17 Dec 09 Product rationalisation for managed funds and the life insurance industries
In a media release issued on 14 December 2009, the Minister for Financial Services, Superannuation and Corporate Law, Chris Bowen, announced the release of a Proposals Paper as the next step in consultation with stakeholders on product rationalisation for managed funds and the life insurance industries.
"The proposed product rationalisation mechanism offers a specific solution to the range of issues involved in the process of removing outdated products and transferring investors into newer and better products. Importantly a proposed 'no disadvantage' test would ensure investors are not disadvantaged by product rationalisation. The proposals paper also outlines proposed tax relief for product rationalisation with restrictions to protect the integrity of the proposed tax concession," Mr Bowen said.
For a copy of the Minister's media release, No 2009/044, 14 December 2009, go here
For a copy of the Proposals Paper, go here