The high cost of regulation is preventing advisers from offering advice that is affordable, according to Shadow Treasurer Wayne Swan.
"Advice must be more affordable to more Australians, however, advisers are faced with the high cost of regulation making it difficult for them to offer cost effective advice," Swan said.
To address this regulatory burden, The Labor Party is looking at simplifying product disclosure statements which are required under the Financial Services Reform legislation. This would include limiting the statement to a standard four page document.
Swan would also assess the option of merging ASIC with the Australian Prudential Regulation Authority (APRA).
"We have been speaking with the industry about the possibility of merging the two regulatory bodies and are seriously considering the option of just having one regulatory body to oversee the industry," Swan said.
