Brough asks industry for choice comment

financial services industry financial services sector default funds assistant treasurer life insurance government

3 November 2004
| By Rebecca Evans |

The financial services industry has been given three weeks by Minister for Revenue and Assistant Treasurer Mal Brough to comment on a consultation paper which will prescribe how the up-coming choice of superannuation fund regulations are implemented.

The paper, released by Brough yesterday, covers areas such as the need for default funds to offer a minimum level of life insurance, the key messages to be included in the standard choice form, the information an employee must give their employer about their chosen fund, and exemptions from the employer ‘kick-back’ rule.

Brough said the standard choice form will provide basic information for employees about choice of funds, and is expected to be no longer than three pages.

“The Government wishes to consult widely on the development of the regulations to ensure that all interested parties have an opportunity to comment,” Brough said.

For Brough, the paper marks his first real re-engagement with the financial services sector since he was re-appointed by Prime Minister John Howard to the assistant treasurer role following last month’s Federal Election.

Due to kick in on July 1, 2005 the choice legislation will apply to about five million workers, many of whom have been using an employer nominated superannuation fund.

The Government will be accepting submissions on the six page consultation paper up until November 30.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

3 weeks 1 day ago

This verdict highlights something deeply wrong and rotten at the heart of the FSCP. We are witnessing a heavy-handed, op...

3 weeks 6 days ago

Interesting. Would be good to know the details of the StrategyOne deal....

1 month ago

Insignia Financial has confirmed it is considering a preliminary non-binding proposal received from a US private equity giant to acquire the firm. ...

6 days 19 hours ago

Six of the seven listed financial advice licensees have reported positive share price growth in 2024, with AMP and Insignia successfully reversing earlier losses. ...

2 days 10 hours ago

Specialist wealth platform provider Mason Stevens has become the latest target of an acquisition as it enters a binding agreement with a leading Sydney-based private equi...

1 day 14 hours ago