The Parliamentary Secretary to the Treasurer, Senator Ian Campbell, tonight
condemned the Opposition's disallowance of disclosure regulations for superannuation
and other financial products under the Financial Services Reform Act.
"This regulatory framework was the subject of years of extensive consultation.
Labor and the minor parties have been highly irresponsible in voting them down,"
he said.
"It is clear that Labor is playing the tune of its political masters -
the unions - who do not want the new disclosure requirements to apply to union
funds.
"They demonstrated today that they are prepared to jettison the interests
of consumers to satisfy their union masters."
Senator Campbell said disallowance of the regulations meant there was now no
prescribed disclosure model for superannuation products that industry had to
follow.
"Industry and consumers deserve legislative certainty to move effectively
to the new regime," he said.
"Labor has recklessly created a regulatory vacuum. Labor has proposed no alternative, only a 12 month review that would have had the effect of creating more uncertainty."
CANBERRA
16 September 2002
Contact: Wayne Grant 0407 845280