The Parliamentary Secretary to the Treasurer Chris Pearce has slammed Labor's superannuation policy on product disclosure statements and a planned single regulatory body to replace the current dual system.
Pearce responded to policy announcements made by the Labor Shadow Minister for Retirement Policy Nick Sherry at last week's SPAA conference.
Sherry said Labor would restrict product disclosure documents to three pages and that a single regulatory body would replace the Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA).
"Leaving aside the significant doubt about whether a three page disclosure document would provide adequate information for a person to make an informed decision on their financial future, it is completely inappropriate for the Government to dictate to the market the precise size and the content of such an important public disclosure document." Pearce said.
Pearce said the issue of a single regulatory body will be raised with Labor Shadow Treasurer Wayne Swan when Parliament next sits.
"I look forward to hearing Wayne Swan arguing his views for the need to dismantle these important market bodies when Parliament next sits," he said.
"Both ASIC and APRA have got runs on the board and continue to perform well. Suggesting they be merged demonstrates Labor's ignorance about business needs. It would be highly disruptive to industry, and would be inconsistent with the bedding down of reforms in the corporate and financial sector," Pearce said.
