Services Minister Nick Sherry last week outlined the development of a national financial services regulation regime. Speaking at an IFSA luncheon, he said the existence of eight separate sets of regulation for each state and territory “imposes an unnecessary regulatory burden on the providers of financial services”, and disadvantages consumers.

Following discussions at last month’s Council of Australian Governments meeting, the Government is now working on a green paper detailing the transfer of regulatory power to the Federal Government.

Senator Sherry says the Government remains committed to rationalising legacy financial services products and is working through submissions to last year’s Treasury Product Rationalisation Issues Paper.

And the newly established Financial Services Working Group, which comprises officials from Treasury, ASIC and the Finance Ministry, is simplifying product disclosure statements and superannuation advice.