Speaking in Sydney yesterday, Minto said complications in statements of advice (SOA) denied many consumers access to appropriate cover.
"We need to work harder on the regulation issue to simplify super . the whole regime around super is so hard for consumers," Minto said.
Minto said the call by FPA chief executive Jo-Anne Bloch to simplify super was encouraging, but the pace of change had to be looked at.
"I totally support Jo-Anne but the [Financial Services Reform (FSR)] disclosure legislation came in two and a half years ago and we need to be much more proactive," Minto said.
"We need more Australians to have their life insurance need fulfilled."
The Financial Services Reform act, to establish a uniform licensing, conduct and disclosure regime for financial services providers, became law on 27 September 2001.Some of the legislation into effect on that date but most of FSR started on 11 March 2002, subject to a two-year transitional period.
