5 August 2003

Government Supports New Fees Disclosure Model

The Parliamentary Secretary to the Treasurer, Senator Ian Campbell, today welcomed the release of a good practice model for fees disclosure of investment products.

The model, developed by the Australian Securities and Investments Commission in consultation with industry and consumers, aims to make it easier for consumers to understand and compare fees and charges between different investment products.

"This is a big step forward and an excellent example of industry and consumers working together with the regulator for the common good," he said. "It is also significantly advances the case for all employees to have the right to choose who manages their superannuation - what we call choice of fund.

"Legislation allowing this right will go before Parliament in the coming sitting. In this day and age it is incredible that Labor senators should continue to oppose allowing Australians the right to choose which fund should manage superannuation.

"When people buy investment products -- be it superannuation funds or managed funds - they should be able to compare like with like in order to make an informed decision.

"The model provides a strong foundation for that to happen and I encourage industry to adopt it for new product disclosure statements."


5 August 2003

Contact: Wayne Grant 08 9421 1755 or 0407 845280