The Federal Government has undertaken to bring to an end the question of legacy financial products.
The Minister for Financial Services, Superannuation and Corporate Law, Senator Chris Bowen, gave the undertaking in an address to the Investment and Financial Services Association conference today.
Bowen said the issue of legacy products had run for too long and now needed to be resolved.
“This vexed question must be brought to a conclusion,” he said.
Bowen said as the Government and the industry dealt with the issue over coming weeks he believed an appropriate resolution would be found.
The former Howard Liberal Government sought to address the legacy products issue but became bogged down in dealing with its tax implications.
