AUSTRALIA - The government has announced plans to slash lengthy, complex and unreadable disclosure documentation to cut red tape for business, investors and consumers.
"Unreadability of disclosure documents has been a factor in some investors' losses," said Sherry.
The Working Group will consist of senior officers from Treasury, ASIC and the Department of Finance and Deregulation and will commence its work immediately.
"Improving access to financial advice is of significant importance to both consumers and the economy," Sherry added. "One of the key priorities for the Government in this context is to develop clear and understandable disclosure 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 decisions that investors make with regard to their superannuation.
The working group's tri-partite membership aims to ensure that solutions will achieve the Government's goals in relation to investors, be readily enforceable by the regulator and are in line with the government's business deregulation agenda.
"I am committed to ensuring this project delivers significant benefits to the Australian people and I will be monitoring the working group's progress closely," Sherry said.
Further product examination will be added to the work schedule throughout 2008.
Richard Wohanka is to chair The Pension Superfund's trustee board, working alongside professional firm 2020 Trustees to safeguard members' benefits.
Four people behind a £13.7m cold-calling scam which cost 245 people their savings have been banned from being pension scheme trustees by The Pensions Regulator (TPR).
The Pensions Administration Standards Association (PASA) has launched its latest round of guidance for guaranteed minimum pensions (GMPs).