Govt cuts PDS red tape
Thursday, 24 July 2008
The introduction of First Home Saver Accounts (FHSAs) is set to change the financial services industry, bringing with them a new, reformed Product Disclosure Statement (PDS) intended to be short, clear and concise – a giant step from many current superannuation PDS that are commonly over 100 pages.
As promised by the government, the new PDS could be as short as 4 pages, although it’s hard to believe how. The First Home Saver PDS will be monitored before the idea spreads to the rest of the financial services industry.
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