Never ever trust Statements of Advice in their current incarnation. If you live in Australia, reports from the hearings by the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry will have revealed some—but not all—of the reasons why today's SOA can't be trusted.
Meet the Elephant in the room of the current taxation debate: taxation compliance costs Taxation compliance costs—what you and I as individual taxpayers and businesses pay to comply with our obligations as taxpayers. This cost is a constant drain on the economy and massively reduces productivity. It's sometimes called 'red tape'. Yet despite successive governments' attempts to reduce red tape, they have failed to do anything but increase taxation compliance costs.
If the draft labelling regulations proposed by TGA are implemented without major change, medicine labelling will become unusable at an acceptable level by at least 50% of literate consumers..
In Australia, where responsibility for government regulation of medicine information is in the hands of the Therapeautic Goods Administration (TGA) we are about to see bad design required by regulation.
Suddenly, the Therapeutic Goods Administration (TGA) is an expert in typography and information design. The TGA has proposed a new set of guidelines for medicine labelling, to replace the evidence-based approach in TGO69A and the ASMI Code of Practice. If implemented, the new guidelines will result in more medication errors and a gradual deterioration of medicine labelling usability in Australia.
This idea of communication, as a movement of ideas from one mind into another, is the theory which informs the Plain Language movement.
The preliminary data, from places as far away as South America, India, Europe and Australia is very challenging and will be of interest to banks, consumers, and regulators everywhere.
…there is no excuse for the financial industry to produce investment statements that are difficult for consumers to use.