Nick Sherry
Simplifying financial disclosure is a priority for the newly-formed Financial Services Working Group, according to the Minister for Superannuation and Corporate Law, Senator Nick Sherry, who opened the group’s first session on the weekend.
Sherry said the Rudd Government is committed to simplifying Product Disclosure Statements and the working group is delivering on that promise.
“I am very encouraged by the number of stakeholders from across the financial services sector that have attended today’s information session to find out more about the working group and what it has set out to achieve,” Sherry said on Saturday.
The working group, which is made up of members of Treasury, the Australian Securities and Investments Commission and the Department of Finance and Deregulation, was established last month to identify key issues associated with financial product disclosure and advice.
Its initial focus will be to develop a short-form disclosure document for the First Home Saver Account, which was announced in February.
