The Minister for Superannuation and Corporate Law, Senator the Hon
Nick Sherry and the Minister for Finance and Deregulation, the Hon
Lindsay Tanner MP, have announced the formation of a Financial
Services Working Group dedicated to looking at the current key issues
associated with financial services advice and disclosure.

The Financial
Services Working Group will review the length, complexity and readability
of disclosure documentation in financial services.

The Working Group will consist of senior  officers from Treasury, ASIC and the Department of Finance and Deregulation and consult with industry and consumer
groups.

The Working Group will commence its work  immediately, starting with superannuation documents.

The Working Group’s mandate is to determine the best possible
approach to delivering short, comparable financial product disclosure
documents and to determine an appropriate regulatory framework that
facilitates the provision of financial advice in relation to the
important decisions that investors make with regard to their
superannuation.

Further  product examination will be added to the work schedule throughout 2008.