The Parliamentary Secretary to the Treasurer, Senator Ian Campbell, today said that Labor's move to disallow disclosure regulations of the Financial Services Reform Act was highly irresponsible.
"The consultation process for this reform legislation and the regulations was one of the most comprehensive ever undertaken. For Labor to junk these regulations after all of that consultation will create uncertainty in industry and harm the interests of consumers by causing a regulatory vacuum," Senator Campbell said.
"Industry has been operating on the basis of this regulation for months now."
Senator Campbell said the consultation process began in 1997 and continued through to the Act's implementation on March 11 this year. The Government and the Australian Securities and Investment Commission were committed to continuing the process throughout the two-year transition period.
"Where was Labor during the development of the disclosure model? " he asked.
"This is not coming to the debate at five minutes to midnight, but three months after."
Senator Campbell said the hours provided in the legislation for direct phone selling was in line with the Australian Direct Marketing Association code of practice developed following consideration by the Ministerial Council on Consumer Affairs and consultation with stakeholders five years ago.
"Labor's stand is a snub to all those who spent so long in the consultation process in good faith," he said.
CANBERRA
18 June 2002
Contact: Wayne Grant 02 6277 3955 or 0407 845280
http://parlsec.treasurer.gov.au